Real Estate Credit Investments : Results of Extraordinary General Meeting

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22 March 2017

Real Estate Credit Investments Limited (the "Company") Results of Extraordinary General Meeting

The Board of Directors of the Company is pleased to announce that, at the Extraordinary General Meeting of the Company held today (the "EGM"), each of the resolutions in connection with the Proposed Initial Placing and Placing Programme and Change of Investment Objective and Policy of the Company, details of which were set out in the Notice of Extraordinary General Meeting included in the circulate dated 23 February 2017 (the "Circular"), were duly passed by shareholders by a vote on a show of hands.

In accordance with LR 9.6.18, details of those resolutions passed at the EGM are as follows:

Resolutions	Votes For (including Discretionary )	Against	Withheld
Extraordinary Resolution
1. That, without prejudice to any authorities granted to the Directors at the annual general meeting on 16 September 2016, the Directors be and are hereby authorised to allot and issue equity securities (within the meaning of the Articles) for cash pursuant to article 5 of the Articles or by way of a sale of treasury shares as if article 6 of the Articles did not apply to any such allotment and issue, provided that this power shall be limited to the allotment and issue as described in the Prospectus of up to an aggregate number of 65 million New Ordinary Shares in connection with the Placing Programme and that such disapplication authority shall expire on 22 February 2018 (being the end of the Placing Programme) (unless previously renewed, varied or revoked by the Company in general meeting), save that the Company shall be entitled to make offers or agreements before the expiry of such power which would or might require equity securities to be allotted and issued after such expiry and the Directors shall be entitled to allot and issue equity securities pursuant to any such offer or agreement as if the power conferred hereby had not expired.	28,527,625	542,861	170,324
Ordinary Resolutions
2. That, in accordance with Listing Rule 15.4.11, if the unaudited the Net Asset Value per Existing Ordinary Share calculated as at 28 February 2017 is greater than the Initial	28,691,358	542,861	6,591

Placing Price, the Directors be and are hereby authorised to allot and issue equity securities (within the meaning of the Articles) for cash pursuant to article 5 of the Articles or by way of a sale of treasury shares at the Initial Placing Price per New Ordinary Share in relation to the Initial Placing.
3. That, the Company's investment objective and policy be amended so that the Existing Investment Objective and Policy is replaced by the Proposed Investment Objective and Policy. If Resolution 3 is passed, the Proposed Investment Objective and Policy will only come into force immediately following the EGM.	29,036,433	34,053	170,324

Application has been made to the Financial Conduct Authority ("FCA") and to the London Stock Exchange for the 15,546,613 New Ordinary Shares to be admitted 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 respectively. It is expected that Admission will become effective and that dealings for normal settlement in the New Ordinary Shares will commence at 8.00 a.m. on 23 March 2017.

Following Admission, the number of Ordinary Shares that the Company has in issue will be 88,365,109. No Ordinary Shares are held in treasury. The total number of voting rights of the Company will be 88,365,109 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the Disclosure and Transparency Rules of the FCA.

Bob Cowdell, Chairman of Real Estate Credit Investments Limited, commented: "The Board appreciates the support of our Shareholders at the EGM and, alongside new investors, in contributing to a successful £25.2 million Initial Placing to commence our Placing Programme."

Terms used in this announcement shall have the same meaning as set out in the Circular. For further information please contact:

Cheyne Capital Management (UK) LLP	[phone]
Nicole Von Westenholz (Investor Relations)
Liberum Capital Limited	[phone]
Shane Le Prevost
Richard Crawley
Richard Bootle
Ben Roberts

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