AIM-listed Guernsey closed-ended investment firm London & Stamford Property (LSP) has announced plans to move its listing to the main board of London Stock Exchange and to convert to a tax-transparent real estate investment trust (REIT).
AIM-listed Guernsey closed-ended investment firm London & Stamford Property (LSP) has announced plans to move its listing to the main board of London Stock Exchange and to convert to a tax-transparent real estate investment trust (REIT).
The proposals have to be ratified by at least 75% of LSP's shareholders. The board said in a statement on Thursday that it is aiming to complete the move by 1 October.
Under the plan, London & Stamford Property plc will be established as the holding company of LSP and an application will be made to admit the company's ordinary shares to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. The enlarged group will also elect for UK REIT status.
The company's new board of directors will consist of Raymond Mould as executive chairman, Patrick Vaughan as CEO and Martin McGann as finance director.
In addition, LSP intends to internalise its management through the £55 mln (EUR 42 mln) all-share acquisition of LSI, which currently provides external property advice and management services. The offer is subject to a £10 mln clawback arrangement if specified performance conditions are not met by end-September 2013.