KCR RESIDENTIAL REIT PLC

Share Issue/Capital Change • Apr 26, 2017

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RNS Number : 4385D

K&C REIT PLC

26 April 2017

K&C REIT plc

("K&C REIT" or the "Company")

Further allotment of Restricted Preference Shares

K&C REIT plc, the residential REIT group, announces that, following the passing of the resolutions at the Company's general meeting on 20 February 2017, the directors on 26 April 2017 approved the further allotment of Restricted Preference Shares, fully paid, to the following directors and executives (which correspond to the amounts as set out in the circular posted to shareholders on 27 January 2017 (the "Circular") for those directors and executives)

Name	Restricted Preference Shares No. allotted	Amount subscribed £
Timothy James	9,600,000	96,000
Christopher James	6,000,000	60,000
Benjamin James	3,000,000	30,000
Total	18,600,000	£186,000

Following the allotment of such Restricted Preference Shares, the interests of Timothy James, Christopher James and Benjamin James in shares in the Company will be as follows:

Name of Director	Number of Ordinary Shares held	% of issued voting share capital	Number of warrants held	Number of Restricted Preference Shares held
Timothy James	3,275,000	6.21	175,000	9,600,000
Christopher James	3,350,001	6.35	100,000	6,000,000
Benjamin James	1,050,000	1.99	-	3,000,000

Gravity Investment Group Limited has decided not to exercise its right to subscribe for 15 million Restricted Preference Shares.

The Restricted Preference Shares, their terms and the rights attaching to them are described in the Circular, and the full terms of the Restricted Preference Shares are set out in the new articles of association (the "New Articles") adopted by the Company at the general meeting held on 20 February 2017.  Copies of the Circular and of the New Articles can be found on the Company's website www.kandc-reit.co.uk.

Under the terms of the Cancellation Deeds (as defined in the Circular), the issue of the Restricted Preference Shares to Timothy James, Christopher James and Benjamin James in the amounts set out above automatically resulted in the cancellation of the Executive Option Arrangements for those individuals.

The Restricted Preference Shares only vest in stages.  In order for all the Restricted Preference Shares to vest in full, Assets under Management must exceed £100 million and the NAV Per Share must exceed 15p, both more demanding Milestones than those required under the Executive Option Arrangements.  Full details of the Milestones are set out in the Circular and in the announcement issued by the Company on 27 January 2017

For further information, please contact:

K&C REIT plc	info@kandc-reit.co.uk
Dominic White, Chief executive	+44 20 3793 5236
Tim James, Property director	+44 7768 833 029
Stockdale Securities (nominated adviser and joint broker)	+44 20 7601 6100
Antonio Bossi / Robert Finlay / David Coaten
Peterhouse Corporate Finance Limited (joint broker)	+44 20 7469 0933
Lucy Williams / Heena Karani
Yellow Jersey PR	+44 7747 788 221
Charles Goodwin

Notes to editors:

The Group operates in the residential private rented sector (PRS), with an emphasis on Central London.  The residential sector has several sub-categories, including PRS, which was K&C's original focus, retirement residential, residential care and social housing.  K&C's operations in the market broadened following the acquisition of K&C (Osprey) to include the retirement residential sub-category in London and the southeast of the UK.

This information is provided by RNS

The company news service from the London Stock Exchange

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