LONDONMETRIC PROPERTY PLC
(“ LondonMetric ” or the “ Company “)
Retail Offer by PrimaryBid
LondonMetric ( LON : LMP ), the FTSE 250 listed REIT that owns one of the UK's listed logistics platforms alongside a grocery-led long income portfolio , is pleased to announce a conditional offer for subscription via PrimaryBid (the “Retail Offer”) of new ordinary shares of 10 pence each in the Company (“Retail Offer Shares”). The Company is also conducting a placing of new ordinary shares (the “Placing Shares”) by way of an accelerated bookbuild process (the “Placing”, together with the Retail Offer, the “Issue”) as announced earlier today. The Retail Offer is conditional on the Placing.
The price at which the new ordinary shares to be issued pursuant to the Placing will be determined following the closing of the accelerated bookbuild (the “Placing Price”). The issue price for the Retail Offer Shares will be the Placing Price.
The Retail Offer is conditional on the new ordinary shares to be issued pursuant to the Retail Offer and the Placing being admitted to trading on the premium segment of the Official List of the Financial Conduct Authority and to trading on London Stock Exchange's main market for listed securities (“Admission”). Applications for Admission will be made to the Financial Conduct Authority for such new ordinary shares to be admitted to the premium listing segment of the Official List and to the London Stock Exchange. Admission is expected to take place at 8.00 a.m. on 22 November 2021 . The Retail Offer will not be completed without Admission of the Placing Shares.
The Company intends that the net proceeds of the Issue will be used to fund existing committed and under offer deals, which total approximately £282 million, and which include the following:
- £39 million used to fund a committed and pre-let logistics development asset;
- approximately £122 million used to acquire a South East focused portfolio of 15 assets which is 75 per cent. logistics and 25 per cent. long income;
- approximately £53 million used to forward fund a pre-let logistics development;
- approximately £31 million used to fund urban logistics redevelopment opportunities;
- approximately £22 million used to fund a grocery and logistics sale & leaseback portfolio; and
- approximately £15 million used to fund a pre-let grocery development asset.
Details of the Retail Offer
The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.
The Retail Offer, via the PrimaryBid mobile app, will be open to individual investors following the release of this announcement. The Retail Offer is expected to close at at the same time as the bookbuild for the Placing . The Retail Offer may close early if it is oversubscribed.
The Retail Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “ Prospectus Regulation “). As such, there is no need for publication of a prospectus pursuant to the Prospectus Regulation Rules produced by the FCA, or for approval of the same by the Financial Conduct Authority. The Retail Offer is being made only in the United Kingdom.
The quantum of the Retail Offer shall not exceed the sterling equivalent of €8 million.
There is a minimum subscription of £250 per investor under the terms of the Retail Offer which is open to existing shareholders and other investors subscribing via the PrimaryBid mobile app.
The Company intends to apply the principles of pre-emption when allocating the Retail Offer Shares to those shareholders that participate in the Retail Offer and the Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the Retail Offer without giving any reason for such rejection.
It is vital to note that once an application for Retail Offer Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.
For further information on PrimaryBid or the procedure for applications under the Retail Offer, visit www.PrimaryBid.com or email PrimaryBid at enquiries@primarybid.com. The terms and conditions on which the Retail Offer is made, including the procedure for application and payment for Retail Offer Shares, is available to all persons who register with PrimaryBid.
The Retail Offer Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing ordinary shares.
Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.
It should be noted that a subscription for Retail Offer Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on www.PrimaryBid.com before making a decision to subscribe for Retail Offer Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the Retail Offer Shares if they are in any doubt.