Standard Life Investments Property Income Trust has announced that it is extending the timetable for its initial placing and offer until 11 a.m. on 18 December 2015. The company says that the Investment Manager is in advanced legal negotiations in relation to the sale of one of the properties in the company’s portfolio, which is expected to complete prior to Admission. If so, the company will be in receipt of cash that can be used for the anticipated purchase of the Jersey Property Unit Trust Portfolio, for which the fund raising was put in place, and the company wishes to avoid having surplus cash on the completion of these transactions. Reflecting this, the board intends to amend the minimum issue proceeds that are required to be raised prior to admission to be either £80m in the absence of the property sale, or if the sale of the property is completed, £65m. This amendment is being made in order to avoid the Company having surplus cash following the completion of these transactions. The company says that it expects to publish a supplemental prospectus early during the week commencing Monday 14 December 2015 in relation to these proposed changes to the terms. Details of the proposals in relation to the fund raising were originally announced on 13 November 2015.
Standard Life Investments Property Income extends fundraising timetable : SLI