For release 25
September 2020
Schroder Real Estate Investment Trust Limited
SHARE BUY-BACK
PROGRAMME RENEWAL
Following the buyback authority renewed at the AGM on
25 September 2020, Schroder Real
Estate Investment Trust Limited (the ‘Company’/ ‘SREIT’) intends to
continue its share buyback programme to purchase shares in the
Company.
As stated previously, the Board believes that investment
in the SREIT’s shares at the prevailing price and discount to net
asset value offers attractive value for its shareholders. The
Company’s financial position remains strong. As at 30 June
2020, it had cash of £85.4 million and a loan to value ratio, net
of cash, of approximately 24%. Alongside share buy-backs the focus
continues to be on identifying attractive new acquisitions and
delivering net income growth through new lettings and asset
management.
The Company is amending its disclosure policy to include on a
regulatory information services (‘RIS’) details of its share
buyback powers which it renews annually. It is expected similar
announcements will be made every time the share buyback authority
is renewed.
The Company announces that it has authority to repurchase a
maximum of 76,868,778 of its ordinary shares (being its outstanding
shareholder authority). Such authority lasts until the next
shareholder authority granted, or where expressly revoked by
shareholders. The buyback would be funded from the Company’s
resources. No maximum consideration payable has been determined by
the Company, but the Company is unable to pay a price for any
shares pursuant to the buy-back which would equate to a premium on
the net asset value.
The Company has appointed J.P. Morgan Securities plc to act as
its broker in respect of the buy-back.
The buy-back will be undertaken pursuant the Company’s discount
management programme.
This arrangement is in accordance with Chapter 12 of the UKLA
Listing Rules and the Company’s general authority to repurchase
shares.
-ENDS-
For further information:
Schroder Real Estate Investment
Management Limited:
Duncan Owen / Nick Montgomery / Frank Sanderson |
020 7658 6000 |
J.P. Morgan
Cazenove
William Simmonds / Jeremie Birnbaum |
020 7742 4000 |
Northern Trust:
Jingjing Qi |
01481 745529 |
FTI Consulting:
Dido Laurimore / Richard Gotla / Meth Tanyanyiwa |
020 3727 1000 |