13th Dec 2006 15:13
Hammerson PLC13 December 2006 Extraordinary General Meeting - Election by Hammerson for REIT Status Hammerson plc announces that, at the Extraordinary General Meeting of theCompany held today, shareholders voted in favour of the Special Resolutionpermitting the Company to amend its Articles of Association, enabling it tobecome a Real Estate Investment Trust ("REIT"). Hammerson will now submit itselection for tax treatment as a REIT to take effect on 1 January 2007. John Nelson, Chairman, said: "Hammerson's proposed conversion to a REIT is an exciting development for theCompany. Following the conversion payment of approximately £100 million,Hammerson will be able to write back over £400 million of deferred tax. We willthen be in the unique position of having REIT status in the UK and SIIC statusin France. As a consequence, Hammerson will be exempt from tax on propertyincome and capital gains in both countries. I believe the introduction of the REITs in the UK will introduce new classes ofinvestor to the real estate sector and increase liquidity and transparency inthe market." Further information on Hammerson, including the "Hammerson REIT Sheet", can befound on the Company's website www.hammerson.com. For further information:John Nelson, Chairman Tel. 020 7887 1000Hammerson plc John Richards, Chief Executive Tel: 020 7887 1000Hammerson plc Chris Smith, Director of Corporate Affairs Tel: 020 7887 1019Hammerson plc [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hammerson