Conversion to REIT
30 3월 2007 - 4:04PM
UK Regulatory
RNS Number:0450U
Warner Estate Holdings PLC
30 March 2007
WARNER ESTATE HOLDINGS PLC
("WARNER ESTATE" OR THE "COMPANY")
CONVERSION TO REIT
Warner Estate confirms that it has taken the necessary steps for the Company,
its subsidiaries and the Agora Shopping Centres and Radial Distribution joint
ventures (the "Warner Estate Group") to convert to a Real Estate Investment
Trust ("REIT") on 1 April 2007. This conversion is effected by way of a
notification letter to HM Revenue & Customs and will result in the payment of a
conversion charge of 2% of the value of the Warner Estate Group's qualifying
property assets.
In the case of Agora Shopping Centres and Radial Distribution, its joint
ventures with Bank of Scotland, Warner Estate will be entitled to its share of
distributable rental income free from any taxation liability and will also
receive the proceeds of any gain on the disposal of any property assets without
deduction of corporation tax. Bank of Scotland will be entitled to its share of
distributable income and gains after taxation.
The precise amount of the conversion charge will be calculated once the Warner
Estate Group's independent open market valuation as at 31 March 2007 has been
completed and will be included in the announcement of the Company's results for
the financial year to 31 March 2007 expected in June 2007.
Commenting on the conversion, Philip Warner, Chairman of Warner Estate said "we
are delighted to be in a position to convert to REIT status on 1 April 2007.
This is an exciting development for the Company which the Directors believe will
benefit shareholders".
Terms used in this announcement have the same meaning as in the circular to
shareholders dated 28 February 2007.
- ends -
Date: 30 March 2007
Enquiries:
Warner Estate Tel: +44 (0) 20 7907 5100
Philip Warner
Peter Collins
Bridgewell Tel: +44 (0) 20 7003 3000
Heraclis Economides
City Profile Tel: +44 (0) 20 7488 3244
Simon Courtenay
This information is provided by RNS
The company news service from the London Stock Exchange
END
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