30 March 2017
K&C REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its interim results for the six months to 31 December 2016. A copy of the interim report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kandc-reit.co.uk.
The full results are available to
Commenting on the results, Michael Davies, Chairman of K&C REIT, said:
"It has been an active period for the business which culminated with the recent strategic investments by Gravity Investment Group and Ms Qing Xiao, with both share subscriptions done at a significant premium to the share price. Operationally, our assets are performing well, with rents and occupancy rates up as a result of asset management initiatives and improved marketing activities. The residential market remains robust and the Group is assessing a number of opportunities that fit its investment criteria, including owning assets in the retirement residential space.
"K&C has decided to reduce the membership of its board from eight to six directors. On 31 March 2017, Tim Oakley and Christopher James will resign as directors of K&C and Patricia Farley will step down as a non-executive director. Tim and Christopher will continue to provide their expertise and skill as members of the executive board of subsidiary companies in the Group. K&C looks forward to using Patricia's unrivalled market knowledge in a consultancy capacity over the coming years. We are immensely grateful to all three of them for the dedication that they have given to the board of K&C since the formation of the Group.
"I am pleased to announce that, with effect from 1 April 2017, Chris Bateman, who owns and controls Gravity Investment Group, will join the board as a non-executive director. I look forward to working with him."
With effect from 31 March 2017, Tim Oakley and Christopher James will step down as directors of K&C but will remain members of the executive board of subsidiary companies in the Group. Patricia Farley will step down as a non-executive director but will continue to provide consultancy services to the Group. Chris Bateman from Gravity Investment Group will join the board as a non-executive director.
Chris Bateman, aged 43, has worked in property investment and development for 20 years and is currently CEO of Gravity Investment Group, which targets investments opportunities in property, leisure and technology. Mr Bateman is also the founder and acting CEO of Primus Care, a provider of social care and healthcare for children and adults. Mr Bateman is also founder and CEO of Imperial World Resorts, which is focused on developing luxury hotels and resorts in emerging markets.
|Present directorships / partnerships||Former directorships / partnerships held over past five years|
|Broome Park Estate Ltd||Primus Childcare Ltd|
|Broome Park Golf Resort Ltd||Primus Elderly Care Ltd|
|Broome Park Leisure Resort Ltd||Shelf Co 100 Ltd|
|GCH SPV1 Ltd||Shelf Co 101 Plc|
|GCH SPV2 Ltd||Shelf Co 010 Ltd|
|Gloucestershire Care Homes Ltd|
|Gloucester Care Homes Ltd|
|Gravity Resort Group Tambaba Ltd|
|Imperial World Resorts Plc|
|Industry Travel Ltd|
|IWR Caribbean Ltd|
|IWR Europe Ltd|
|Look Find Book Ltd|
|Primus Care Plc|
|Primus RE SPV1 Ltd|
|Primus RE SPV2 Ltd|
|Primus RE SPV3 Ltd|
|Primus RE SPV4 Ltd|
|Primus RE SPV5 Ltd|
|Primus Real Estate Ltd|
|Primus Reality Ltd|
Including through his holding in Gravity Investment Group, Chris holds 2,500,000 Ordinary Shares in the Company and has agreed to subscribe to 15,000,000 Restricted Preference Shares, as previously announced by the Company on 27 January 2017.
Save as disclosed, there are no other disclosures required in relation to Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.
Dominic White, Chief executive
Tim James, Property director
+44 20 3793 5236
+44 7768 833 029
|Stockdale Securities (nominated adviser and joint broker)
Antonio Bossi / Robert Finlay / El Hanan Lee
|+44 20 7601 6100|
|Peterhouse Corporate Finance (joint broker)
Lucy Williams / Heena Karani
|+44 20 7469 0933|
|Yellow Jersey PR
Charles Goodwin/Katie Bairsto
|+44 7747 788 221|
Notes to editors:
K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.