Fund Management Fee
1 July 2022
Residential Secure Income plc
Satisfaction of the Equity Portion of the Fund Management Fee
Residential Secure Income plc ("ReSI") (LSE: RESI) announces that, in accordance with the terms of the Fund Management Agreement with ReSI Capital Management Limited (the "Fund Manager") pursuant to which 25 per cent of the fund management fee is payable in the form of Ordinary Shares (the "Equity Portion") rather than cash, it has purchased 123,343 Ordinary Shares in the secondary market (the "Fund Management Ordinary Shares") at an average price of 102 pence on 1 July 2022.
The Fund Management Ordinary Shares are subject to a minimum lock-in period of 12 months from 1 July 2022, being when the Fund Management Ordinary Shares became due and deliverable.
For further information, please contact:
Gresham House Real Estate
+44 (0) 20 7382 0900
Peel Hunt LLP
+44 (0) 20 7418 8900
+44 (0) 20 3995 6673
Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the London Stock Exchange with the objective of delivering secure inflation linked returns by investing in affordable shared ownership, retirement and Local Authority housing throughout the UK.
ReSI plc targets a secure, long-dated, inflation-linked dividend of 5.16 pence per share p.a.[i] (paid quarterly) and a total return in excess of 8.0% per annum. As at 31 March 2022, including committed acquisitions, ReSI plc's portfolio comprises 3,233 properties, with an (unaudited) IFRS fair value of £375m[ii].
ReSI plc's purpose is to deliver affordable, high-quality, safe homes with great customer service and long-term stability of tenure for residents. We achieve this through meeting demand from housing developers, housing associations, local authorities, and private developers for long-term investment partners to accelerate the development of socially and economically beneficial affordable housing.
ReSI's subsidiary, ReSI Housing Limited, is registered as a for-profit Registered Provider of Social Housing, and so provides a unique proposition to its housing developer partners, being a long term private sector landlord within the social housing regulatory environment. As a Registered Provider, ReSI Housing can acquire affordable housing subject to s106 planning restrictions and housing funded by government grant.
About Gresham House and Gresham House Real Estate
Gresham House is a London Stock Exchange quoted specialist alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
Gresham House Real Estate has an unparalleled track record in the affordable housing sector over 20 years, with senior members having an average of c.30 years' experience .
Gresham House Real Estate offers long term equity investments into UK housing, through listed and unlisted housing investment vehicles, each focused on addressing different areas of the affordable housing problem. Each fund aims to deliver stable and secure inflation-linked returns whilst providing social and environmental benefits to its residents, the local community, and the wider economy.
Further information on ReSI is available at www.resi-reit.com
Further information on Gresham House is available at www.greshamhouse.com
[i] The dividend target and total return target are targets only and are not profit forecasts. There can be no assurance that either target will be met and they should not be taken as an indication of the Company's future results.
[ii] excluding the finance lease gross up and including £25mn of committed acquisitions