30th Nov 2015 11:08
LONDON (Alliance News) - Drum Income Plus REIT PLC, which aims to generate income by investing in secondary commercial property assets, on Monday said it is exploring potential methods of raising further equity.
The real estate investment trust said the GBP31.9 million proceeds of its listing on the Main Market of the London Stock Exchange on May 29 have been invested, with further opportunities under consideration.
"Since listing, the legal advisers have been made aware of additional interest in the company's equity as the validity of the investment case becomes proven. The board and its advisers are exploring ways in which further equity may be raised by the company, and I hope to be in a position to write to you in the near future with greater detail on such proposals," Chairman John Evans said in a statement.
The company reported a GBP510,000 pretax loss in the six months ended September 30, due to a combination of unrealised losses on investments held at fair value and launch costs.
Net asset value was 96.37 pence on September 30. That is equivalent to a 3.6% fall in NAV since launch, of which 2.0% was due to the costs of doing so.
Shares in Drum Income Plus were untraded at 105 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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