Hansteen Holdings PLC (LSE: HSTN), the investor in UK and continental European real estate, is pleased to confirm that admission of its ordinary shares to the Official List and to trading on London Stock Exchange plc's Main Market for listed securities has now taken place.
Following admission all conditions have been satisfied to enable Hansteen to convert to a Real Estate Investment Trust ("REIT") and HM Revenue & Customs has been notified that the Group has become a REIT with effect from today's date. The conversion to a REIT is a change in Hansteen's tax status, and such a change in status will have tax consequences for Hansteen and its shareholders. Further details of the tax consequences of the conversion to a REIT are set out in the circular sent to shareholders on 7 September 2009, which can be found on Hansteen's website, www.hansteen.co.uk.
Commenting on the move to the Official List, Ian Watson and Morgan Jones, Joint Chief Executives of Hansteen said: "We believe that the Official List is a more appropriate platform for the continued growth of our Group and we look forward to the opportunities that this move opens up, by increasing its profile, giving us better access to equity capital from a broader base of potential investors and offering shareholders greater liquidity in the shares. In addition, we believe the conversion of Hansteen into a REIT will be of significant benefit to the Group and its shareholders by creating a more tax efficient and transparent structure."
Source: Tavistock Communications