10th Dec 2015 15:21
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd on Thursday said it is extending the timetable for its initial placing and offer for subscription to raise up to GBP100.0 million.
The timetable has been extended to 1100 GMT on December 18.
"On the basis that the investment manager is in advanced legal negotiations in relation to the sale of one of the properties in the company's property portfolio, which is expected to complete prior to admission, the board is also amending the minimum issue proceeds that are required to be raised prior to admission to be either GBP80.0 million, or if the sale of the property is completed, GBP65.0 million," the company said.
"This amendment is being made in order to avoid the company having surplus cash following the completion of these transactions," the company added.
Shares in Standard Life Investments Property Income Trust were down 0.6% at 82.50 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SLI.L