PICTON PROPERTY INCOME LTD - Issue of Equity

PR Newswire

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND
ISNOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
ORINDIRECTLY, INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES
ANDPOSSESSIONS, ANY OF THE UNITED STATES AND THE DISTRICT OF
COLUMBIA),AUSTRALIA,NEW ZEALAND, CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATES
OFTHE EEA (OTHERTHAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICHSUCH
RELEASE,PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS. THISANNOUNCEMENT
IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE ANOFFER OR INVITATION
TO PURCHASE OR ACQUIRE ANY TRANSFERABLE SECURITIES (AS DEFINED IN SCHEDULE 11A
OFTHE FINANCIAL SERVICES AND MARKETS ACT 2000), NOR SHALL IT FORM THE BASIS
OFANY CONTRACT FOR THE SALE OF ANY INTEREST IN A TRANSFERABLE SECURITY OR
ASOLICITATION, INDUCEMENT, ADVICE ORRECOMMENDATION TO EFFECT ANY TRANSACTION
OFANY KIND WHATSOEVER.POTENTIAL INVESTORS SHOULD READ THE RELEVANT
PROSPECT USES CAREFULLY BEFORE ANY INVESTMENT DECISION IS MADE.

                        PICTON PROPERTY INCOME LIMITED
                          ("Picton" or the "Company")

                                Issue of Equity

In connection with the Company´s placing programme, the board of directors of
Picton Property Income Limited (the "Company") announces that 10,294,118 New
Ordinary Shares in the Company have been placed by Oriel Securities and J.P.
Morgan Cazenove, raising gross proceeds of £7.0 millionat a price of 68.0 pence
per share, conditional upon Admission. The Issue price represents a premium to
the closing share price of 67.75 pence per share on 21 January 2015 as well as
thelast published net asset value per share of 66.0 pence per share. The
Company expects to use these proceeds to finance property investment
opportunities currently under consideration.

Application has been made for the New Ordinary Shares to be admitted to listing
on the premium segment of the UK Listing Authority´s Official List and to
trading on the London Stock Exchange´s main market for listed securities. It is
expected that such admissions will become effective and that dealings in the
New Ordinary Shares will commence at 8:00 am on 27 January 2015. The New
Ordinary Shares will rank pari passu with, and will have the same rights as,
the Ordinary Shares of the Company already in issue.

Following Admission, the number of ordinary shares that the Company has
inissuewill be 488,701,567. The total number of voting rights of the
Companywill be 488,701,567 and this figure may be used by shareholders as
thedenominator forthe calculations by which they will determine if they
arerequired to notifytheir interest in, or a change to their interest in
theCompany, under theDisclosure and Transparency Rules

The Company´s placing programme will continue for the term set out in the
Company´s prospectus dated 1 May 2014 (as supplemented).

Commenting, Nick Thompson, Chairman of Picton said:

"We were aware of interest from one significant institutional shareholder
throughout our December 2014 capital raise. Following further due diligence by
them we are pleased that this further placing allows this investor to
participate in Picton´s exciting investment story and provides further funds
for investment".

For further information:

Northern Trust International Fund                   Telephone:  44 1481 745 529
Administration Services (Guernsey) Limited
David Sauvarin
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Picton Capital Limited                              Telephone:  44 20 7628 4800
Michael Morris

J.P. Morgan Cazenove                                Telephone:  44 20 7742 4000
William Simmonds

Oriel Securities Limited                            Telephone:  44 20 7710 7600
Roger Clarke

Tavistock Communications                            Telephone:  44 20 7920 3150
Jeremy Carey, James Verstringhe

Important Information

Definitions used in the Prospectus issued by the Company dated 1 May 2014 shall
have the same meanings when used in this announcement unless the context
otherwise requires.

The distribution of this announcement in jurisdictions other than the United
Kingdom may be restricted by law and, therefore, any persons who are subject to
the laws of any jurisdiction other than the United Kingdom should inform
themselves about, and observe, any applicable requirements. Failure to comply
with any such restrictions may constitute a violation of the securities laws of
any jurisdiction.

Each of Oriel Securities Limited ("Oriel"), which is authorised and regulated
by the Financial Conduct Authority, and J.P. Morgan Securities plc, which
conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P.
Morgan Cazenove") and which is authorised by the Prudential Regulation
Authority and regulated by the Prudential Regulation Authority and the
Financial Conduct Authority, is acting exclusively for the Company and for
no-one else in connection with the Placing and will not be responsible to any
other person for providing the protections afforded to clients of Oriel or J.P.
Morgan Cazenove or for providing advice in connection with the Placing, the
contents of this announcement or any matters referred to in this announcement.
Neither Oriel nor J.P. Morgan Cazenove is responsible for the contents of this
announcement. This does not exclude or limit any responsibilities which either
Oriel or J.P. Morgan Cazenove may have under FSMA or the regulatory regime
established thereunder.

No person has been authorised to give any information or make any
representations other than those contained in this announcement and, if given
or made, such information or representations must not be relied upon as having
been authorised by the Company, Oriel or J.P. Morgan Cazenove.  None of the
Company, Oriel or J.P. Morgan Cazenove takes any responsibility for, or can
provide assurance as to the reliability of, other information that you might be
given.

This announcement has been prepared for the purposes of complying with
applicable law and regulation in the United Kingdom and the information
disclosed may not be the same as that which would have been disclosed if this
announcement had been prepared in accordance with the laws and regulations of
any jurisdiction outside of the United Kingdom.

The expected timetable including the date of Admission may be influenced by a
range of circumstances such as market conditions. There is no guarantee that
Admission will occur and you should not base your financial decisions on the
Company´s intentions in relation to the Placing Programme and Admission at this
stage. Acquiring New Ordinary Shares to which this Announcement relates may
expose an investor to a risk of losing all of the amount invested. Persons
considering making such an investment should consult an authorised person
specialising in advising on such investments. This Announcement does not
constitute a recommendation concerning the Capital Raise. The value of New
Ordinary Shares can decrease as well as increase. Potential investors should
consult a professional advisor as to the suitability of the Issue for the
person concerned. Past performance or information in this Announcement or any
of the documents relating to the Capital Raise cannot be relied upon as a guide
to future performance.