3rd Oct 2014 07:00
LONDON (Alliance News) - Custodian REIT PLC Friday said it had increased by GBP5.0 million the size of its share placing, which has now closed, raising GBP25.0 million before costs and expenses.
The 23.9 million new shares will be issued at the previously reported price of 104.75 pence per share.
In a statement, Custodian REIT said the placing was significantly oversubscribed, prompting it to decide that it was in shareholders' interests to increase the size of the issue beyond the GBP20.0 million original target. It cited a "strong pipeline" of investment opportunities.
"The board and Custodian Capital Ltd confirm that the Issue at this higher level remains consistent with the company's published objectives, including its dividend targets of 5.25 pence per share in the year ending March 31, 2015 and 6.25 pence per share in respect of each financial year thereafter," Custodian REIT said in a statement.
Custodian Capital is the discretionary investment manager of the company.
Ian Mattioli, a non-executive director, his wife and personal pension fund have subscribed for a total of 250,000 new shares, according to Custodian REIT.
Dealings in the new shares are expected to begin at the market open next Wednesday.
Custodian REIT shares Thursday closed at 106.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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