Admission to Official List

RNS Number : 6668T

London & Stamford Property PLC

01 October 2010

 



1^st October 2010

LONDON & STAMFORD PROPERTY PLC

("London & Stamford")

SCHEME OF ARRANGEMENT BECOMES EFFECTIVE,

ADMISSION TO THE MAIN MARKET & ENTRY INTO UK-REIT REGIME

London & Stamford Property plc (LSE: LSP.L) is pleased to announce that the Company's Existing Ordinary Shares and the New Ordinary Shares have been admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange.

The LSI Acquisition Agreement, which effectively internalises the management of the Company, has now been completed and following Admission all conditions have been satisfied to enable the Enlarged Group to convert to a group UK-REIT. The conversion to a group UK-REIT is a change in the Company's tax status, which will have tax consequences for the Company and its shareholders. Further details of the tax consequences of the conversion to a group UK-REIT are set out in the Prospectus that was published on 21 September 2010, which can be found on the Company's website, www.londonandstamford.com 

Trading in LSP Existing Ordinary Shares was cancelled on AIM and the PLUS Market at 8.00 a.m. today.

CREST stock accounts will be credited in respect of the New Ordinary Shares at 8.00 a.m. today and definitive share certificates for New Ordinary Shares in certificated form will be dispatched as soon as practicable, but no later than 14 days, following Admission.

Raymond Mould, Executive Chairman of London & Stamford, said:

"We are delighted that London & Stamford has successfully moved to the Official List and converted to a REIT. Alongside the internalisation of the management, we believe these changes will allow us to continue to grow the Company and to take advantage of the significant opportunities we see to deploy the Company's capital on attractive terms to enhance shareholder returns."

For further information contact:

London & Stamford Property plc Raymond Mould / Patrick Vaughan / Martin McGann		Tel: [phone]
KBC Peel Hunt Ltd (Nominated Adviser, Joint Financial Adviser and Joint Broker) Capel Irwin / Kate Barlow	Tel: [phone]
Credit Suisse Securities (Europe) Limited (Joint Financial Adviser and Joint Broker) George Maddison / Robert Mayhew / Murdo Montgomery	Tel: [phone]
Kreab Gavin Anderson                                                           Richard Constant / James Benjamin / Anthony Hughes	Tel: [phone]

Capitalised terms used in this announcement have the same meanings ascribed to them as set out in the Prospectus dated 21 September 2010.

Notes to editors:

London & Stamford Property plc was set up to exploit opportunities that it anticipated in the UK property cycle and is a group UK-REIT. The Company has a highly experienced management team and invests in commercial property, including office, retail and industrial real estate assets, principally in the UK, and has a property portfolio comprising of 14 investments, all of which are located in the UK.

The Company is traded on the London Stock Exchange's Main Market (LSP.L) and is authorised by the FSA to carry out certain regulated activities.

Further information on the Company is available from the Company's website: www.londonandstamford.com   

KBC Peel Hunt which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for LSP and the Company and for no one else in connection with the Proposals and will not be responsible to any person other than LSP and the Company for providing the protections afforded to clients of KBC Peel Hunt, nor for providing advice in relation to the Proposals, the content of this announcement or any matter referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on KBC Peel Hunt by FSMA or the regulatory regime established thereunder, neither KBC Peel Hunt nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of KBC Peel Hunt in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement purported to be made by KBC Peel Hunt, or on behalf of KBC Peel Hunt in connection with LSP, the LSP Existing Ordinary Shares or the Proposals. KBC Peel Hunt accordingly disclaims to the fullest extent permitted by law all and any responsibility or liability to any person who is not a client of KBC Peel Hunt, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.

Credit Suisse which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for LSP and the Company and for no one else in connection with the Proposals and will not be responsible to any person other than LSP and the Company for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the Proposals, the content of this announcement or any matter referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on Credit Suisse by FSMA or the regulatory regime established thereunder, neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement purported to be made by Credit Suisse, or on behalf of Credit Suisse in connection with LSP, the LSP Existing Ordinary Shares or the Proposals. Credit Suisse accordingly disclaims to the fullest extent permitted by law all and any responsibility or liability to any person who is not a client of Credit Suisse, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.

 

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