6th Jan 2017 07:49
LONDON (Alliance News) - Student accommodation investor GCP Student Living PLC on Friday said it will seek the approval of shareholders to issue up to 200.0 million shares for cash under a 2017 share issuance programme.
Currently there are 278.2 million GCP Student shares in issue.
GCP Student said, should shareholders approve the resolution at a general meeting to take place on January 31, it may issue the shares in the form of placings, open offers and subscriptions.
The group said its investment manager is currently reviewing and conducting due diligence on assets in its core markets, and said terms in respect of properties representing 450 studios and beds are currently under negotiation.
The approval of the resolution would "provide the company with the operational flexibility to take advantage of such investment opportunities as and when they arise in a competitive market", GCP Student said.
The minimum price at which share would be issued under the programme would be equal to the prevailing published net asset value per share at the time the shares are alloted, together with a premium intended to cover the costs and expenses of the issue. This would ensure there "will be no dilution to the company's prevailing net asset value from the issuance of those shares," GCP Student said.
By Hannah Boland; [email protected]; @Hannaheboland
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