REG - Residential Secure - Fund Management Fee

Jefferies FinancialAnnouncement

10/01/2022 10:50

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RNS Number : 9194X  Residential Secure Income PLC  10 January 2022

10 January 2022

Residential Secure Income plc

Satisfaction of the Equity Portion of the Fund Management Fee

 

Residential Secure Income plc ("ReSI") (LSE: RESI) announces that, in
accordance with the terms of the Fund Management Agreement with ReSI Capital
Management Limited (the "Fund Manager") pursuant to which 25 per cent of the
fund management fee is payable in the form of Ordinary Shares (the "Equity
Portion") rather than cash, it has today issued 105,492 Ordinary Shares of the
shares held in Treasury (the "Fund Management Ordinary Shares") to the Fund
Manager.

 

The issue price per Fund Management Ordinary Share is 106.58 pence (being the
prevailing Net Asset Value per share).

 

The Fund Management Ordinary Shares are subject to a minimum lock-in period of
12 months from 1 January 2022, being when they became due and deliverable.

 

The total number of Ordinary Shares in issue following the sale of treasury
shares referred to above will be 180,324,377 ordinary shares, of which
9,092,641 ordinary shares are held in treasury. The Company's total voting
rights, excluding treasury shares, is 171,231,736 ordinary shares. This figure
may be used by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ReSI Capital Management Limited / Gresham House Housing  +44 (0) 20 7382 0900

 Ben Fry

 Alex Pilato

 Jefferies International Limited                          +44 (0) 20 7029 8000

 Stuart Klein

 Tom Yeadon

 KL Communications                                        gh@kl-communications.com

 Charles Gorman                                           +44 (0) 20 3995 6673

 Will Sanderson

 Millie Steyn

 

NOTES:

Residential Secure Income plc (LSE: RESI) is a real estate investment trust
(REIT) focused on delivering secure, inflation-linked returns with a focus on
two resident sub-sectors in UK residential - independent retirement rentals
and shared ownership - underpinned by an ageing demographic and untapped and
strong demand for affordable home ownership.

 

ReSI targets a secure, long-dated, inflation-linked dividend of 5.0 pence per
share p.a. (paid quarterly) and a total return in excess of 8.0% per annum.
Including recently committed acquisitions, ReSI's portfolio comprises 3,051
properties, with an (unaudited) IFRS fair value as at 30 September 2021 of
£351m(( i )).

 

ReSI's purpose is to deliver affordable, high quality, safe homes with great
customer service and long-term stability of tenure for residents. We achieve
this through meeting demand from housing developers (housing associations,
local authorities and private developers for long-term investment partners to
accelerate the development of socially and economically beneficial affordable
housing.

 

ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit
Registered Provider of social housing, and so provides a unique proposition to
its housing developer partners, being a long-term private sector landlord
within the social housing regulatory environment. As a Registered Provider,
ReSI Housing can acquire affordable housing subject to s106 planning
restrictions and housing funded by government grant.

 

Acquisitions by ReSI are limited to homes with sufficient cashflows,
counterparty credit quality and property security to be capable of supporting
long‑term investment grade equivalent debt. ReSI does not manage or operate
stock and uses experienced and credit-worthy managers.

 

ReSI is managed by ReSI Capital Management Limited, whose immediate parent
company, TradeRisks Limited, has been active within the social housing sector
for over 20 years as a funding arranger and advisor and, over the last four
years, as an investor through ReSI.

 

ReSI Capital Management and its parent, TradeRisks, were acquired by Gresham
House in March 2020, further increasing the investment expertise available to
ReSI. The housing investment team at Gresham House has 19 members and growing,
with an average of 18 years' relevant experience, covering fund management,
housing investment, social housing management and financial and risk
expertise.

 

Gresham House plc is a London Stock Exchange quoted specialist alternative
asset manager committed to operating responsibly and sustainably, taking the
long view in delivering sustainable investment solutions.

 

Further information on ReSI is available at www.resi-reit.com
(http://www.resi-reit.com/) , and further information on Gresham House is
available at www.greshamhouse.com (http://www.greshamhouse.com)

 

 

 

 i  excluding the finance lease gross up and including committed acquisitions

 

 

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