REG - Real Estate Credit - Extension of Buyback Programme

Real Estate Credit InvestmentsAnnouncement

30/09/2025 07:00

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RNS Number : 2656B  Real Estate Credit Investments Ltd  30 September 2025

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30 September 2025

Real Estate Credit Investments Limited

("RECI" or the "Company")

Extension of Buyback Programme

The Board of Directors of the Company announces that it intends to extend its
ongoing share buyback programme (the "Programme") which will run to 31 March
2026. The aggregate purchase price of all shares acquired under the Programme
will be no greater than £10.0 million.  The Company's buyback programme
announced on 31 March 2025 will expire on 30 September 2025.

 

The Company's initial buyback programme was announced on 31 August 2023, with
subsequent programmes announced on 28 March 2024, 27 September 2024 and 31
March 2025. A total of 7,638,474 ordinary shares of no par value each
("Ordinary Shares") were purchased for treasury for an aggregate amount of
£9.4 million across the respective programmes.

 

As previously announced, the Company considers all options when deciding on
the appropriate allocation of the Company's available cash resources,
including implementing share buybacks and investment in attractive high
yielding opportunities to enhance RECI's returns. The Company's principal
focus has been on new and existing investment opportunities that can deliver
an attractive yield to shareholders, particularly in the context of a steadily
improving discount position since the commencement of the buyback programmes.
During the current buyback programme, the Ordinary Shares traded at an average
discount of 13.1% and the buyback was only used during April of this year,
which coincided with a period of market volatility and an increase in the
discount to over 16%. Nevertheless, the Company remains committed to
monitoring the most appropriate means to deploy its available cash resources,
and is therefore implementing a successor programme of up to £10 million for
a further six months, to maintain flexibility.

 

The Programme will occur within the limitations of RECI's existing general
authority to purchase no more than 33,231,931 Ordinary Shares as granted by
shareholders at the Company's annual general meeting held on 17 September
2025.

The Company has appointed Panmure Liberum to make market purchases of Ordinary
Shares in respect of the Programme. Panmure 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 Panmure Liberum's engagement, the general authority of
the Company to repurchase shares granted by shareholders at the Company's 2025
annual general meeting; 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 9 of the Financial Conduct
Authority's UK 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 Panmure 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.

 

Enquiries:

 Cheyne Capital Management (UK) LLP (Investment Manager)     +44 (0) 20 7968 7450
 RECIIR@cheynecapital.com (mailto:RECIIR@cheynecapital.com)

 Panmure Liberum (Corporate Broker)                          +44 (0) 20 3100 2222
 Darren Vickers/Alex Collins

 

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