One Heritage Group plc floats on London Stock Exchange’s main market
December 2020
One Heritage Group PLC is a property development and investment management company, focusing on the residential sectors primarily in the North West rental market, seeking out value and maximising opportunities for our investors.
One Heritage undertakes development and re-development of new and existing buildings to create self-contained residential apartments, and the refurbishment of existing residential properties to create Co-living accommodation, most of these are currently situated across the North of England, with some properties within other cities across England. One Heritage acts as its own principal or as development manager on behalf of third-party investors for both Development Activities and Refurbishment Activities as well as undertaking lettings management and property and facilities management services for these products. All Group activities are undertaken solely in the UK.
The developed or refurbished properties are then sold. Co-living properties will be sold on the open market for sale primarily to retail investors through the Group’s marketing network in Hong Kong. Schemes of self-contained apartments will be subject to the marketing network in Hong Kong or a forward sale agreement to institutional investors.
The Perivan shareholder communications team were delighted to work with Hybridan LLP who were appointed Financial Adviser to One Heritage on the successful publication of the 227-page prospectus.
Admission to Trading on the Official List
On 23rd December 2020, admission and dealings commenced in the Ordinary Shares on London Stock Exchange’s main market by way of a Subscription for 9,300,000 New Ordinary Shares of 1p each at 10p per New Ordinary Share and Admission of 30,000,000 Ordinary Shares of 10p each.
Reasons for the admission
The Company has conditionally raised gross proceeds of £930,000 through the Subscription. The estimated net proceeds of the Subscription are approximately £623,750.
The net proceeds are to be used to fund the equity requirements of the existing developments. The proceeds will be split as follows:
- Chester Road, Manchester: £206,250;
- Lincoln House, Bolton: £123,750; and
- Church Gate, Leicester: £293,750.
These amounts are the Board’s expectation of equity requirements to take Chester Road, Manchester and Church Gate, Leicester to completion assuming that construction finance is raised in line with the Board’s expectation. Lincoln House will require further funds that will be raised through existing debt facilities.
If the Group is unable to secure construction finance the developments will proceed but with specific delays which will enable them to complete with existing equity and debt resources. In this situation, the Group would delay the start of the Lincoln House development by six months and the Church Gate development by twelve months
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.
