NOT
FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR INTO, THE UNITED
STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER
JURISDICTION, OR TO ANY PERSON, WHERE DOING SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
This announcement contains inside information as defined under
the Market Abuse Regulation. (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018. This announcement has been prepared by, and is the sole
responsibility of, Real Estate Credit Investments Limited. This
announcement has been released by Lucy McDowall of Aztec Financial
Services (Guernsey) Limited, Secretary of the
Company.
28 March 2024
Real Estate Credit
Investments Limited
("RECI" or the
"Company")
Successor Buyback
Programme
The Board of Directors of Real
Estate Credit Investments Limited announces that, having reviewed
the current circumstances and assessed the Company's level and
allocation of cash available for deployment, it intends to
undertake a further buyback programme (the "Programme") which will run to
30 September 2024. The aggregate purchase price of all shares
acquired under the Programme will be no greater than £10.0 million.
The Company's initial buyback programme will expire on 31
March 2024.
The Company's initial buyback
programme was announced on 31 August 2023, with an aggregate
purchase price of all shares purchased of no more than £5.0
million. Pursuant to that programme, a total of 4,095,000 ordinary
shares of no par value each ("Ordinary
Shares") were purchased for treasury
for an aggregate amount of £5.0 million. Ordinary Shares were
repurchased under the initial programme at an average discount to
net asset value per share of 16.2%, with the Company's Ordinary
Shares trading at an average discount of 14.1% from 31 August 2023
to 25 March 2024 (the date of the last share repurchase under the
programme).
The Programme will occur within the
limitations of RECI's existing general authority to purchase no
more than 34,376,938 Ordinary Shares as
granted by shareholders at the Company's annual general meeting
held on 15 September 2023 (with such
authority sought to be renewed at the Company's 2024 annual general
meeting to allow the Programme to extend to 30 September
2024).
The Company has appointed Liberum
Capital Limited ("Liberum")
to make market purchases of Ordinary
Shares in respect of the Programme. Liberum
will purchase the Ordinary Shares as principal (and not as agent)
and sell them on to the Company. The Company intends that any
Ordinary Shares purchased by the Company will be held in
treasury.
Any share purchases will be made in
accordance with certain pre-set parameters set out in the terms of
Liberum's engagement, the general authority of the Company to
repurchase shares granted by shareholders at the Company's 2023
annual general meeting (and in due course the 2024 AGM); and the EU
Market Abuse Regulation (596/2014) as it forms part of domestic law
by virtue of section 3 of the European Union (Withdrawal) Act 2018
(as amended); and Chapter 12 of the Financial Conduct Authority's
Listing Rules.
The maximum price payable per share
(exclusive of expenses) must not exceed the higher of: (i) 105% of
the average middle market quotations for the five business days
preceding the date of purchase; and (ii) the higher of the last
independent trade and the highest current independent bid on the
London Stock Exchange.
A buy-back of Ordinary Shares on any
trading day may represent a significant proportion of the daily
trading volume in the Ordinary Shares on the Exchange (and could
exceed the 25% limit of the average daily trading volume of the
preceding 20 business days as referred to in the Commission
Delegated Regulation (EU) No. 2016/1052 on buy-back programmes (as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018)).
Any purchase of Ordinary Shares by
the Company will be notified through an RIS announcement by no
later than 7.30 a.m. on the following business day. Shareholders
should note that whether a buyback of Ordinary Shares is made is
based on a number of factors and, accordingly, no expectation or
reliance should be placed on Liberum exercising such discretion on
any one or more occasions. There is no guarantee that the Programme
will be implemented in full or that any Ordinary Shares will be
repurchased by the Company. The Programme will not impact the
Company's existing Ordinary Share dividend policy, which will
continue unaffected through the regular awards of quarterly
dividends.
Enquiries:
Cheyne Capital Management (UK) LLP
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+44 (0) 20 7968 7328
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Richard Lang
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Liberum Capital Limited (Corporate Broker)
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+44 (0) 20 3100 2222
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Shane Le Prevost
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Richard Crawley
Darren Vickers
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Edward Mansfield
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