ADVOKS GLOBAL · KENYA
The Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations
120. Issue of additional REIT securities
Edition: 2023-10-06 · In force
120. Issue of additional REIT securities
(1)Except where otherwise authorized by the Act or these Regulations, all new or additional issues of REIT securities shall be offered to existing holders on a pro rata basis to their existing holdings and shall only be offered or issued to other persons to the extent that they have previously been offered on no less attractive terms to and not been taken up by existing holders.(2)Subject to the provisions of the Act and these Regulations relating to acquisitions and valuations, this regulation shall not apply to issues—(a)to a connected person or an independent third party in full or part payment for the acquisition of real estate assets:Provided that the aggregate number of REIT securities issued in the previous twelve months, other than on a pro rata basis, does not exceed twenty percent of the number of REIT securities on issue at the commencement of that period;(b)which have been approved by an ordinary resolution passed by the REIT securities holders at a duly convened meeting, and at that meeting no person being a connected person with the person to whom it is proposed to issue the REIT securities shall be entitled to vote; or(c)which are made pursuant to regulation 27 or 29 to fund a cost overrun.