London, December 17
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATES OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR ACQUIRE ANY TRANSFERABLE SECURITIES (AS DEFINED IN SCHEDULE 11A OF THE FINANCIAL SERVICES AND MARKETS ACT 2000), NOR SHALL IT FORM THE BASIS OF ANY CONTRACT FOR THE SALE OF ANY INTEREST IN A TRANSFERABLE SECURITY OR A SOLICITATION, INDUCEMENT, ADVICE OR RECOMMENDATION TO EFFECT ANY TRANSACTION OF ANY KIND WHATSOEVER. POTENTIAL INVESTORS SHOULD READ THE RELEVANT PROSPECTUSES CAREFULLY BEFORE ANY INVESTMENT DECISION IS MADE. PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") RESULTS OFPLACING Further to the announcement dated 1st December 2014, the Board of Picton is pleased to announce the successful issue of 39,215,686 new ordinary shares by way of a placing (the "Placing") pursuant to the terms and conditions of the Placing Programme established underthe prospectus issued by the Company dated 1 May 2014 (as amended). A total of 39,215,686ordinary shares (the "New Shares") have beenplaced, subject to Admission, by J.P. Morgan Cazenove ("JPMC") and Oriel Securities Limited ("Oriel") at a price of 63.75 pence per share, raising grossproceeds of approximately £25million. The New Shares will, when issued, be credited as fully paid and will rank paripassu in all respects with the existing Ordinary Shares, (save for anydividends or other distributions declared, made or paid on the Ordinary Sharesby reference to a record date prior to the allotment of the relevant NewShares). Application has been made for the new shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of the London Stock Exchange ("Admission"). It is expected that Admission will become effective and unconditional dealings in the new ordinary shares will commence at 8.00am on 22 December 2014. Following Admission, the number of ordinary shares that the Company has inissue will be 478,407,449. The total number of voting rights of the Companywill be 478,407,449and this figure may be used by shareholders as thedenominator for the calculations by which they will determine if they arerequired to notify their interest in, or a change to their interest in theCompany, under the Disclosure and Transparency Rules. The New Shares will be issued in registered form and may be held inuncertificated form. The New Shares allocated will be issued to Placees throughthe CREST system unless otherwise stated. The New Shares will be eligible forsettlement through CREST with effect from Admission. Commenting, Nick Thompson, Chairman of Picton said: "We are pleased to have successfully completed this further tranche of our Placing Programme, with support from new and existing shareholders. In terms of the proceeds, we have already identified attractive acquisition opportunities and look forward to being able to report more fully in due course" FOR FURTHER INFORMATION, PLEASE CONTACT: 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, Neil Winward Tavistock Telephone: 44 20 7920 3150 Jeremy Carey James Verstringhe Important Information This Announcement has been issued by and is the sole responsibility of the Company. This Announcement is for information purposes only and does not constitute an invitation to subscribe for or otherwise acquire or dispose of securities in the Company in any jurisdiction. The information contained in this Announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this Announcement or its accuracy or completeness. This Announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor. This Announcement is an advertisement and not a prospectus. This Announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This Announcement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the prospectus published by the Company and any supplement thereto in connection with the admission of ordinary shares of the Company to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange´s main market for listed securities. J.P. Morgan Cazenove which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority and Oriel Securities Limited which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (together, the "Joint Sponsors"), are each acting exclusively for the Company and no-one else in connection with the Placing or the matters referred to in this Announcement, will not regard any other person as their respective client in relation to the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to thePlacing or any transaction or arrangement referred to in this Announcement. This Announcement is not for release, publication or distribution (directly or indirectly) in or into the United States of America (including its territories and possessions, any of the United States and the District of Columbia), Canada, Australia, New Zealand, Japan, the Republic of South Africa, any member states of the EEA (other than the United Kingdom) or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. The distribution of this Announcement and the Initial Offers and Placing Programme in certain jurisdictions may be restricted by law. No action has been taken by the Company or the Joint Sponsors that would permit an offering of the New Ordinary Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and the Joint Sponsors to inform themselves about, and to observe, such restrictions. The New Ordinary Shares have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons. The Company will not be registered as an "investment company" under the Investment Company Act of 1940, and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, New Zealand, Canada, Japan, the Republic of South Africa or any member state of the EEA (other than the United Kingdom) and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the New Ordinary Shares may be offered, sold, transferred or delivered, directly or indirectly, in Australia, New Zealand, Canada, Japan, the Republic of South Africa or any member state of the EEA (other than the United Kingdom). No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Company, Picton Capital Limited (the "Investment Manager"), the Joint Sponsors or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed. The Company, the Investment Manager, the Joint Sponsors and their respective affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this Announcement or its contents or otherwise arising in connection therewith. Certain statements in this Announcement are forward-looking statements which are based on the Company´s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in this Announcement is subject to change without notice and neither the Company nor the Joint Sponsors assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. The expected timetable including the date of Admission may be influenced by a range of circumstances, including 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 significant 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 Placing. 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 Placing for the person concerned. Past performance or information in this Announcement or any of the documents relating to the Placing cannot be relied upon as a guide to future performance.