15 December 2023
Residential Secure Income plc
PDMR Dealing
Residential Secure Income plc ("ReSI plc") (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, is managed by Gresham House Asset Management Limited (the "Investment Manager"). The ultimate parent of the Investment Manager is Gresham House plc ("GHE").
Further to the announcement dated 14 April 2023, on 12 April 2023, GHE awarded Mr Benjamin Fry, Managing Director (Housing) at the Investment Manager and a PDMR of ReSI plc, a nil cost option to acquire £80,000 worth of GHE shares (the "Award") which could be settled in: (a) shares in GHE, (b) 101,729 ReSI plc ordinary shares (gross), or (c) cash.
Immediately following the sanction of the scheme of arrangement set out within the circular published on 4 August 2023 to implement the acquisition of GHE by Seed Bidco Limited pursuant to Part 26 of the Companies Act 2006 and in accordance with the Award terms, the Award vested in full and Mr Fry exercised the Award on 13 December 2023. GHE determined that the Award was to be settled in 101,729 ReSI plc ordinary shares plus an additional 4,132 ReSI plc ordinary shares added to the Award in accordance with its terms to represent the value of dividends that were paid during the vesting period of the Award, calculated assuming a reinvestment of dividends. On 14 December 2023, following the withholding of 49,755 ReSI plc ordinary shares to cover applicable taxes, Gresham House Holdings Limited instructed the transfer of 56,106 ReSI plc ordinary shares to Mr Fry in full and final satisfaction of the Award.
| 1 | Details of the person discharging managerial responsibilities/person closely associated
| ||
| a) | Name
| Benjamin Fry | |
| 2 | Reason for the notification
| ||
| a) | Position/status
| Managing Director (Housing), Gresham House Asset Management Limited | |
| b) | Initial notification/ Amendment
| Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||
| a) | Name
| Residential Secure Income plc | |
| b) | LEI
| 213800D24WA531LAR763 | |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||
| a) | Description of the financial instrument, type of instrument
Identification code
| Ordinary shares of 1 pence each
ISIN GB00BYSX1508 | |
| b) | Nature of the transaction
| Acquisition of shares following exercise of nil cost option granted by an associate of the Investment Manager
| |
| c) | Price(s) and volume(s)
| Price(s) Nil | Volume(s) 105,861 |
| d) | Aggregated information -Aggregated volume -Price
| Acquisition of 105,861 ReSI plc ordinary shares following exercise of nil cost option.
Note that 49,755 ReSI plc ordinary shares were withheld to meet tax liabilities, resulting in Benjamin Fry receiving 56,106 ReSI plc ordinary shares.
| |
| e) | Date of the transaction
| 14 December 2023 | |
| f) | Place of the transaction
| London Stock Exchange | |
- ENDS -
For further information, please contact:
| Gresham House Asset Management Limited / Gresham House Real Estate Ben Fry Sandeep Patel
|
+44 (0) 20 7382 0900
|
| Peel Hunt LLP Luke Simpson Huw Jeremy
|
+44 (0) 20 7418 8900 |
| KL Communications Charles Gorman Charlotte Francis
| +44 (0) 20 3995 6673
|
About ReSI plc
Residential Secure Income plc ("ReSI plc" LSE: RESI) is a real estate investment trust (REIT) focused on delivering secure, inflation-linked returns with a focus on two resident sub-sectors in UK residential - independent retirement rentals and shared ownership - underpinned by an ageing demographic and untapped and strong demand for affordable homeownership.
As at 30 September 2023 ReSI plc's portfolio comprises 3,295 properties, with an audited IFRS fair value of £345mn.1
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 plc'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 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. 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 plc is available at www.resi-reit.com, and further information on Gresham House is available at www.greshamhouse.com
1. Excluding the finance lease gross up
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