Ediston Property Investment Company (EPIC) has announced that it has raised gross proceeds of £35.92 million pursuant to its Initial Placing for Subscription of Ordinary Shares at a price of 108 pence per share.
A total of 33,263,931 shares will be issued of which 28,309,431 will be issued pursuant to the Initial Placing and 4,954,500 will be issued pursuant to the Offer of Subscription.
The shares will be admitted to trading on the Main Market of the London Stock Exchange and the premium segment of the Official List of the UK Listing Authority. Dealings in the New Ordinary Shares will commence tomorrow (13th July 2015).
The new shares will not qualify for any dividends prior to the period 1st July 2015 to 31st July 2015, which is expected to be paid next month.
Ediston Chairman, William Hill, said: “The EPIC Board is pleased to see the positive response from both existing shareholders and new investors to the Company’s fundraising, and believes that the additional monies raised will provide the Investment Adviser with the opportunity to build upon the impressive portfolio performance which shareholders have enjoyed so far.”
Cannaccord Genuity acted as sponsor and placing agent for the Initial Placing and Offer of Subscription and will continue to do so in relation to further share issues.
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