REG - Schroder Real Estate - Share Buyback Programme

Schroder Real Estate Investment TrustAnnouncement

27/07/2022 07:16

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RNS Number : 8222T  Schroder Real Estate Inv Trst Ld  27 July 2022

For release 27 July 2022

 

Schroder Real Estate Investment Trust Limited

 

SHARE BUYBACK PROGRAMME

 

Schroder Real Estate Investment Trust Limited (the “Company”) announces
that it has appointed J.P. Morgan Securities plc (which conducts its UK
investment banking activities as J.P. Morgan Cazenove) to act as its broker
to commence market purchases of its own shares.

Following recent transactions the Company has cash of £16.4 million and a net
loan to value of 29.0% as at 30 June 2022. The Company also has undrawn
revolving credit facilities of £28.7 million. As a result of this strong
financial position, the Board and Manager believe that investment in the
Company’s shares at the prevailing price and discount to net asset value
offers attractive value for its shareholders. The Company therefore intends to
recommence its share buy-back programme from its own resources.

The buy-backs will be made under the authority granted at the annual general
meeting of the Company held on 9 September 2021, pursuant to which it has
authority to repurchase a maximum of 73,612,937 of its ordinary shares (being
its outstanding shareholder authority). Such authority lasts until the next
annual general meeting of the Company (or other such general meeting of
shareholders at which authority to buy back shares is obtained).

No maximum consideration payable has been determined by the Company, but the
Company is unable to pay a price for any shares pursuant to the buy-backs
which would equate to a premium on the net asset value of such shares.

This arrangement is in accordance with Chapter 12 of the Financial Conduct
Authority’s Listing Rules and the Company’s general authority to
repurchase shares.

The Company is amending its disclosure policy to include on a regulatory
information services details of its share buyback powers which it renews
annually. It is expected similar announcements will be made every time the
share buyback authority is renewed.

 

-ENDS-

 

For further information:

 

 Schroder Real Estate Investment Management Limited:                             020 7658 6000

Nick Montgomery / Bradley Biggins / Matthew Riley
 FTI Consulting:                                                                 020 3727 1000

 Dido Laurimore / Richard Gotla / Ollie Parsons
 J.P. Morgan Cazenove:                                                           020 7742 4000

 William Simmonds, Jérémie Birnbaum (Corporate Finance)

 Tel: +44 (0)20 7742 4000

 James Bouverat (Sales)                                                          020 7134 2223

 Email: james.e.bouverat@jpmorgan.com

 Carrie Fox (Sales Trader)                                                       020 7742 4463

 Email: carrie.fox@jpmorgan.com

 Charlotte Twigden (Sales Trader)                                                020 7742 8805

 Email: charlotte.twigden@jpmorgan.com

 

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