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PFI to issue shares at discount

Tuesday 16th September 2003

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Property For Industry (PFI) will allocate shares at a five percent discount to investors participating in the company's dividend reinvestment programme.

PFI's dividend reinvestment programme was introduced in November 1999 and gives shareholders the opportunity to reinvest their quarterly dividends in the company by receiving PFI shares, rather than cash.

Until now, the shares have been issued at market price without discount.

PFI chairman Peter Masfen said a five percent discount will now apply, starting with PFI's third-quarter dividend which is payable in November.

The change gives PFI a new option for any future requirements to raise new capital for property acquisitions or development projects. Masfen said the dividend reinvestment programme is one of the most cost-effective and fair means of capital-raising. Currently 14.9% of shareholders, representing 7.6% of shares on issue, were participating.

"All PFI investors have the right to participate on a pro rata basis. They can elect that either all, or a specified proportion, of their shares are included in the dividend reinvestment programme."

A letter will be sent to PFI shareholders advising them of the change and giving them the opportunity to review their participation in the programme in the light of the decision.

Masfen said the board will retain the discretion to alter the level of discount, if at any time it is not judged to be in the best interests of all shareholders.

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