Real Estate Credit Investments raises GBP23.5m with placement of 14.2 million stock shares at GBP0.165000 per share.

M2 EQUITYBITES-July 5, 2017-Real Estate Credit Investments raises GBP23.5m with placement of 14.2 million stock shares at GBP0.165000 per share

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Real Estate Credit Investments Ltd (RECIV.L) declared on Tuesday that a placement of 14.2 million shares at GBP0.165000 per share has raised GBP23.5m.

This placement was reported earlier on 28 June 2017 and at that time the company stated that the minimum amount to be raised was GBP12.0m. Also, it mentioned that these shares issued under the placing, will not be entitled to the fourth interim dividend of GBP0.3000 per share released by it on 16 June 2017.

Shares in Real Estate Credit Investments were down 1.6% at 167.00 pence on Tuesday.

The company will use the proceeds for potential investment opportunities, mostly made up of debt secured by commercial or residential properties in the UK and western Europe in tranches of real estate debt securities and secured real estate loans.

Formerly Real Estate Credit Investments PCC Limited, RECIV engages in real estate debt investments. Its investment policy is for the core segment (Core), the Bond Portfolio and the Loan Portfolio. Cheyne Capital Management (UK) LLP is its investment manager.

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