Triple Point Social Raises GBP45 Million In C Share Placing (ALLISS)

23rd Mar 2018 11:25

LONDON (Alliance News) - Triple Point Social Housing REIT PLC said Friday it raised GBP45 million through a C share issue, as its shares migrated to the main market of the London Stock Exchange.

The housing properties investor will issue 47.5 million C shares convertible, non-voting preference C Shares at a price of 100 pence each. Shares in Triple Point Social Housing were 0.7% higher at 102.20 pence on Friday.

Of these, 33.0 million shares will be issued through an open offer, 815,150 shares through a subscription and a further 13.7 million through a placing.

The funds will be used to "capitalise on investment opportunities" identified by its investment manager Triple Point Investment Management LLP.

Triple Point Social Housing had said in early March it planned to raise up to GBP200 million through the C share fundraise.

"Given the current market backdrop, we are pleased with the result of this fundraise," Chairman Chris Phillips said. "We appreciate the support of our existing shareholders and welcome our new investors, and we look forward to reporting on the group's continued strong progress over the coming months."

The company anticipates the C shares to be converted by the end of 2018 after the deployment of the funds.

The C shares will have a right to participate in a fixed 3% dividend up to the point of conversion. Admission is expected on March 27.

Triple Point Investment Management Partner James Cranmer said: "We are actively engaged in discussions in relation to a significant pipeline of assets that meet the company's investment criteria, and are on terms that we consider attractive for the group. The net proceeds of the Issue will enable the group to capitalise on a number of these opportunities."

Also earlier in March, Triple Point Social Housing said that - after its most recent property investments - it had invested GBP179.2 million including purchase costs on the acquisition or forward funding of 148 regulated supported housing assets. As a result, it had largely invested the proceeds it raised through its August 2017 initial public offering and thus seeking further funds for investment.

Triple Point Social Housing raised GBP200 million through its initial public offering in August 2017. By the end of 2017, it had invested GBP130.1 million of the IPO proceeds in assets.

Triple Point Social Housing has previously said in March it still had a potential pipeline of investments valued in excess of GBP400 million which could be acquired by the firm over the next twelve months. The company expected this pipeline to increase.

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