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DJ Walls & Futures REIT PLC Circ re. Open Offer for Subscription

TIDMWAFR

RNS Number : 6363E

Walls & Futures REIT PLC

13 February 2018

Walls & Futures REIT plc

   (Epic:    WAFR) 

Entitlement and Open Offer of up to 1,115,109 shares at 94p

to raise GBP1,048,202

Walls & Futures REIT plc ("WAFR") is pleased to announce an Open Offer of new ordinary shares to raise up to GBP1,048 million through the issue of up to 1,115,109 at a price of 94 pence per New Share to make further investments in the Supported Housing Sector.

A circular containing detailed information about the Open Offer is being posted to shareholders in the Company today and will be available from the Company's website - www.wallsandfutures.com - in due course.

Details of the Open Offer

The Company is raising up to GBP1.048 million (before expenses) through the issue of up to 1,115,109 Open Offer Shares at the Issue Price of 94p per share. The Issue Price represents a premium of 11.24 per cent to the Company's mid-market price of 84.5p per share as at close of business on 9th February 2018.

Qualifying Shareholders may subscribe for Open Offer Shares in proportion to their holdings of Existing Ordinary Shares held on the Record Date. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares. Non Qualifying investors may also request Open Offer Shares.

Open Offer Statistics

 
 Issue Price                                       94p per Open Offer 
                                                                Share 
 Open Offer: Basic Entitlement                     1 Open Offer Share 
                                                 for every 4 Existing 
                                                      Ordinary Shares 
 Number of Ordinary Shares in issue as at 
  the date of this Circular                                 3,290,225 
 Maximum number of Open Offer Shares to 
  be issued pursuant to the Placing and Open 
  Offer                                                     1,115,109 
 Enlarged Share Capital*                                    4,405,334 
 Gross proceeds of the Open Offer*                       GBP1,048,202 
 Estimated net proceeds of the Open Offer                  GBP995,999 
  receivable by the Company* 
 Maximum percentage of the Enlarged Issued 
  Share Capital that the Open Offer Shares 
  will represent                                               25.31% 
 

Expected Timetable of Principal Events

 
 Record Date and time for entitlements under           Close of business 
  the Open Offer                                      on 9 February 2018 
 Announcement of the Open Offer                         12 February 2018 
 Publication of the Circular and Application            12 February 2018 
  Forms 
 Existing Ordinary Shares marked 'ex' entitlement       12 February 2018 
  by NEX Exchange 
 Deadline for receipt of Application Forms                 26 March 2018 
 Expected date of Admission and commencement        8am on 27 March 2018 
  of dealings in Open Offer Shares 
 Expected date for CREST accounts to be                    27 March 2018 
  credited with Open Offer Shares 
 Share certificates in relation to Open                     9 April 2018 
  Offer Shares (where applicable) dispatched 
  by 
 

Background to the Offer

Walls & Futures provides homes for some of the most vulnerable people in society. We strive to make a difference by delivering homes that are adapted to meet the needs of each individual, enabling them to lead more fulfilling lives.

The Company is currently focused on delivering additional capacity in Supported Housing for people with a range of disabilities including autism learning and physical disabilities and mental health needs. Collaborating with our customers and strategic partners we design, fund, build and deliver quality homes throughout the UK.

We are building a portfolio of high yielding residential properties let on long term leases, with rents increasing in line with inflation, to quality tenants including charities and housing associations. Our financial target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend.

We seek to generate a measurable and beneficial social impact alongside a financial return.

Basic Entitlement

Qualifying Shareholders are being given the opportunity to subscribe for Open Offer Shares under the Open Offer at the Issue Price, payable in full on application and free of all expenses pro rata to their existing shareholdings on the following basis:

1 Open Offer Share for every 4 Existing Ordinary Shares

In order to be eligible, Qualifying Shareholders need their Existing Ordinary Shares to be registered in their name at the Record Date. The Open Offer is not being made to Overseas Shareholders.

The Open Offer Shares must be paid for in full on application. The latest time and date for application and payment in respect of the Open Offer is 11.00 a.m. on 26th March 2018.

Excess Application

Existing shareholders and new investors may apply for additional Open Offer Shares to the extent that Open Offer Shares are not taken up by Qualifying Shareholders.

Recommendation

The Directors unanimously believe that the Open Offer is in the best interests of the Company and its Shareholders as a whole and recommend that Qualifying Shareholders take up the Open Offer.

The directors of the issuer accept responsibility for the contents of this announcement

For further information please contact:

WALLS & FUTURES REIT plc

 
 Joe McTaggart                 0333 700 7171 
                                joe@wallsandfutures.com 
 Walls & Futures REIT plc 
  3rd Floor 
  111 Buckingham Palace Road 
  London 
  SW1W 0SR 
 
   www.wallsandfutures.com 
 

CITY & MERCHANT

 
 David Papworth             0207 101 7676 
                             info@cityandmerchant.com 
 City & Merchant 
  Level 17 Dashwood House 
  69 Old Broad Street 
  London 
  EC2M 1RX 
 

Note to Editors:

Walls & Futures provides homes for some of the most vulnerable people in society. It strives to make a difference by delivering homes adapted to meet the needs of each individual, enabling them to lead more fulfilling lives.

Collaborating with customers and strategic partners the Company designs, funds, builds and delivers quality homes throughout the UK. It are currently focused on delivering additional capacity in Supported Housing for people with a range of disabilities including autism, learning and physical disabilities and mental health needs.

It is building a portfolio of high yielding residential properties let on long term leases, with rents increasing in line with inflation, to quality tenants including charities and housing associations. The financial target is to deliver a long-term annual net return of 7-9% of which 3-4% will be paid in the form of a dividend.

Walls & Futures REIT plc is a Real Estate Investment Trust (REIT) and is quoted on the NEX Growth Exchange. It is a member of the Social Stock Exchange which is Europe's only regulated exchange dedicated to businesses and investors seeking to achieve a positive social and environmental impact through their activities.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 13, 2018 02:15 ET (07:15 GMT)