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The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. Triple Point Social Housing REIT plc (the "Company") has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the securities referred to herein and on the pages that follow will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the securities referred to herein and on the pages that follow may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. The securities referred to herein and on the pages that follow have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, US persons as defined in Regulation S under the Securities Act ("US Persons"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act. There will be no public offer of the securities referred to herein and on the pages that follow in the United States, Australia, Canada, Japan or South Africa.
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The Board of Triple Point Social Housing REIT plc (ticker: SOHO) announces the result of the Placing, Open Offer and Offer for Subscription of C shares in the Company (being a new class of convertible, non-voting preference shares) (the “C Shares”) at a price of 100p per share (the “Issue Price”) (the “Issue”).
A total of 47,500,000 C Shares will be issued raising Gross Proceeds of £47.5 million, of which 33,005,715 C Shares will be issued pursuant to the Open Offer, 815,150 C Shares will be issued pursuant to the Offer for Subscription and 13,679,135 C Shares will be issued under the Placing.
The Net Proceeds of the Issue will be used by the Company to capitalise on investment opportunities identified by Triple Point Investment Management LLP (the “Delegated Investment Manager”) in the Supported Housing sector. The Delegated Investment Manager expects to be able to deploy the Net Proceeds of the Issue such that the C Shares convert into Ordinary Shares by 31 December 2018.
The Company has also received confirmation from the UK Financial Conduct Authority (the “FCA”) that its ordinary shares (“Ordinary Shares”) will be admitted to the premium segment of the Official List of the UK Listing Authority (the “Migration”) and will move their trading venue to the premium segment of the Main Market of the London Stock Exchange.
Commenting on the result of the Issue, Chris Phillips, Chairman of Triple Point Social Housing REIT plc, said:
“Given the current market backdrop, we are pleased with the result of this fundraise. 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.”
James Cranmer, Partner of Triple Point Investment Management LLP, commented:
“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.”