REG - Real Est Crd InvsLtd - Successor Buyback Programme

Real Estate Credit InvestmentsAnnouncement

28/03/2024 07:00

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RNS Number : 5647I  Real Estate Credit Investments Ltd  28 March 2024

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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          +44 (0) 20 7968 7328
 Richard Lang

 Liberum Capital Limited (Corporate Broker)  +44 (0) 20 3100 2222
 Shane Le Prevost
 Richard Crawley

 Darren Vickers
 Edward Mansfield

 

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