Allotment of Restricted Preference Shares and cancellation of Executive Option Arrangements

24 February 2017

K&C REIT plc, the residential REIT group, announces that, following the passing of the resolutions at the Company's general meeting on 20 February 2017, the directors on 22 February 2017 approved the allotment of Restricted Preference Shares, fully paid, to the following directors and entities (which correspond to the amounts as set out in the circular posted to shareholders on 27 January 2017 (the "Circular") for those directors and entities)

Name Restricted
No. allotted
White Amba Limited, a company controlled by Dominic White 5,000,000 50,000
James Cane 300,000 3,000
Timothy Oakley 3,000,000 30,000
Oliver Vaughan 8,100,000 81,000
Total 16,400,000 £164,000

Following the allotment of such Restricted Preference Shares, the interests of Dominic White, James Cane, Timothy Oakley and Oliver Vaughan in shares in the Company will be as follows:

Name of Director Number of
Shares held
% of issued
voting share
Number of
Number of
Preference Shares
Dominic White (1) Nil Nil Nil 5,000,000
James Cane 10,000 0.02% 10,000 300,000
Timothy Oakley 350,000 0.75% 50,000 3,000,000
Oliver Vaughan (2) 675,000 1.44% 175,000 8,100,000

(1) The Restricted Preference Shares are held by White Amba Limited, a company controlled by Dominic White.
(2) Includes 665,000 ordinary shares and 165,000 warrants held by Grosmont Investments Limited, a company controlled by Oliver Vaughan. Mr Vaughan's Restricted Preference Shares are held in his own name.

Further allotments to other executives, also in the amounts set out in the Circular, are expected to be made after the announcement of the interim results of the Group at the end of March 2017.

The Restricted Preference Shares, their terms and the rights attaching to them are described in the Circular, and the full terms of the Restricted Preference Shares are set out in the new articles of association (the "New Articles") adopted by the Company at the general meeting held on 20 February 2017. Copies of the Circular and of the New Articles can be found on the Company's website www.kandc-reit.co.uk.

Under the terms of the Cancellation Deeds (as defined in the Circular), the issue of the Restricted Preference Shares to James Cane, Timothy Oakley and Oliver Vaughan in the amounts set out above automatically resulted in the cancellation of the Executive Option Arrangements for those directors.


For further information, please contact:

K&C REIT plc [email protected]
Dominic White, Chief executive +44 20 3793 5236
Tim James, Property Director +44 7768 833 029
Stockdale Securities (nominated adviser and joint broker) +44 20 7601 6100
Antonio Bossi / Robert Finlay / El Hanan Lee
Peterhouse Corporate Finance Limited (joint broker) +44 20 7469 0933
Lucy Williams / Heena Karani
Yellow Jersey PR +44 7747 788 221
Charles Goodwin


Notes to editors:

The Group operates in the residential private rented sector (PRS), with an emphasis on Central London. The residential sector has several sub-categories, including PRS, which was K&C's original focus, retirement residential, residential care and social housing. K&C's operations in the market broadened following the acquisition of K&C (Osprey) to include the retirement residential sub-category in London and the southeast of the UK.