Walls & Futures REIT plc
Entitlement and Open Offer of up to 1,115,109 shares at 94p to raise £1,048,202
Walls & Futures REIT plc (“WAFR”) is pleased to announce an Open Offer of new ordinary shares to raise up to £1,048 million through the issue of up to 1,115,109 at a price of 94 pence per New Share to make further investments in the Supported Housing Sector.
A circular containing detailed information about the Open Offer is being posted to shareholders in the Company today and is available here (click here to download)
Details of the Open Offer
The Company is raising up to £1.048 million (before expenses) through the issue of up to 1,115,109 Open Offer Shares at the Issue Price of 94p per share. The Issue Price represents a premium of 11.24 per cent to the Company’s mid-market price of 84.5p per share as at close of business on 9th February 2018.
Qualifying Shareholders may subscribe for Open Offer Shares in proportion to their holdings of Existing Ordinary Shares held on the Record Date. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares. Non Qualifying investors may also request Open Offer Shares.
Open Offer Statistics
|Issue Price||94p per Open Offer Share|
|Open Offer: Basic Entitlement||1 Open Offer Share for every 4 Existing Ordinary Shares|
|Number of Ordinary Shares in issue as at the date of this Circular||3,290,225|
|Maximum number of Open Offer Shares to be issued pursuant to the Placing and Open Offer||1,115,109|
|Enlarged Share Capital*||4,405,334|
|Gross proceeds of the Open Offer*||£1,048,202|
|Estimated net proceeds of the Open Offer receivable by the Company*||£995,999|
|Maximum percentage of the Enlarged Issued Share Capital that the Open Offer Shares will represent||25.31%|
Expected Timetable of Principal Events
|Record Date and time for entitlements under the Open Offer||Close of business on 9 February 2018|
|Announcement of the Open Offer||12 February 2018|
|Publication of the Circular and Application Forms||12 February 2018|
|Existing Ordinary Shares marked ‘ex’ entitlement by NEX Exchange||12 February 2018|
|Deadline for receipt of Application Forms||26 March 2018|
|Expected date of Admission and commencement of dealings in Open Offer Shares||8am on 27 March 2018|
|Expected date for CREST accounts to be credited with Open Offer Shares||27 March 2018|
|Share certificates in relation to Open Offer Shares (where applicable) dispatched by||9 April 2018|
Background to the Offer
Walls & Futures provides homes for some of the most vulnerable people in society. We strive to make a difference by delivering homes that are adapted to meet the needs of each individual, enabling them to lead more fulfilling lives.
The Company is currently focused on delivering additional capacity in Supported Housing for people with a range of disabilities including autism learning and physical disabilities and mental health needs. Collaborating with our customers and strategic partners we design, fund, build and deliver quality homes throughout the UK.
We are building a portfolio of high yielding residential properties let on long term leases, with rents increasing in line with inflation, to quality tenants including charities and housing associations. Our financial target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend.
We seek to generate a measurable and beneficial social impact alongside a financial return.
Qualifying Shareholders are being given the opportunity to subscribe for Open Offer Shares under the Open Offer at the Issue Price, payable in full on application and free of all expenses pro rata to their existing shareholdings on the following basis:
1 Open Offer Share for every 4 Existing Ordinary Shares
In order to be eligible, Qualifying Shareholders need their Existing Ordinary Shares to be registered in their name at the Record Date. The Open Offer is not being made to Overseas Shareholders.
The Open Offer Shares must be paid for in full on application. The latest time and date for application and payment in respect of the Open Offer is 11.00 a.m. on 26th March 2018.
Existing shareholders and new investors may apply for additional Open Offer Shares to the extent that Open Offer Shares are not taken up by Qualifying Shareholders.
The Directors unanimously believe that the Open Offer is in the best interests of the Company and its Shareholders as a whole and recommend that Qualifying Shareholders take up the Open Offer.
The directors of the issuer accept responsibility for the contents of this announcement
For further information please contact:
WALLS & FUTURES REIT plc
3rd Floor, 111 Buckingham Palace Road
0333 700 7171
CITY & MERCHANT
Level 17 Dashwood House
69 Old Broad Street
0207 101 7676
Note to Editors:
Walls & Futures provides homes for some of the most vulnerable people in society. It strives to make a difference by delivering homes adapted to meet the needs of each individual, enabling them to lead more fulfilling lives.
Collaborating with customers and strategic partners the Company designs, funds, builds and delivers quality homes throughout the UK. It are currently focused on delivering additional capacity in Supported Housing for people with a range of disabilities including autism, learning and physical disabilities and mental health needs.
It is building a portfolio of high yielding residential properties let on long term leases, with rents increasing in line with inflation, to quality tenants including charities and housing associations. The financial target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend.
Walls & Futures REIT plc is a Real Estate Investment Trust (REIT) and is quoted on the NEX Growth Exchange. It is a member of the Social Stock Exchange which is Europe’s only regulated exchange dedicated to businesses and investors seeking to achieve a positive social and environmental impact through their activities.