Clipstone Logistics REIT plc commences an Equity Buyback Plan for 3,845,000 shares, representing 6.57% of its issued share capital, for £5 million, under the authorization approved on December 7, 2018.
January 07, 2019 at 12:00 am EST
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Clipstone Logistics REIT plc commences share repurchases on January 7, 2019, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 7, 2018. As per the mandate, the company is authorized to repurchase up to 3,845,000 shares, representing 6.57% of its issued share capital, for £5 million. The shares will be repurchased at a price equal to 1.5% discount to the net asset value per share as at the date of completion of the repurchase program. The company plans to use its own cash resources and distributable profits for repurchasing the shares under this program. The repurchased shares will be cancelled. The repurchase program is conditional to the sale of the warehouses. The program will be valid till June 30, 2019.
Clipstone Logistics REIT plc is a United Kingdom-based real estate investment trust (REIT). The Trust focuses on the acquisition and management of distribution warehouses. In addition, the REIT targets South East multi-let industrials. The Trust's funds are the Clipstone Industrial Unit Trust and Clipstone Logistics REIT plc. The Clipstone Industrial Unit Trust is engaged in South East multi-let industrial estates. It manages various real estate funds and mandates that are suitable for all types of investors, from high net worth individuals to family offices, wealth managers, private equity funds, institutions and endowment funds. Its property portfolio includes 1-10 Fleming Close Industrial Estate, Adler Industrial Estate, Barratt Industrial Park, Cressex Industrial Estate, Bedfont Industrial Park North, Biggin Hill, Bilton Industrial Estate, Brantano Unit and Callenders Industrial Estate, among others.
Clipstone Logistics REIT plc commences an Equity Buyback Plan for 3,845,000 shares, representing 6.57% of its issued share capital, for £5 million, under the authorization approved on December 7, 2018.