Triple Point Social Housing REIT plc Raises £47.5m In C Share Placing

23 March 2018

Triple Point Social Housing REIT plc Raises GBP47.5 Million In C Share Placing

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.”

Location

18 St. Swithin’s Lane

London

EC4N 8AD

United Kingdom