Reduction of Share Premium Account

25th October 2011
RNS Number : 8333Q
Real Estate Investors PLC
25 October 2011
 

25 October 2011

 

Real Estate Investors plc

(“REI” or the “Company”)

 

Reduction of Share Premium Account

 

Real Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that on 19 October 2011 it was granted an order by the High Court of Justice confirming the approval for the Company to reduce the amount of the share premium account by £47,154,000.  The court order and statement of capital were registered by the Registrar of Companies on 20 October 2011, following which the reduction of the share premium account took effect.

 

REI received shareholder approval for the share premium account reduction at the Company’s general meeting held on 18 July 2011.  Having received confirmation from the court, the amount of the share premium account so reduced that is not carried to a special reserve in the Company’s accounts will be credited as a distributable reserve which will be able to be applied in any manner in which the Company’s profits available for distribution are able to be applied.

 

 

For further information:

 

Real Estate Investors 

Paul Bassi

 

+44 (0)121 265 6400

 

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

 

 

+44 (0)20 7131 4000

Liberum Capital 

Chris Bowman / Richard Bootle

 

+44 (0)20 3100 2000

 

Tavistock Communications

Jeremy Carey / Amy  Walker

 

+44 (0)20 7920 3150

 

Notes to Editors

 

1.      REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England.

 

2.      REI is focused on delivering shareholder value through returns generated from strong yields and capital enhancements. This is achieved by targeting investments in orphaned, distressed, part-let and underperforming commercial and residential property assets.

 

3.      REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of CP Bigwood Chartered Surveyors.

 

4.      REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £47 million in further equity issues as well as debt financing to grow its property portfolio.  As at 31 December 2010, its portfolio and inventories were valued at £56 million.

 

5.      Further information on REI can be found at www.reiplc.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

MSCLLFIRIFLEFIL