30th Mar 2007 07:03
Warner Estate Holdings PLC30 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 jointventures (the "Warner Estate Group") to convert to a Real Estate InvestmentTrust ("REIT") on 1 April 2007. This conversion is effected by way of anotification letter to HM Revenue & Customs and will result in the payment of aconversion charge of 2% of the value of the Warner Estate Group's qualifyingproperty assets. In the case of Agora Shopping Centres and Radial Distribution, its jointventures with Bank of Scotland, Warner Estate will be entitled to its share ofdistributable rental income free from any taxation liability and will alsoreceive the proceeds of any gain on the disposal of any property assets withoutdeduction of corporation tax. Bank of Scotland will be entitled to its share ofdistributable income and gains after taxation. The precise amount of the conversion charge will be calculated once the WarnerEstate Group's independent open market valuation as at 31 March 2007 has beencompleted and will be included in the announcement of the Company's results forthe financial year to 31 March 2007 expected in June 2007. Commenting on the conversion, Philip Warner, Chairman of Warner Estate said "weare 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 willbenefit shareholders". Terms used in this announcement have the same meaning as in the circular toshareholders dated 28 February 2007. - ends - Date: 30 March 2007 Enquiries: Warner Estate Tel: +44 (0) 20 7907 5100Philip WarnerPeter Collins Bridgewell Tel: +44 (0) 20 7003 3000Heraclis Economides City Profile Tel: +44 (0) 20 7488 3244Simon Courtenay This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wt Wner Usd