REG - Real Estate Investrs - Share Buyback Programme

Real Estate InvestorsAnnouncement

09/11/2022 14:15

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RNS Number : 8721F  Real Estate Investors PLC  09 November 2022

9 November 2022

Real Estate Investors Plc

("REI" or the "Company")

Share Buyback Programme

Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real
Estate Investment Trust (REIT) with a portfolio of commercial property across
all sectors, announces that the Board has approved the terms of a share
buyback programme (the "Programme") to buy back the Company's ordinary shares
of 10 pence each (the "Ordinary Shares") with an aggregate market value of up
to £2.0 million.

The Programme, which will be funded from the Company's existing cash
resources, is intended to reduce the share capital of the Company. The Company
will seek to make market purchases at a price or prices that the Company
believes will be value-enhancing for shareholders.

The Company has appointed Liberum Capital Limited ("Liberum") to execute and
manage the Programme and has given a non-discretionary irrevocable instruction
to Liberum to independently acquire Ordinary Shares in the Company for
subsequent repurchase by the Company.

The Programme is expected to end no later than 31 December 2022 and a further
announcement will be made if the Programme is subsequently extended or
increased in scale. The Company intends to conduct the Programme within the
limitations of the shareholder authority granted at the Company's AGM held on
20 May 2022, under which the minimum price which may be paid by the Company is
10 pence per Ordinary Share, and the maximum price which may be paid by the
Company shall not be more than 5 per cent. above the average of the middle
market quotations for an Ordinary Share as derived from the London Stock
Exchange Plc for the five business days immediately preceding the date on
which the Ordinary Shares are purchased.

Notwithstanding the average daily volume restrictions set out in Article 3(3)
(b) of the Commission Delegated Regulation (EU) 2016/1052, the Company expects
to make purchases in excess of these volume restrictions, subject to
prevailing market conditions and liquidity.

The Company will hold as treasury shares any Ordinary Shares repurchased in
accordance with the provisions of the Companies Act 2006 and will cancel the
Ordinary Shares thereafter.

Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.

Enquiries:

 

 Real Estate Investors Plc

 Paul Bassi/Marcus Daly          +44 (0)121 212 3446

 Cenkos Securities               +44 (0)20 7397 8900

 Katy Birkin/Ben Jeynes

 Liberum                         +44 (0)20 3100 2000

 Jamie Richards/William King

 Novella Communications          +44 (0)20 3151 7008

 Tim Robertson/Safia Colebrook

 

About Real Estate Investors Plc

Real Estate Investors Plc is a publicly quoted, internally managed property
investment company and REIT with a portfolio of 1.47 million sq ft of
mixed-use commercial property, managed by a highly-experienced property team
with over 100 years of combined experience of operating in the Midlands
property market across all sectors.  The Company's strategy is to invest in
well located, real estate assets in the established and proven markets across
the Midlands, with income and capital growth potential, realisable through
active portfolio management, refurbishment, change of use and lettings.  The
portfolio has no material reliance on a single asset or occupier.   On 1st
January 2015, the Company converted to a REIT.  Real Estate Investment Trusts
are listed property investment companies or groups not liable to corporation
tax on their rental income or capital gains from their qualifying
activities.  The Company aims to deliver capital growth and income
enhancement from its assets, supporting its dividend policy, which has enjoyed
7 years of consecutive growth.  Further information on the Company can be
found at www.reiplc.com (http://www.reiplc.com/) .

 

 

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