The sale, approved by RLC’s board on April 4, was taken up by large, long-term institutional investors.
The deal creates more public float in RCR and opens space for future asset infusions from RLC. The funds will be settled on April 8, with a reinvestment plan to follow.
The shares were sold under a legal exemption, so they didn’t need to be registered with the Securities and Exchange Commission. However, future resales must follow the same rules unless exempt.
BPI Capital handled the deal as the placement agent and underwriter, while Picazo Buyco Tan Fider & Santos acted as legal counsel.
