Multifamily-focused Triple Point Social Housing REIT PLC is offering up to 200 million convertible, nonvoting preference C shares to raise up to £200.0 million to finance potential investment opportunities.
The shares are being offered at 100 pence apiece via a placing, open offer and offer for subscription, and will be converted into ordinary shares, subject to certain conditions.
Under the open offer, eligible shareholders will get up to 133.3 million C shares at the issue price on the basis of two C shares for every three ordinary shares held on the record date. In the event of the subscriptions exceeding the maximum number of available C shares, the company will cut back subscriptions, except the open offer basic entitlements.
The company will file an application to admit the C shares to the standard segment of the Official List of the FCA and to trading on the standard segment of the Main Market of the London Stock Exchange.
The real estate investment trust will also submit an application for the admission of the ordinary shares to the premium segment of the Official List of the UK Listing Authority and move the trading venue to the premium segment of the Main Market of the London stock exchange.
The company may funnel the net proceeds from the offering toward a pipeline of potential investments of over £400 million over the next 12 months.
