REG - KCR Residential REIT - Change of Adviser

KCR Residential ReitAnnouncement

28/04/2022 07:15

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RNS Number : 5991J  KCR Residential REIT PLC  28 April 2022

28 April 2022

 

KCR Residential REIT plc

 

("KCR" or the "Company")

 

Change of adviser

 

Further to the announcements by Arden Partners Plc on 11 and 14 April 2022
regarding the loss of its nominated adviser status upon the completion of its
recommended takeover, the Company has appointed Cairn Financial Advisers LLP
("Cairn") as its nominated adviser ("Nomad"). Given the timing of the
completion of the recommended takeover of Arden Partners Plc, the London Stock
Exchange has agreed that subject to initial due diligence being
undertaken, Cairn has until 5pm on 27 July 2022 to complete its full due
diligence.

 

There can be no guarantee on the outcome of the full due diligence and its
impact on Cairn's decision to continue to act as nominated adviser.
Accordingly, in such circumstances there is a risk that if Cairn does not
continue to act as nominated adviser following completion of its full due
diligence and the Company has not found an alternative nominated adviser, the
Company's AIM securities may be suspended pursuant to AIM Rule 1. If within
one month of that suspension, the Company has failed to appoint a replacement
nominated adviser, the admission of its AIM securities will be cancelled.

 

Notwithstanding the extension of time provided in respect of completing full
due diligence obligations at engagement, Cairn will continue to be subject to
all the ongoing nominated adviser responsibilities under the AIM Rules for
Nominated Advisers.

 

 

For further information please contact:

 KCR Residential REIT plc                          info@kcrreit.com (mailto:info@kcrreit.com)

 Russell Naylor, Executive Director                Tel: +44 (0)20 7628 5582

 Cairn Financial Advisers LLP (Nomad)              Tel: +44 (0)20 7213 0880

 James Caithie / James Lewis / Louise O'Driscoll

 Arden Partners Plc (Broker)                       Tel: +44 (0)20 7614 5900

 Richard Johnson

Notes to Editors:

KCR's objective is to build a substantial residential property portfolio that
generates secure income flow for shareholders. The Directors intend that the
group will acquire, develop and manage residential property assets in a number
of jurisdictions including the UK.

 

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