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Civitas Social Raises GBP302 Million In C Share Issue (ALLISS)

LONDON (Alliance News) - Civitas Social Housing PLC on Friday said it has raised GBP302 million ...

Alliance News 10 November, 2017 | 12:44PM
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LONDON (Alliance News) - Civitas Social Housing PLC on Friday said it has raised GBP302 million through its open offer, placing and subscription of C shares.

The company said it now has 350 million ordinary shares in issue and 302 million C shares in issue, which carry no voting rights.

C shares will, however, receive a fixed-rate dividend of 3% per year. They will be converted into ordinary shares once 90% of the net proceeds raised have been invested, or after 12 months - whichever comes first.

"Following the successful closing of our fund raising in excess of GBP300 million we would like to thank both our existing shareholders for their continued support and also welcome our many new shareholders, including new pension fund, specialist ethical, real estate and retail investors to the Company," said Civitas.

"The proceeds will be applied in acquiring additional regulated social homes, providing many more vulnerable people with long-term, stable accommodation within a community setting. We have an extensive pipeline of opportunities that meet the company's investment criteria and expect to make further announcements in this regard shortly," Civitas added.

Civitas ordinary shares on Friday were down 0.2% at 108.75 pence.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Civitas Social Housing Ord 88.30 GBX -0.11 -

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