Hansteen proposes to convert into a REIT once it meets the relevant qualification criteria. The proposed 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.
The conversion of the company to a REIT will take place after Hansteen's move to the Official List.
In connection with the REIT conversion, it is proposed that certain amendments be made to the company's current Articles of Association. The amendments to the Articles of Association are required for Hansteen to be confident that it should have the rights and powers to try and avoid certain additional tax charges that can arise under the REIT Regime.
Although Hansteen's conversion into a REIT is not conditional on the amendments to the Articles of Association being approved by the shareholders, Hansteen may become liable for such additional tax charges if the amendments to the Articles of Association are not approved. Consequently, if these amendments are not approved by Shareholders, the Board may reconsider its intention to convert the company into a REIT.