Helical PLC HELICAL ANNOUNCES INTENTION TO CONVERT TO A REIT (1282Y)
12 Janvier 2022 - 8:00AM
UK Regulatory
TIDMHLCL
RNS Number : 1282Y
Helical PLC
12 January 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
HELICAL ANNOUNCES ITS INTENTION TO CONVERT TO A
REAL ESTATE INVESTMENT TRUST ("REIT")
Helical plc ("Helical" or the "Company"), a UK real estate
investment company specialising in the redevelopment and
refurbishment of highly sustainable, best-in-class London office
buildings, is pleased to announce its intention to convert to a
REIT with effect from 1 April 2022.
As part of this process, Helical will notify Her Majesty's
Revenue & Customs of the Company's intention to convert into a
REIT and will seek Helical shareholder ("Shareholder") approval to
replace its current articles of association with new articles of
association to incorporate the changes necessary to become a REIT.
Further details of those new articles and the impact on the Company
of the conversion to a REIT will be set out in a notice of a
general meeting to be sent to Shareholders in advance of the due
date of conversion.
Following conversion, Helical will be exempt from UK corporation
tax on the profits of its property activities that fall within the
REIT regime in the year ending 31 March 2023 and beyond.
In line with Helical's current dividend policy, future dividends
will continue to be paid out of EPRA earnings and realised capital
profits. Dividends will comprise any Property Income Distribution
("PID") required to comply with the REIT legislation payable out of
Helical's net rental income and, if considered appropriate, a
further dividend out of other sources of its income and
profits.
Gerald Kaye, Chief Executive of Helical, commented:
"Helical's business has evolved in recent years, from a
developer/trader model, selling its development schemes to third
party funders, to become a developer of and investor in new or
refurbished Grade A buildings that are retained for their capital
growth and long-term income potential.
"Today, Helical has a portfolio with a superior sustainability
rating, with 99% rated EPC A or B and 85% BREEAM Outstanding or
Excellent, by value. This portfolio, together with its long-term
investment model, facilitate the conversion of the Company's
operations to a REIT and with the rate of UK corporation tax
increasing from 19% to 25% from April 2023, the Board believes that
the time is now right for Helical to convert to a REIT."
For further information please contact:
Helical
Gerald Kaye/Tim Murphy
Tel: 020 7629 0113
FTI Consulting
Dido Laurimore/Richard Gotla/Andrew Davis
Tel: 020 3727 1000
schelical@fticonsulting.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
(Amendment) (EU Exit) Regulations 2019. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
This announcement has been authorised for release by the
Board
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END
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