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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hansteen Holdings Plc | LSE:HSTN | London | Ordinary Share | GB00B0PPFY88 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 116.20 | 116.20 | 116.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHSTN
RNS Number : 2188I
Hansteen Holdings plc
20 March 2018
20 March 2018
Hansteen Holdings PLC
("Hansteen" or the "Company")
Proposed Return of GBP145 million of Capital
(Representing 35 Pence per Ordinary Share)
and
Notice of General Meeting
Hansteen (LSE: HSTN), the investor in UK industrial property, is today posting a circular to its shareholders containing full details of a proposed return of c. GBP145 million of capital and notice of a General Meeting convened for 11.00 a.m. on 11 April 2018.
Highlights
-- On 5 February 2018, the Company announced that it had agreed to dispose of the Industrial Multi Property Trust portfolio for GBP116 million to an entity owned by Warehouse REIT plc, with completion expected to occur at the end of March 2018.
-- On 13 March 2018, the Company announced that the Secretary of State for Transport had acquired Saltley Business Park, Birmingham from a subsidiary of the Company, by way of compulsory purchase. As part of the CPO process the Group has received an initial advance payment of GBP36.96 million with a mutual valuation process underway designed to establish the property's aggregate market value.
-- The Group's cash balance of GBP71.2 million at 31 December 2017 is therefore expected to rise significantly.
-- Owing to the current high level of demand for industrial property investments, opportunities to reinvest these substantial cash deposits in properties that fit the Hansteen business model are likely to be limited. As the cash deposits would earn virtually no interest and therefore materially dilute the returns from the business, the Board considers that returning capital to the shareholders by means of a Reduction and Return of Capital is in the best interests of all Shareholders.
-- The Company proposes to reduce its share premium account and cancel its capital redemption reserve by an aggregate amount of c. GBP145 million and pay such amount to the Shareholders as a Return of Capital.
-- The effect of the proposed Reduction and Return of Capital will be that for every fully paid Ordinary Share held at the Record Date, a Shareholder will receive 35 pence in cash.
-- The proposals are conditional upon the approval of Shareholders at a General Meeting of the Company to be held at 11.00 a.m. on Wednesday 11 April 2018 at 21 Tudor Street, London EC4Y 0DJ and approval of the Court.
Ian Watson and Morgan Jones, Joint Chief Executives of Hansteen, said: "While opportunities to acquire properties or portfolios from which we can generate value are likely to be limited, we continue to see good potential to drive further value growth both through increasing income from our remaining portfolio by improving occupancy and growing rental levels and capitalising on the demand for industrial assets from the investment market."
EXPECTED TIMETABLE OF EVENTS
Event Time/date Publication of this document 20 March 2018 Latest time and date for receipt 11.00 a.m. on of Forms of Proxy 9 April 2018 General Meeting 11.00 a.m. on 11 April 2018 Court Hearing 1 May 2018 Record Date for Return of Capital 6.00 p.m. on 2 May 2018 Ordinary Shares commence trading 8.00 a.m. on ex-entitlement to Return of 3 May 2018 Capital Registration of Court Order 3 May 2018 and Effective Date of Return of Capital Despatch of cheques to Shareholders On or around or Shareholders' CREST accounts 11 May 2018 credited (as appropriate) in respect of Return of Capital entitlements
Copies of the Circular will be submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. In addition, the documents will be available on the Hansteen website (www.hansteen.co.uk) and may also be obtained from the Company Secretary.
This summary should be read in conjunction with the full text of the Circular. Unless otherwise stated, terms used in this announcement have the same meanings as given to them in the Circular.
Enquiries:
Hansteen Holdings PLC Tel: +44 (0) Ian Watson 20 7408 7000 Morgan Jones Peel Hunt (Sole Broker) Tel: +44 (0) Capel Irwin 20 7418 8900 Edward Fox Tavistock Tel: +44 (0) Jeremy Carey 20 7920 3150 Kirsty Allan 07836 734 625 07824 393 242
Important notices
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
March 20, 2018 03:01 ET (07:01 GMT)
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