13th Mar 2015 09:13
LONDON (Alliance News) - Picton Property Income Ltd on Friday said it has proposed a share placing to raise gross proceeds of more than GBP10 million.
Picton will issue in excess of 14.6 million shares at 68.5 pence per share. Shares in Picton were down 1.6% to 70.88 pence on Friday.
Picton said the majority of the proceeds from the placing are expected to be used for property investments, with the rest to be invested in its existing portfolio.
"Since implementing the placing programme, we have shown a commitment to deploying proceeds raised in an effective manner and within a sensible timeframe. We remain confident of investing this final tranche on a selective basis, into attractive opportunities that meet our investment objective," said Picton Chairman Nicholas Thompson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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