In December 2017 Regional REIT (RGL) had little trouble in raising £73m through an oversubscribed placing and open offer, with two directors adding to their endorsement. Chairman Kevin McGrath opened his account with the purchase of 297,030 shares, while non-executive director Daniel Taylor increased his holding by 100,000 shares to 350,000.
The proceeds from the placing have been used to fund two large property portfolios. The two acquisitions comprise regional offices and increase Regional REIT’s exposure to this sub-sector from 63 per cent to 67 per cent of its portfolio. With a 13 per cent vacancy rate and low average rents of £13 per sq ft, there is significant potential for refurbishment and rent increases too.
A new £165m 10-year facility leaves the all-in cost of debt at around 3.7 per cent, but significantly increases average debt maturity from 2.5 years to 6.2 years.
| Buys | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Ariana Resources | Michael de Villiers (ch) | 22 Dec 17 | 2,400,000 | 1.25 | 30,000 | 39,080,000 | 3.688 |
| Arix Bioscience† | Meghan Fitzgerald | 28 Dec 17 | 30,344 | 189.5 | 57,502 | 30,344 | 0.032 |
| Arix Bioscience† | Giles Kerr | 28 Dec 17 | 31,663 | 189.5 | 60,001 | 31,663 | 0.033 |
| Aviva | Keith Williams | 20 Dec 17 | 10,000 | 503.5 | 50,350 | 10,000 | 0.000 |
| Better Capital | Jonathan Moulton | 21 Dec 17 | 5,000,000 | 24.5 | 1,225,000 | 10,464,995 | 29.677 |
| Boku | Keith Butcher | 29 Dec 17 | 100,000 | 73 | 73,000 | 108,474 | 0.051 |
| DX Group | Ian Gray | 03 Jan 18 | 250,000 | 9.45 | 23,625 | 250,000 | 0.125 |
| Empiric Student Property | Lynne Fennah (cfo) | 21 Dec 17 | 55,400 | 89.5 | 49,583 | 55,400 | 0.009 |
| Equiniti | Guy Wakeley (ceo) | 20 Dec 17 | 10,000 | 285 | 28,500 | 121,327 | 0.033 |
| FFI♥ | Julian Bartlett | 02 Jan 18 | 25,000 | 76 | 19,000 | 75,000 | 0.048 |
| FFI | Julian Bartlett | 02 Jan 18 | 50,000 | 76.5 | 38,250 | 50,000 | 0.032 |
| Firestone Diamonds* | Keith Johnson | 21 Dec 17 | 110,906 | 10 | 11,091 | 393,903 | 0.078 |
| Firestone Diamonds* | Stuart Brown (ceo) | 21 Dec 17 | 369,686 | 10 | 36,969 | 876,834 | 0.174 |
| Firestone Diamonds* | Lucio Genovese (ch) | 21 Dec 17 | 739,372 | 10 | 73,937 | 3,586,316 | 0.710 |
| FirstGroup | Tim O'Toole (ceo) | 28 Dec 17 | 12,852 | 107.9 | 13,867 | 1,198,630 | 0.099 |
| Franchise Brands | David Poutney | 20 Dec 17 | 50,821 | 50 | 25,411 | 2,260,791 | 2.908 |
| Hollywood Bowl | Stephen Burns (ceo) | 02 Jan 18 | 21,677 | 210 | 45,522 | 3,297,718 | 2.198 |
| Hunters Property | Glynis Frew (ceo) | 21 Dec 17 | 10,500 | 46.5 | 4,883 | 1,767,622 | 5.556 |
| Impellam | Alison Wilford (cfo) | 20 Dec 17 | 728 | 549 | 3,997 | 3,442 | 0.007 |
| Impellam | Alison Wilford (cfo) | 20 Dec 17 | 731 | 547 | 3,999 | 4,173 | 0.008 |
| Impellam | Alison Wilford (cfo) | 21 Dec 17 | 1,828 | 547 | 9,999 | 6,001 | 0.012 |
| Inmarsat | Claude Kehler | 20 Dec 17 | 1,000 | 464.099 | 4,641 | 3,000 | 0.001 |
| Lionsgold* | Cameron Parry (ceo) | 29 Dec 17 | 5,000,000 | 8 | 400,000 | 15,000,000 | 4.404 |
| Lionsgold* | David Price (ch) | 29 Dec 17 | 500,000 | 8 | 40,000 | 500,000 | 0.147 |
| Management Resource Solutions | Nigel Burton | 21 Dec 17 | 500,000 | 8.486 | 42,430 | 4,500,000 | 2.487 |
| OPG Power Ventures | Jeremy Warner-Allen | 22 Dec 17 | 290,000 | 17 | 49,300 | 303,729 | 0.085 |
| On The Beach♥ | Paul Meehan (cfo) | 21 Dec 17 | 22,000 | 450 | 99,000 | 22,000 | 0.017 |
| Paragon Entertainment | John Dobson (ceo) | 03 Jan 18 | 1,431,490 | 2.5 | 35,787 | 12,289,926 | 6.548 |
| RIT Capital Partners | Hannah Rothschild | 20 Dec 17 | 2,555 | 1960 | 50,078 | 14,263,695 | 9.182 |
| Rainbow Rare Earths | Martin Eales (ceo) | 22 Dec 17 | 179,000 | 13.99 | 25,042 | 2,257,299 | 1.293 |
| Real Estate Credit Investments | Robert Cowdell (ch) | 21 Dec 17 | 15,940 | 169.33 | 26,991 | 45,000 | 0.032 |
| Redx Pharma | Iain Ross (ch) | 22 Dec 17 | 102,000 | 20.75 | 21,165 | 450,000 | 0.356 |
| Regional REIT* | Daniel Taylor | 22 Dec 17 | 100,000 | 101 | 101,000 | 350,000 | 0.094 |
| Regional REIT* | Kevin McGrath (ch) | 22 Dec 17 | 297,030 | 101 | 300,000 | 297,030 | 0.080 |
| Shaftesbury | Jonathan Nicholls (ch) | 02 Jan 18 | 20,000 | 1,036.20 | 207,240 | 30,000 | 0.010 |
| Shaftesbury | Hilary Riva | 02 Jan 18 | 1,920 | 1,033.84 | 19,850 | 20,068 | 0.007 |
| SSP♥ | Per Utnegaard | 20 Dec 17 | 7,100 | 676 | 47,996 | 7,100 | 0.001 |
| Walker Crips | Lim Hua Min | 03 Jan 18 | 30,000 | 42.2 | 12,660 | 9,869,163 | 23.405 |
| Zotefoams | Douglas Robertson | 20 Dec 17 | 5,416 | 459 | 24,859 | 5,416 | 0.012 |
| Sells | |||||||
| Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
| Ashley House♥ | John Moy | 21 Dec 17 | 550,000 | 13.2 | 72,600 | 4,600,000 | 7.697 |
| CRH | Henk Rottinghuis | 22 Dec 17 | 14,645 | 2,659.16 | 389,435 | 1,000 | 0.000 |
| Derwent London♥ | Robert Rayne (ch) | 29 Dec 17 | 15,000 | 3,100.25 | 465,037 | 4,149,703 | 3.718 |
| Mattioli Woods | Murray Smith | 03 Jan 18 | 8,605 | 760 | 65,398 | 79,181 | 0.304 |
| Tullow Oil | Aiden Heavey (ch) | 21 Dec 17 | 197,059 | 191.5747 | 377,515 | 9,134,204 | 0.659 |
| *Placing/tender/open offer ♥Spouse/connected party †Fees/compensation | |||||||
