TIDMNRR
RNS Number : 2426Y
NewRiver Retail Limited
01 September 2009
Not for distribution, directly or indirectly, in whole or in part in or into the
United States, Canada, Australia, Japan, the Republic of Ireland or South Africa
or to US persons.
This announcement is not an admission document. This document does not
constitute or form part of, and should not be construed as, any offer or
invitation to sell or issue, or any solicitation of any offer to purchase or
subscribe for, any shares or warrants in the Company or securities in any other
entity nor shall it or any part of it nor the fact of its distribution form the
basis of, or be relied on in connection with, any contract or investment
decision in relation thereto. This document does not constitute a recommendation
regarding any securities.
Any investment decision must be made exclusively on the basis of the final
admission document published by the Company and any supplement thereto (the
'Admission Document'). Any defined terms used in this announcement shall have
the same meaning as defined in the Admission Document, unless otherwise defined
herein. Copies of the Admission Document will be available on the Company
website www.newriverretail.com and from the Company's registered office.
NewRiver Retail Limited (AIM: NRR) Raises GBP25 million
Admission to AIM and the CISX
Placing Price of 250 pence per Ordinary Share
NewRiver Retail Limited ("NewRiver Retail" or the "Company"), the newly formed
specialist commercial property investment and asset management company, today
announces that it has successfully raised GBP25 million ("Placing") at a price
of 250 pence per Ordinary Share ("Share") ("Placing Price") subject, inter alia,
to admission of the Shares to trading on AIM and the Daily Official List of the
Channel Islands Stock Exchange, LBG ("CISX") ("Admission").
Admission is scheduled, and dealings are expected to commence, today at 8.00 am,
1 September 2009.
The Company has been established to take advantage of opportunities in the UK
commercial property market, specifically targeting the retail sector, through
active and entrepreneurial asset management and risk controlled development
using both its own balance sheet capital and co-investment and joint venture
structures.
DETAILS OF THE PLACING AND ADMISSION
* The Company has raised gross proceeds of GBP25 million, subject to Admission to
AIM and the CISX
* The Placing comprises 10 million shares at 250p per Share
* At the Placing Price, the market capitalisation for NewRiver Retail upon
Admission will be GBP25 million
* This initial fundraising of GBP25 million represents seed capital which will be
used to acquire assets which fit within the Company's investment policy; take
forward joint venture discussions which are currently in progress and where
appropriate enter into new co-investment or joint venture discussions with other
parties; and finalise the recruitment of the core management team of NewRiver
Capital Limited ("NRC"), NewRiver Retail's wholly-owned subsidiary and property
manager and adviser
* Following this initial fundraising, NewRiver intends to raise further equity
capital at a later date in order to accelerate its business plan and acquire
assets in accordance with the Company's investment policy
* A total of GBP5.11m cash invested by certain directors of NewRiver Retail
including Paul Roy and members of the NRC Management Team, including David
Lockhart and Allan Lockhart
* The Shares are scheduled to be admitted to trading on AIM and to listing on the
Daily Official List of the CISX under the symbol 'NRR' at 08.00am today
OVERVIEW OF THE COMPANY AND MANAGEMENT TRACK RECORD
* NewRiver Retail intends to exploit opportunities in the UK commercial real
estate market through active and entrepreneurial asset management coupled with
risk controlled development to create added value and deliver returns for
shareholders
* The Company will be an active investor and intends to become one of the leading
sector-focused value-creating property investment businesses operating in the UK
retail sector
* Experienced board of Directors, chaired by Paul Roy, a skilled advisory and
management team led by David Lockhart and Allan Lockhart who have a combined
experience of more than 50 years in the UK commercial property market and a
strong long-term track record established across both a variety of real estate
ventures and a range of economic conditions
* David Lockhart founded the real estate management and development company
Halladale Group plc in 1991, generating significant returns for shareholders
through to its sale in 2007 for GBP171 million
David Lockhart, Director of NewRiver Retail and CEO of New River Capital, said:
"The Board is delighted to have raised this initial seed capital from supportive
institutional and other investors. Our team has a strong proven track record of
creating shareholder value through exploiting opportunities in the UK commercial
property market. We believe that the time is now right to capitalise on emerging
opportunities, particularly in the retail sector. I am confident that NewRiver's
specialist focus will create an innovative and exciting platform from which to
capitalise on the opportunities that will arise from the next cycle in the
property market."
- ends -
For further information:
The Admission Document is available, free of charge, from the Company's website
at www.newriverretial.com and from the Company's registered office.
NewRiver Retail Ltd Tel: 01481 725 540
Serena Tremlett
NewRiver CapitalTel: 020 3178 4579
David Lockhart
Allan Lockhart
Bell Pottinger Corporate & Financial Tel: 0207 861 3232
David Rydell
Rosanne Perry
BofA Merrill Lynch Tel: 0207 628 1000
(Bookrunner and Nominated Adviser)
Simon Fraser
David Church
George Close-Brooks
Kinmont (Financial Adviser) Tel: 0207 087 9100
Gavin Kelly
John O'Malley
NEWRIVER RETAIL LTD
1. NEWRIVER RETAIL'S BUSINESS AND OPPORTUNITY
NewRiver Retail has been established as a specialist real estate investor and
asset manager for the purposes of taking advantage of certain opportunities that
the Directors believe the next cycle in the UK property market will present,
with particular focus on the UK retail sector.
The Company will be advised on property matters (both investment and management)
by NewRiver Capital, a recently incorporated vehicle which will become a
wholly-owned subsidiary of the Company with effect from Admission and which will
be operated by a highly experienced management team, including David Lockhart
and Allan Lockhart. The NRC Management Team has a strong long-term track record,
established across both a variety of real estate ventures and across a range of
economic conditions in the real estate sector. David Lockhart and Allan Lockhart
were both key members of the management team which successfully led Halladale
Group plc, a real estate management and development company previously traded on
AIM until its sale in 2007. More information in relation to David Lockhart's and
Allan Lockhart's experience and track record is provided below.
The Directors believe that now is the right time to establish a platform from
which to invest in the next cycle of the property market. The Company intends to
create value through active and entrepreneurial asset management and risk
controlled development, utilising both its own balance sheet and co-investment
and joint venture structures. The Company will be an active investor and intends
to implement strategies to enhance the quality and value of the assets which it
acquires and improve annual rental income. A key objective of NewRiver Retail is
to become one of the leading sector-focused value-creating property investment
businesses operating in the UK retail sector.
The Directors believe that a quoted, capitalised vehicle is appropriate for such
an opportunity. The Company is therefore proceeding with an initial fundraising
of GBP25 million of seed capital, which it intends to use to: (i) seek to
acquire assets which fit with the Company's investment policy; (ii) take forward
joint venture discussions which are currently in progress and, where
appropriate, enter into joint venture or co-investment discussions with other
parties; and (iii) finalise the recruitment of the core NRC Management Team.
Following the initial raising of seed capital, the Company intends to raise
further equity capital at a later date in order to accelerate its business plan
and acquire assets in accordance with the Company's investment policy. Whilst
any further equity fundraisings are anticipated to be for more than the initial
fundraising of seed capital, there can be no guarantee that any further
fundraising(s) will occur. If this is the case, the Directors believe that there
are a number of alternative opportunities the Company could pursue to further
its investment policy, including, in particular, joint ventures and other
co-investment structures with third parties.
Based on current market conditions, the Directors intend that the Group's level
of borrowings will be between 50 per cent. and 65 per cent. of the gross value
of its real estate assets (as at the last published NAV valuation date).
However, gearing will be governed by careful consideration of both the cost and
availability of borrowing and the ability to mitigate the impact of interest
rate rises. The Company's articles of incorporation do not contain any borrowing
limits.
2. MANAGEMENT EXPERIENCE AND TRACK RECORD
The Company will be advised on property matters (both investment and management)
by its wholly-owned subsidiary, NewRiver Capital. NewRiver Capital has appointed
a highly experienced management team, led by David Lockhart and Allan Lockhart,
who have been involved in the UK commercial property market for over 30 years
and 20 years respectively.
David Lockhart founded the real estate management and development company,
Halladale, in 1991. Halladale was a success as a public company, generating
significant returns for its shareholders from its admission to AIM in 2001 until
it was sold in 2007.
Allan Lockhart, after 13 years advising major property companies and
institutions on retail investment and development at Strutt & Parker, joined
Halladale in 2002 as Retail Director of its principal trading subsidiary and was
responsible for co-ordinating the acquisition and implementation of the asset
management strategies of over 20 shopping centres as well as acquiring and
completing several profitable retail developments.
Halladale was admitted to trading on AIM in April 2001 with a market
capitalisation of approximately GBP10 million and was sold to Stockland
Corporation in April 2007 for GBP171 million (having raised over GBP60 million
of additional equity and convertible unsecured loan capital during the
intervening period). In share price terms, this resulted in a 440 per cent.
Total Shareholder Return for investors who held shares in Halladale from the
time of its admission to AIM until its sale, compared with Total Shareholder
Returns on the FTSE All Share Real Estate and FTSE All Share indices,
respectively, of 175 per cent. and 44 per cent. over the same period. This
represented an out-performance of those indices of 265 per cent. and 396 per
cent., respectively, and an internal rate of return of approximately 31 per
cent. per annum. At the time of its admission to trading on AIM, Halladale's
NNNAV per share was 63.7 pence. The offer price paid by Stockland when it
acquired Halladale in 2007 was 225 pence per share. Over this time, Halladale's
portfolio of third party assets under management grew from approximately GBP116
million to approximately
GBP1.5 billion.
In the financial years from April 2002 to April 2006, Halladale's profits before
tax grew at a compound annual growth rate of 52.9 per cent. (to GBP6.3 million)
and dividends per share grew at a compound annual growth rate of 32 per cent.
(to 3.8 pence).
3. INVESTMENT POLICY
In the context of the NRC Management Team's experience and the Directors'
analysis of the opportunities currently available in UK real estate, NewRiver
Retail will focus on retail sector investments in the United Kingdom. It intends
to capitalise on the significant and rapid fall in capital values in the retail
sector by identifying opportunities that the Directors expect to deliver added
value and generate returns for Shareholders through capital and rental income
growth, active and entrepreneurial asset management, risk controlled development
and refurbishment opportunities and recycling of assets. Whilst the approach
will be opportunistic, as a result of the NRC Management Team's extensive sector
knowledge and the bespoke research on which NewRiver Retail's business plan is
based, the Company initially intends to target opportunities where rental income
is derived from tenants operating mainly in the value, aspirational and food
retailing sectors. This strategy would be accelerated should the Company raise
further equity capital. The Directors believe that investments in these areas
should be capable of achieving total geared returns of in excess of 15 per cent.
per annum. There can, however, be no guarantee that the Company will achieve
its target investment returns.
The Directors believe that the key attractions of investing in the UK retail
sector are as follows:
* The sector has displayed good, longer term performance characteristics with the
added benefit of lower volatility and a lower risk profile when compared with
other segments of UK real estate.
* The retail sector is forecast to show positive growth from 2010 (source: CBRE).
* The retail sector is large, accounting for 46 per cent. of the IPD All Property
index, thus providing liquidity in the longer term.
* The occupational market is constantly evolving and changing format, which plays
to the skills of an experienced and well-organised team.
* UK retail sales volumes have proved to be very resilient in the current economic
climate.
* Given the geographical spread and growth of multiple retail tenants, strong
relationships can be built with these tenants, providing the ability to roll-out
value-creating strategies to different assets.
The Directors believe that this property cycle will produce above average
returns for those industry participants able to execute focused business plans
through careful real estate asset selection, implementation of value-creating
strategies and well-timed exits. Opportunism will continue to be important, but
reliance on yield compression and financing structures may not be able to drive
returns as it has done in the last 5 years. The Directors believe that the
sector knowledge, expertise and active and entrepreneurial asset management
skills of the NewRiver Capital Management Team will place the Company in a
strong position to exploit the opportunities in the UK retail sector.
Against this background, NewRiver Retail will adopt an opportunistic investment
policy targeting shopping centres, retail parks, portfolio retail assets and
vacant stores with sub-division potential and which will focus on:
* The food sector within retail, where sales growth continues to be positive,
retailers are keen to acquire space across a range of store formats and good
tenant covenants are available.
* Towns which are demographically balanced, with lower occupational costs and
where there is limited competition from both out-of-town retailing and competing
town centres, which should attract a broader range of retailers, thus leading to
rental growth.
In addition, NewRiver Retail will also target, in locations with an
under-provision of food retailing, the acquisition of shopping centres with a
food retailer as an existing anchor tenant and shopping centres or other key
property assets where, through the application of the NRC Management Team's
extensive sector experience, NewRiver Capital will seek to create opportunities
to attract a major food retailer as an anchor tenant. In certain cases, NewRiver
Retail may make investments using co-investment structures or with joint venture
partners.
It is the intention of the Directors to target the acquisition of asset lot
sizes of GBP5 million to GBP50 million to produce a diversified portfolio for
the Company in accordance with its investment policy. However, NewRiver Retail
also plans to take advantage of any other investment opportunities which may
arise, including from forced sales, debt restructuring and bank foreclosures, in
lot sizes that may fall outside the above range or the core investment strategy.
Where NewRiver Retail identifies opportunities of a larger scale, it may choose
to pursue these opportunities by investing through co-investment structures or
with joint venture partners and it has already identified potential joint
venture partners in relation to potential investments, with whom it has
commenced discussions. In particular, until the Company has completed a further
fundraising or fundraisings, it may need to pursue opportunities through joint
ventures or co-investment structures.
4. INVESTMENT MANAGEMENT AND NEWRIVER CAPITAL
The Company and NewRiver Capital entered into the Property Management and
Advisory Agreement on 26 August 2009. The Property Management and Advisory
Agreement is conditional upon Admission occurring.
As the Group's property manager and adviser, NewRiver Capital will have
responsibility for:
* reviewing and making recommendations in relation to the investment policy
* sourcing and assisting with the acquisition of properties that fall within the
Company's investment policy;
* implementing a comprehensive and focused active and entrepreneurial asset
management strategy to deliver added value for NewRiver Retail;
* arranging senior and subordinated debt (if required) to optimise the capital
structure and support the acquisition process;
* advising in relation to the creation of a range of co-investment structures and
sourcing joint venture partners as an alternative source of capital; and
* sourcing work-out opportunities with banks and other major property owners
seeking to reduce their exposure to UK commercial real estate.
Once a potential opportunity has been identified, NewRiver Capital will carry
out detailed due diligence and produce a business plan which will analyse and
include a risk and opportunity assessment in relation to: (i) rental streams;
(ii) exit strategies; (iii) asset management; and (iv) external factors, such as
ancillary income growth and risk controlled redevelopment. NewRiver Capital is
subject to certain constraints in incurring costs associated with due diligence
and will be required to seek prior approval from the Board for incurring costs
in the event that such costs are likely to exceed certain thres holds.
Where the Board has given express initial approval for an investment or this is
not required under the terms of the Property Management and Advisory Agreement,
then subject to the overall supervision and approval of the Board, NewRiver
Capital will negotiate the purchase, investment, joint venture or other terms of
the investment with the relevant counterparty. At the end of the due diligence
and negotiation process, NewRiver Capital's investment committee, using all of
the information available to it, will decide whether to make a recommendation to
the Board in relation to the relevant investment opportunity and the Board will
have the ultimate decision as to whether or not to proceed. If the Board then
resolves to pursue an opportunity, it will notify NewRiver Capital accordingly.
NewRiver Capital has entered into an asset management agreement with Sackville
TCI Property (GP) Limited ("Sackville"), a member of the Scottish Widows group,
dated 28 April 2008 relating to the Bury Street Shopping Precinct in Abingdon,
Oxfordshire (the "Abingdon Management Contract"), under which it is required to
assist Sackville in maximising the internal rate of return of the property.
Further information in relation to the Abingdon Management Contract can be found
in paragraph 6.7 of Part 9 of the Admission Document.
5. DIVIDEND POLICY
Subject to compliance with Section 304 of the Law and the satisfaction of the
solvency test set out therein (as described in more detail in paragraph 11 of
Part 3 of the Admission Document), it is the intention of the Directors to pay
dividends on the basis of a progressive and sustainable dividend policy. There
can, however, be no guarantee as to the amount of any dividend payable by the
Company.
6. PLACING AND USE OF PROCEEDS
The Placing has raised GBP25 million before expenses from institutional and
other investors, as well as from certain Directors and members of the NRC
Management Team who will be investing approximately GBP5 million in aggregate.
Application has been made for the entire issued ordinary share capital of
the Company to be admitted to trading on AIM and to listing on the Daily
Official List of the CISX. It is expected that Admission will become effective
and dealings in the Ordinary Shares will commence on AIM and the CISX at 8.00
a.m. (London time) on 1 September 2009. The Directors intend to use the funds
from the Placing to: (i) seek to acquire assets which fit with the Company's
investment policy; (ii) take forward joint venture discussions which are
currently in progress and, where appropriate, enter into joint venture
or co-investment discussions with other parties; and (iii) finalise the
recruitment of the core NRC Management
Team.
The net proceeds of the Placing will be deployed according to the investment
policy.
Certain of the Directors and certain members of the NRC Management Team who will
be acquiring new Ordinary Shares pursuant to the Placing have undertaken, save
in limited circumstances, not to dispose of any of their Ordinary Shares for a
period of one year following Admission.
In addition, the Company has agreed with Merrill Lynch International not to
issue or agree to issue any Ordinary Shares (or options over Ordinary Shares)
for a period of 180 days from Admission without Merrill Lynch International's
prior written consent (such consent not to be unreasonably withheld or delayed).
7. WARRANTS
Shareholders who subscribe for Ordinary Shares in the Placing will receive
Warrants to subscribe for Ordinary Shares representing 3 per cent., in
aggregate, of the Fully Diluted Share Capital (as set out in the Admission
Document). It is not currently intended that the Warrants will be admitted to
trading on AIM, the CISX or any other stock exchange.*
- ends -
Important Notices
The publication of this announcement and the Placing and sale of the Ordinary
Shares and Warrants in certain jurisdictions may be restricted by law. No action
has been or will be taken by the Company, Merrill Lynch International or Kinmont
to permit a public offering of the Ordinary Shares or Warrants to permit the
possession or distribution of this announcement (or any other offering or
publicity materials) in any jurisdiction where action for that purpose may be
required. Accordingly, neither this announcement nor any advertisement or any
other offering material may be distributed or published in any jurisdiction
except under circumstances that will result in compliance with applicable laws
and regulations. Persons into whose possession this announcement comes should
inform themselves about and observe any such restrictions. Any failure to comply
with these restrictions could result in a violation of the laws of such
jurisdictions. In particular, neither this announcement nor any copy of it may
be taken, distributed or transmitted, nor may its contents be disclosed directly
or indirectly, in or into the United States of America, its territories or
possessions or to any US person (each a "US Person" as defined in Rule 902 of
Regulation S under the Securities Act of 1933, as amended (the "Securities
Act")). This announcement does not constitute an offer to sell or the
solicitation of an offer to buy the Ordinary Shares or Warrants discussed
herein. No public offer of the Ordinary Shares or Warrants is being made in the
United States of America. In addition, the Company will not be registered under
the US Investment Company Act of 1940, as amended, and investors will not be
entitled to the benefits of such act. The Ordinary Shares and Warrants may not
be offered, sold, pledged or otherwise transferred or delivered within the
United States or to, or for the account or benefit of, any US Person. In
connection with the Placing, the Ordinary Shares and Warrants are being offered
and sold only outside the United States to, and for the account or benefit of,
non-US Persons in "offshore transactions" within the meaning of, and in reliance
on the exemption from registration provided by, Regulation S under the
Securities Act. Moreover, this announcement is not for distribution in or into
Australia, Canada, Japan, South Africa or the Republic of Ireland. In
particular, the Ordinary Shares and Warrants described in this announcement have
not been and will not be registered under the applicable securities laws of
Australia, Canada, Japan, South Africa or the Republic of Ireland and, subject
to certain exceptions, may not be offered or sold directly, or indirectly, in or
into Australia, Canada, Japan, South Africa or the Republic of Ireland, or to or
for the account or benefit of any person resident in Australia, Canada, Japan,
South Africa or the Republic of Ireland.
In relation to the United Kingdom, this announcement is being distributed only
to and is directed only at (a) persons who have professional experience in
matters relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order"); (b) high net worth companies, unincorporated associations and other
bodies falling within Article 49(2)(a) to (d) of the Order; and (c) other
persons to whom it may otherwise lawfully be communicated (all such persons
together with qualified investors (as defined in the Prospectus Directive
(directive 2003/71/EC) (the "Prospectus Directive")) being referred to as
"relevant persons"). Any person who is not a relevant person should not act or
rely on this announcement or any of its contents. Any investment, or investment
activity to which this announcement relates is available only in the United
Kingdom to relevant persons and will be engaged in only with relevant persons.
By receiving or accessing this announcement, you are deemed to warrant to the
Company, Merrill Lynch International and Kinmont that you fall within the
categories of person described above.
This announcement is only directed to, and the Placing is only directed at,
persons in member states of the European Economic Area ("EEA") who are
"qualified investors" within the meaning of Article 2(1)(e) of the Prospectus
Directive ("Qualified Investors"). This announcement must not be acted on or
relied upon in any member state of the EEA other than the UK, by persons who are
not Qualified Investors. Any investment or investment activity to which this
announcement relates is available, in any member state of the EEA other than the
UK, only to Qualified Investors, and will be engaged in only with such persons.
This announcement has been prepared on the basis that all offers of Ordinary
Shares will be made pursuant to any exemption under the Prospectus Directive, as
implemented in member states of the EEA, from the requirement to produce a
prospectus for offers of Ordinary Shares. Accordingly, any person making or
intending to make any offer within the EEA of Ordinary Shares which are not the
subject of the Placing contemplated in this announcement should only do so in
circumstances in which no obligation arises for the Company, Merrill Lynch
International or Kinmont to produce a prospectus for such Placing. None of the
Company, Merrill Lynch International or Kinmont has authorised, nor do they
authorise, the making of any offer of Ordinary Shares through any financial
intermediary, other than offers made by Merrill Lynch International or Kinmont
which constitute the final placement of Ordinary Shares contemplated in this
announcement.
The Placing and the distribution of this announcement and other information in
connection with the offer in certain jurisdictions may be restricted by law and
persons into whose possession this announcement or any other document or other
information referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.
This announcement includes information, statements, beliefs and opinions which
are forward-looking, and which reflect current estimates, expectations and
projections about future events. The information and opinions expressed in this
document are provided as of the date of this document. Statements containing the
words "believe," "expect," "intend," "should," "seek," "anticipate," "will,"
"positioned," "project," "risk," "plan," "may," "estimate" or, in each case,
their negative and words of similar meaning are forward-looking statements. By
their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements. These risks, uncertainties and assumptions could adversely affect
the outcome and financial effects of the plans and events described herein. In
addition, even if the outcome and financial effects of the plans and events
described herein are consistent with the forward-looking statements contained in
this announcement, those results or developments may not be indicative of
results or developments in subsequent periods.
Historical statements contained in this announcement regarding past trends or
activities should not be taken as a representation that such trends or
activities will continue in the future. Prospective investors should not place
undue reliance on either forward-looking or historical statements, which are
based on the information available as of the date of this announcement. In this
regard, certain financial information contained herein has been extracted from,
or based upon, information available in the public domain and/or provided by the
Company and/or NRC. The Company does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. No statement in this announcement is intended to be
nor may it be construed to be a profit forecast.
Persons receiving this announcement should note that each of Merrill Lynch
International and Kinmont are regulated by the Financial Services Authority and
are acting exclusively for the Company and for no one else in connection with
the Placing and Admission. Merrill Lynch International and Kinmont will not
regard any other person (whether or not a recipient of this announcement) as
their respective client and will not be responsible to anyone other than the
Company for providing the protections afforded to customers of Merrill Lynch
International and Kinmont respectively or for advising any other person on the
contents of this document or the Placing and Admission. Apart from the
responsibilities and liabilities, if any, which may be imposed on Merrill Lynch
International and Kinmont by the Financial Services and Markets Act 2000 or the
regulatory regime established thereunder or under the regulatory regime of any
other jurisdiction where exclusion of liability under the relevant regulatory
regime would be illegal, void or unenforceable, neither Merrill Lynch
International nor Kinmont nor any of their respective affiliates accepts any
responsibility whatsoever for the contents of this announcement or for any
statement made or purported to be made by it, or on its behalf, in connection
with the Company, the Shares or the Placing. Merrill Lynch International and
Kinmont and each of their respective affiliates, each accordingly disclaims all
and any liability whether arising in tort, contract or otherwise (save as
referred to above) which they might otherwise have in respect of this
announcement or any such statement. No representation or warranty express or
implied, is made by either Merrill Lynch International or Kinmont or any of
their respective affiliates as to the accuracy, completeness or sufficiency of
the information set out in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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