20th May 2014 13:03
LONDON (Alliance News) - Picton Property Income PLC Tuesday said it had successfully raised about GBP35 million through an oversubscribed placing and offer of 59.3 million shares at 59 pence per share, money it will use to fund future acquisitions as part of its investment objective.
Picton had previous said that it would invest about three quarters of the GBP33.8 million net proceeds from the raising in property acquisitions, with the rest invested in opportunities within the existing portfolio as well as for general corporate purposes.
This initial offer is part of a proposed 170 million share placing programme that will raise GBP100 million in total to fund the acquisitions.
"We are pleased that the first phase of this GBP100 million fundraising was oversubscribed and also to have received support from new and existing shareholders," Picton Chairman Nick Thompson said in a statement.
Picton Property Income shares were up 0.5% at 59.81 pence Tuesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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