Ediston Property Investment Company has been granted admission to the FTSE-All Share Index.
The firm will start trading on the index on 17 June.
As of 31 March the regional specialist’s portfolio comprised 13 assets and was valued at £181m. The company floated in November 2014 with an initial NAV per share of 96.15p, which has risen to 107.2p, as of 31 March.
Ediston has had a share placement programme in operation since 22 June last year and has since issued 33.3m new ordinary shares. The company’s board has decided to renew the programme for a further 12 months.
The shares will be issued at a premium to NAV per share and at a price to cover the direct costs of the issue.
The company said it would “be able to diversify its portfolio further through the acquisition of properties which should be accretive to net asset value”.
Canaccord Genuity is the company’s broker.
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