REG - Triple Point Soc.Hsg - Purchase of Management Shares

Social Housing REITAnnouncement

04/04/2023 09:00

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RNS Number : 2363V  Triple Point Social Housing REIT  04 April 2023

4 April 2023

 

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

PURCHASE OF ORDINARY SHARES UNDER THE INVESTMENT MANAGEMENT AGREEMENT

 

The Company announces that, in accordance with the terms of the Investment
Management Agreement with Triple Point Investment Management LLP ("Triple
Point" or the "Investment Manager"), pursuant to which the Investment Manager
shall procure that 25 per cent. of the management fee (net of applicable tax)
shall be applied by subscribing for or acquiring Ordinary Shares in the
capital of the Company ("Management Shares"), the Investment Manager purchased
652,661 Ordinary Shares in the market at an average price of 43.24 pence per
Ordinary Share on 3 April 2023. This purchase of Management Shares was made by
Perihelion One Limited ("Perihelion"), a company in the Triple Point Group.

 

In March 2021, the Investment Manager introduced a Product Ownership Scheme,
under which partners and employees of Triple Point are able to use some or all
of their discretionary remuneration to acquire Ordinary Shares from the
Investment Manager. The partners and employees of Triple Point are subject to
the Triple Point Personal Account Dealing Code which governs the ability of
such individuals to deal in the Ordinary Shares. Under the scheme, employees
are incentivised to hold the Ordinary Shares for at least 12 months but are
not subject to any formal lock-in arrangements.

 

Perihelion has transferred a total of 895,426 Ordinary Shares to partners and
employees under the Product Ownership Scheme. The Investment Manager and its
staff currently hold a total of 3,432,377 Ordinary Shares in the Company*.

 

 

(*) Figure only includes Management Shares acquired from Perihelion and not
Ordinary Shares otherwise acquired by such individuals.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Triple Point Investment Management LLP                 Tel: 020 7201 8989

 (Investment Manager)
 Max Shenkman
 Isobel Gunn-Brown

 Akur Capital (Financial Adviser)                       Tel: 020 7493 3631
 Tom Frost
 Anthony Richardson
 Siobhan Sergeant

 Stifel (Joint Financial Adviser and Corporate Broker)  Tel: 020 7710 7600
 Mark Young
 Mark Bloomfield
 Rajpal Padam
 Madison Kominski

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at
www.triplepointreit.com (http://www.triplepointreit.com/) .

 

NOTES:

The Company focuses on investing in newly developed social housing assets in
the UK, with a particular focus on specialised supported housing. The majority
of the assets within the portfolio are subject to inflation-linked, long-term,
Fully Repairing and Insuring ("FRI") leases with Approved Providers (being
Housing Associations, Local Authorities or other regulated organisations in
receipt of direct payment from local government). The portfolio comprises
investments into properties which are already subject to a lease with an
Approved Provider, as well as forward funding of pre-let developments but does
not include any direct development or speculative development.

 

There is increasing political pressure and social need to increase housing
supply across the UK which is creating opportunities for private sector
investors to help deliver this housing. The Group's ability to provide forward
funding for new developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the chronic
undersupply of suitable supported housing properties in the UK at sustainable
rents as well as delivering returns to investors.

 

The Company is a UK Real Estate Investment Trust ("REIT") listed on the
premium segment of the Official List of the UK Financial Conduct Authority and
is a constituent of the FTSE EPRA/NAREIT index.

 

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