TIDMSRE
RNS Number : 0370U
Sirius Real Estate Limited
20 November 2023
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR SINGAPORE OR ANY OTHER JURISDICTION
WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS
NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE
PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO.
596/2014), AS IT FORMS PART OF THE UNITED KINGDOM DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMED.
20 November 2023
Sirius Real Estate Limited
Results of Capital Raise
Sirius Real Estate Limited ("Sirius" or the "Company") is
pleased to announce the result of the Capital Raise set out in the
Company's announcement of earlier today ("Capital Raise
Announcement"), the net proceeds of which enables the Company to
execute on a significant near term pipeline of attractive
acquisition opportunities , following the acquisition of assets in
Liverpool, Barnsley and three in North London, acquired for a total
of approximately GBP45m over the last four months.
The Capital Raise will in aggregate comprise the issue of
170,417,384 new Ordinary Shares (the "Offer Shares"), which will
raise gross proceeds of GBP146.6m. The Offer Shares represent
approximately 14.5 per cent. of the existing issued ordinary share
capital of the Company prior to the Capital Raise.
The Offer Price of 86.0 pence represents a discount of
approximately 5.9 per cent. to the closing share price of 91.4
pence on 17 November 2023 and a discount of approximately 2.3 per
cent. to the intra-day price of 88.0 pence at 3.10 p.m. (being the
time at which the Offer Price was agreed). The Offer Price
represents a discount of approximately 0.1 per cent. to the
thirty-day volume weighted average price on the JSE of 86.1 pence
as at 17 November 2023.
Berenberg and Peel Hunt acted as joint global co-ordinators and
joint bookrunners, together with Panmure Gordon who acted as joint
bookrunner, in respect of the Placing. PSG Capital acted as sole
bookrunner and placing agent in respect of the South Africa
Placing.
The Company consulted with a number of its shareholders prior to
the Capital Raise and has respected the principles of pre-emption
through the allocation process, while also allowing the
participation of new long-only shareholders. The Company is pleased
by the strong support it has received from new and existing
shareholders.
Admission
Application will be made for the admission of the Offer Shares
to listing on the premium segment of the Official List of the FCA
and to trading on the London Stock Exchange's main market for
listed securities and for listing and trading on the main board of
the JSE. UK Admission is expected to become effective at 8.00 a.m.
(London time) on 24 November 2023 or such later date as the Banks,
the Company and PSG Capital may agree being no later than 8.00 a.m.
(London time) on 8 December 2023. JSE Admission is expected to
become effective at 9.00 a.m. (Johannesburg time) on 24 November
2023 or such later date as the Banks, the Company and PSG Capital
may agree being no later than 9.00 a.m. (Johannesburg time) on 8
December 2023.
Following Admission, the total number of Ordinary Shares in
issue in the Company will be 1,348,140,369. The Company does not
hold any shares in treasury and, therefore, following Admission,
the number of voting shares in issue in the Company will be
1,348,140,369. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the Disclosure Guidance and
Transparency Rules.
The Capital Raise is conditional on, inter alia (i) the Placing
Agreement not having been terminated in accordance with its terms
and (ii) UK Admission and JSE Admission occurring.
Director and PDMR participation in the Capital Raise
As part of the Capital Raise, the CEO, certain PDMRs, certain
other Directors and persons closely associated have subscribed for
new Ordinary Shares ( "Subscription Shares") in the capital of the
Company at the Offer Price (the "Subscription") and in the Retail
Offer, contributing approximately GBP180,000 in aggregate.
Related party participation BlackRock is a substantial
shareholder of the Company and therefore is a related party for the
purposes of the UK Listing Rules.
BlackRock's subscription for 21,794,302 Offer Shares in the
Placing at the Offer Price, representing an aggregate consideration
of approximately GBP18.7m, constitutes a "smaller" related party
transaction and falls within Listing Rule 11.1.10 R(1) and this
announcement is therefore made in accordance with Listing Rule
11.1.10R(2)I. Following completion of the Capital Raise, BlackRock
will hold approximately 10.9% of the enlarged issued share capital
of the Company.
The participation in the Capital Raise by related parties (as
defined in the JSE Listings Requirements) occurred on the basis
outlined in the Capital Raise Announcement, as permitted in terms
of resolutions 17 and 18 adopted at the Company's most recent AGM
and in compliance with the JSE Listings Requirements.
Capitalised terms used but not defined in this announcement
shall have the meaning given to them in the Capital Raise
Announcement.
Commenting on the transaction, Andrew Coombs, Chief Executive
Officer of Sirius Real Estate Limited, said:
"The success of this capital raise is a strong endorsement of
our ongoing strategy for growth as well as the track record of
strong operational performance and value creation we continue to
achieve. We are particularly encouraged by the strong demand we
have seen for the raise from both existing and new institutions, as
well as from our retail offering. We now look forward to investing
the proceeds into our near term pipeline of attractive acquisition
opportunities and to utilising our operating platforms in the UK
and Germany to add further value to these assets once
purchased."
Ends
For further information, contact:
Enquiries:
Sirius Real Estate Limited
Andrew Coombs, CEO / Chris Bowman, CFO
Tel: +44 (0) 203 717 1000 (via FTI)
Berenberg (Joint Global Co-ordinator & Joint Bookrunner)
Toby Flaux / Richard Bootle / Alix Mecklenburg-Solodkoff /
Patrick Dolaghan
Tel: +44 (0) 203 207 7800
Peel Hunt (Joint Global Co-ordinator & Joint Bookrunner)
Capel Irwin / Carl Gough / Henry Nicholls / Flora McMicking
Tel: +44 (0) 207 418 8900
Panmure Gordon (Joint Bookrunner)
David Watkins / Amrit Mahbubani
Tel: +44 (0) 207 886 2500
PSG Capital (SA Adviser, Sole SA Bookrunner and Placing Agent,
JSE Sponsor)
Johan Holtzhausen
Tel: +27 (0) 825 583 623
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion
Tel: +44 (0) 203 727 1000
SiriusRealEstate@fticonsulting.com
About Sirius Real Estate Limited
Sirius is a property company listed on the main market and
premium segment of the London Stock Exchange and the main board of
the JSE. It is a leading operator of branded business parks
providing conventional space and flexible workspace in Germany and
the UK. The Company's purpose is to create and manage optimal
workspaces that empower small and medium-sized businesses to grow,
evolve and thrive. Sirius seeks to unlock the potential of its
people, its properties, and the communities in which it operates,
so that together they can create sustainable impact, and long-term
financial and social value.
The Company's core strategy is the acquisition of business parks
at attractive yields, the integration of these business parks into
its network of sites under the Company's own name as well as
offering a range of branded products within those sites, and the
reconfiguration and upgrade of existing and vacant space to appeal
to the local market, through intensive asset management and
investment. The Company's strategy aims to deliver attractive
returns for shareholders by increasing rental income and improving
cost recoveries and capital values, as well as by enhancing those
returns through financing its assets on favourable terms. Once
sites are mature and net income and values have been optimised, the
Company may take the opportunity to refinance the sites to release
capital for investment in new sites or consider the disposal of
sites in order to recycle equity into assets which present greater
opportunity for the asset management skills of the Company's
team.
Sirius also has a venture with clients represented by AXA IM
Alts. Titanium was formed through the acquisition by AXA IM Alts,
on behalf of its clients, from Sirius, of a 65% stake in five
business parks across Germany. Sirius retained the remaining 35%.
The venture seeks to grow primarily through the acquisition of
larger stabilised business park assets and portfolios of assets
with strong tenant profiles and occupancy. As well as its equity
interest, Sirius acts as operator of the assets in the venture, on
a fee basis. Sirius will continue to grow its wholly owned
portfolio through acquisitions of more opportunistic assets, where
it can capitalise on its asset management expertise to maximise
utilisation of the space, grow occupancy and improve quality of the
tenants. The strategies have been clearly defined so that the
venture does not conflict with Sirius' existing business.
For more information, please visit:
www.Sirius-real-estate.com
Pre-Emption Group Reporting
The Capital Raise is a non-pre-emptive issue of equity
securities for cash and accordingly the Company makes the following
post transaction report in accordance with the most recently
published Pre-Emption Group Statement of Principles (2022).
Name of Issuer Sirius Real Estate Limited
Transaction details In aggregate, the Capital Raise of 170,417,384
new Ordinary Shares (comprising 108,081,574
Placing Shares, 60,000,000 SA Placed Shares,
2,179,996 Retail Offer Shares and 155,814 Subscription
Shares) represents approximately 14.5% of the
Company's issued ordinary share capital.
Settlement for the new Ordinary Shares and
UK Admission is expected to take place on or
before 8.00 a.m. (London time) on 24 November
2023 and JSE Admission is expected to take
place on or before 9.00 a.m. (Johannesburg
time) on 24 November 2023
--------------------------------------------------------
Use of proceeds The net proceeds of the Capital Raise will
be used to provide the Company with the flexibility
to execute on a significant near term pipeline
of attractive acquisition opportunities and
to replenish funds following the acquisitions
completed by BizSpace, Sirius' UK subsidiary,
in Liverpool, Barnsley and three in North London,
being acquisitions undertaken in the last 12
months.
--------------------------------------------------------
Quantum of proceeds In aggregate, the Capital Raise raised gross
proceeds of approximately GBP146.6 million
and estimated net proceeds of approximately
GBP142.4 million.
--------------------------------------------------------
Discount The Offer Price of 86.0 pence represents a
discount of approximately 5.9 per cent. to
the closing share price of 91.4 pence on 17
November 2023
--------------------------------------------------------
Allocations Soft pre-emption has been adhered to in the
allocations process. Management was involved
in the allocations process, which has been
carried out in compliance with the MiFID II
Allocation requirements. Allocations made outside
of soft pre-emption were preferentially directed
towards existing shareholders in excess of
their pro rata, or new shareholders from a
long perspective and wall-crossed accounts.
--------------------------------------------------------
Consultation Berenberg, Peel Hunt and PSG Capital undertook
a pre-launch wall-crossing process, including
consultation with major shareholders, to the
extent reasonably practicable and permitted
by law.
--------------------------------------------------------
Retail investors The Capital Raise included a Retail Offer,
for a total of 2,179,996 Retail Offer Shares,
via the PrimaryBid platform. Retail investors,
who participated in the Retail Offer, were
able to do so at the same Placing Price as
all other investors participating in the Placing.
The Retail Offer was made available to existing
shareholders and new investors in the UK. Investors
were able to participate through PrimaryBid's
platform via its partner network (covering
60+ FCA registered intermediaries) and through
PrimaryBid's free-to-use direct channel. Investors
had the ability to participate in this transaction
through ISAs and SIPPs, as well as General
Investment Accounts (GIAs). This combination
of participation routes meant that, to the
extent practicable on the transaction timetable,
eligible UK retail investors (including certificated
retail shareholders) had the opportunity to
participate in the Capital Raise alongside
institutional investors.
Allocations in the Retail Offer were preferentially
directed towards existing shareholders in keeping
with the principle of soft pre-emption.
--------------------------------------------------------
IMPORTANT NOTICES
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN THEM, IS
RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, FORWARDING OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR
ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR
INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY
JURISDICTION. THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE FCA OR
THE LONDON STOCK EXCHANGE, NOR IS IT INTED THAT IT WILL BE SO
APPROVED.
This Announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
This Announcement or any part of it does not constitute or form
part of any offer to issue or sell, or the solicitation of an offer
to acquire, purchase or subscribe for, any securities in the United
States, Canada, Australia, Japan or any other jurisdiction in which
the same would be unlawful. No public offering of the Offer Shares
is being made in any such jurisdiction.
No action has been taken by the Company, any of the Banks or PSG
Capital or any of their respective affiliates, or any person acting
on its or their behalf that would permit an offer of the Offer
Shares or possession or distribution of this Announcement or any
other offering or publicity material relating to such Offer Shares
in any jurisdiction where action for that purpose is required.
Persons into whose possession this Announcement comes are required
by the Company, the Banks and PSG Capital to inform themselves
about, and to observe, such restrictions.
No prospectus, offering memorandum, offering document or
admission document has been or will be made available in connection
with the matters contained in this Announcement and no such
prospectus is required (in accordance with Regulation (EU) No
2017/1129 (as amended) (the "Prospectus Regulation") or Regulation
(EU) No 2017/1129 (as amended) as it forms part of UK domestic law
by virtue of the EUWA (the "UK Prospectus Regulation") to be
published.
In member states of the European Economic Area (the "EEA"), this
Announcement is directed at and is only being distributed to
"qualified investors" within the meaning of Article 2(e) of the
Prospectus Regulation ("Qualified Investors"). In the United
Kingdom, this Announcement is directed at and is only being
distributed to "qualified investors" within the meaning of Article
2(e) of the UK Prospectus Regulation who are also (i) persons
having professional experience in matters relating to investments
who fall within the definition of "investment professional" in
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order"); or (ii)
high net worth companies, unincorporated associations and
partnerships and trustees of high value trusts as described in
Article 49(2)(a) to (d) of the Order; or (iii) other persons to
whom it may otherwise lawfully be communicated (all such persons
together being "Relevant Persons"). Any investment or investment
activity to which this Announcement relates is available only to
(i) in any member state of the EEA, Qualified Investors; and (ii)
in the United Kingdom, Relevant Persons, and will be engaged in
only with such persons. This Announcement must not be acted on or
relied on (i) in any member state of the EEA, by persons who are
not Qualified Investors; and (ii) in the United Kingdom, by persons
who are not Relevant Persons.
The relevant clearances have not been, nor will they be,
obtained from the securities commission of any province or
territory of Canada, no prospectus has been lodged with, or
registered by, the Australian Securities and Investments Commission
or the Japanese Ministry of Finance; the relevant clearances have
not been, and will not be, obtained for the South Africa Reserve
Bank or any other applicable body in South Africa in relation to
the Offer Shares and the Offer Shares have not been, nor will they
be, registered under or offering in compliance with the securities
laws of any state, province or territory of Australia, Canada,
South Africa or Japan. Accordingly, the Offer Shares may not
(unless an exemption under the relevant securities laws is
applicable) be offered, sold, resold or delivered, directly or
indirectly, in or into Australia, Canada or Japan or any other
jurisdiction in which such activities would be unlawful.
In South Africa, the South Africa Placing has only been made by
way of a private placement of Ordinary Shares to selected persons
(i) falling within one of the specified categories listed in
section 96(1)(a) of the South African Companies Act, 2008 (the
"South African Companies Act"); or (ii) acting as principal,
acquiring PSG Placed Shares for a total contemplated acquisition
cost of ZAR1,000,000 or more, as contemplated in section 96(1)(b)
of the South African Companies Act ("South African Eligible
Investors"). This Announcement is only being made available to such
South African Eligible Investors. Accordingly (i) the South Africa
Placing is not an "offer to the public" as contemplated in the
South African Companies Act; (ii) this Announcement does not, nor
does it intend to, constitute a "registered prospectus" or an
"advertisement", as contemplated by the South African Companies
Act; and (iii) no prospectus has been filed with the South African
Companies and Intellectual Property Commission (the "CIPC") in
respect of the South Africa Placing. As a result, this Announcement
does not comply with the substance and form requirements for a
prospectus set out in the South African Companies Act, 2008 and the
South African Companies Regulations of 2011, and has not been
approved by, and/or registered with, the CIPC, or any other South
African authority.
The information contained in this Announcement constitutes
factual information as contemplated in section 1(3)(a) of the South
African Financial Advisory and Intermediary Services Act, 37 of
2002, as amended (the "FAIS Act") and should not be construed as an
express or implied recommendation, guide or proposal that any
particular transaction in respect of the PSG Placed Shares or in
relation to the business or future investments of the Company, is
appropriate to the particular investment objectives, financial
situations or needs of a prospective investor, and nothing in this
Announcement should be construed as constituting the canvassing
for, or marketing or advertising of, financial services in South
Africa. The Company is not a financial services provider licensed
as such under the FAIS Act.
Certain statements contained in this Announcement constitute
"forward-looking statements" with respect to the financial
condition, results of operations and businesses and plans of the
Company and the Group. Words such as "believes", "anticipates",
"estimates", "expects", "intends", "plans", "aims", "potential",
"will", "would", "could", "considered", "likely", "estimate" and
variations of these words and similar future or conditional
expressions, are intended to identify forward-looking statements
but are not the exclusive means of identifying such statements.
These statements and forecasts involve risk and uncertainty because
they relate to events and depend upon future circumstances that
have not occurred. There are a number of factors that could cause
actual results or developments to differ materially from those
expressed or implied by these forward-looking statements and
forecasts. As a result, the Group's actual financial condition,
results of operations and business and plans may differ materially
from the plans, goals and expectations expressed or implied by
these forward-looking statements. No representation or warranty is
made as to the achievement or reasonableness of, and no reliance
should be placed on, such forward-looking statements. No statement
in this Announcement is intended to be, nor may it be construed as,
a profit forecast or be relied upon as a guide to future
performance. The forward-looking statements contained in this
Announcement speak only as of the date of this Announcement. The
Company, its directors, the Banks, PSG Capital their respective
affiliates and any person acting on its or their behalf each
expressly disclaim any obligation or undertaking to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, unless required to
do so by applicable law or regulation, the FCA, the London Stock
Exchange or the JSE.
Berenberg is authorised and regulated by the German Federal
Financial Supervisory Authority and is authorised and subject to
limited regulation by the FCA in the United Kingdom. Panmure Gordon
is authorised and regulated in the United Kingdom by the FCA. Peel
Hunt is authorised and regulated in the United Kingdom by the FCA.
PSG Capital is authorised and regulated by the JSE Limited. Each
Bank and PSG Capital is acting exclusively for the Company and no
one else in connection with the Placing and the South Africa
Placing, as applicable, the contents of this Announcement and other
matters described in this Announcement. No Bank or PSG Capital will
regard any other person as its client in relation to the Placing
and the South Africa Placing, as applicable, the content of this
Announcement and other matters described in this Announcement and
will not be responsible to anyone (including any Placees or SA
Placees) other than the Company for providing the protections
afforded to their respective clients or for providing advice to any
other person in relation to the Placing and the South Africa
Placing, as applicable, the content of this Announcement or any
other matters referred to in this Announcement.
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by any
Bank or PSG Capital or by any of their respective affiliates or any
person acting on their behalf as to, or in relation to, the
accuracy or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
This Announcement does not constitute a recommendation
concerning any investor's investment decision with respect to the
Capital Raise. Any indication in this Announcement of the price at
which Ordinary Shares have been bought or sold in the past cannot
be relied upon as a guide to future performance. The price of
shares and any income expected from them may go down as well as up
and investors may not get back the full amount invested upon
disposal of the shares. Past performance is no guide to future
performance. The contents of this Announcement are not to be
construed as legal, business, financial or tax advice. Each
investor or prospective investor should consult his, her or its own
legal adviser, business adviser, financial adviser or tax adviser
for legal, financial, business or tax advice.
Any indication in this Announcement of the price at which the
Ordinary Shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. Persons needing
advice should consult an independent financial adviser. No
statement in this Announcement is intended to be a profit forecast
or profit estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings, earnings
per share or income, cash flow from operations or free cash flow
for the Company for the current or future financial periods would
necessarily match or exceed the historical published earnings,
earnings per share or income, cash flow from operations or free
cash flow for the Company.
All offers of the Offer Shares will be made pursuant to an
exemption under the Prospectus Regulation or the UK Prospectus
Regulation from the requirement to produce a prospectus. This
Announcement is being distributed and communicated to persons in
the UK only in circumstances to which section 21(1) of the
Financial Services and Markets Act 2000, as amended does not
apply.
The Offer Shares to be issued or sold pursuant to the Capital
Raise will not be admitted to trading on any stock exchange other
than the London Stock Exchange and the JSE.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of this Announcement should seek appropriate advice before taking
any action.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into or forms part of this Announcement.
This Announcement has been prepared for the purposes of
complying with applicable law and regulation in the United Kingdom
and the information disclosed may not be the same as that which
would have been disclosed if this Announcement had been prepared in
accordance with the laws and regulations of any jurisdiction
outside the United Kingdom.
UK Product Governance Requirements
Solely for the purposes of the product governance requirements
of Chapter 3 of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK Product Governance Requirements"),
and disclaiming all and any liability, whether arising in tort,
contract or otherwise, which any "manufacturer" (for the purposes
of the UK Product Governance Requirements) may otherwise have with
respect thereto, the Placing Shares have been subject to a product
approval process, which has determined that such Placing Shares
are: (i) compatible with an end target market of retail investors
and investors who meet the criteria of professional clients and
eligible counterparties, each as defined in the FCA Handbook
Conduct of Business Sourcebook; and (ii) eligible for distribution
through all permitted distribution channels (the "Target Market
Assessment"). Notwithstanding the Target Market Assessment,
"distributors" (for the purposes of the UK Product Governance
Requirements) should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital
protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Placing. Furthermore, it is noted that, notwithstanding the
Target Market Assessment, the Banks will only procure investors who
meet the criteria of professional clients and eligible
counterparties.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of Chapters 9A or 10A respectively of the FCA
Handbook Conduct of Business Sourcebook; or (b) a recommendation to
any investor or group of investors to invest in, or purchase or
take any other action whatsoever with respect to the Placing
Shares. Each distributor is responsible for undertaking its own
target market assessment in respect of the Placing Shares and
determining appropriate distribution channels.
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END
ROINKKBNABDDFDB
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