Schroder Real Estate Inv Trst Ld Share Buyback Programme (8222T)
27 Juillet 2022 - 8:01AM
UK Regulatory
TIDMSREI
RNS Number : 8222T
Schroder Real Estate Inv Trst Ld
27 July 2022
For release 27 July 2022
Schroder Real Estate Investment Trust Limited
SHARE BUYBACK PROGRAMME
Schroder Real Estate Investment Trust Limited (the "Company")
announces that it has appointed J.P. Morgan Securities plc ( which
conducts its UK investment banking activities as J.P. Morgan
Cazenove) to act as its broker to commence market purchases of its
own shares.
Following recent transactions the Company has cash of GBP16.4
million and a net loan to value of 29.0% as at 30 June 2022. The
Company also has undrawn revolving credit facilities of GBP28.7
million. As a result of this strong financial position, the Board
and Manager believe that investment in the Company's shares at the
prevailing price and discount to net asset value offers attractive
value for its shareholders. The Company therefore intends to
recommence its share buy-back programme from its own resources.
The buy-backs will be made under the authority granted at the
annual general meeting of the Company held on 9 September 2021,
pursuant to which it has authority to repurchase a maximum of
73,612,937 of its ordinary shares (being its outstanding
shareholder authority). Such authority lasts until the next annual
general meeting of the Company (or other such general meeting of
shareholders at which authority to buy back shares is
obtained).
No maximum consideration payable has been determined by the
Company, but the Company is unable to pay a price for any shares
pursuant to the buy-backs which would equate to a premium on the
net asset value of such shares.
This arrangement is in accordance with Chapter 12 of the
Financial Conduct Authority's Listing Rules and the Company's
general authority to repurchase shares.
The Company is amending its disclosure policy to include on a
regulatory information services details of its share buyback powers
which it renews annually. It is expected similar announcements will
be made every time the share buyback authority is renewed.
-ENDS-
For further information:
Schroder Real Estate Investment Management
Limited:
Nick Montgomery / Bradley Biggins /
Matthew Riley 020 7658 6000
FTI Consulting:
Dido Laurimore / Richard Gotla / Ollie
Parsons 020 3727 1000
---------------
J.P. Morgan Cazenove:
William Simmonds, Jérémie Birnbaum 020 7742 4000
(Corporate Finance)
Tel: +44 (0)20 7742 4000
James Bouverat (Sales)
Email: james.e.bouverat@jpmorgan.com 020 7134 2223
Carrie Fox (Sales Trader)
Email: carrie.fox@jpmorgan.com 020 7742 4463
Charlotte Twigden (Sales Trader)
Email: charlotte.twigden@jpmorgan.com 020 7742 8805
---------------
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END
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