Hammerson (LON: HMSO) seeks Euronext Dublin debut

Summary

  • Hammerson Plc has announced an intention seeking a secondary listing on Euronext Dublin
  • The expected admission of shares on the Euronext Dublin will be effective at 8:00 am GMT on 23 December 2020
  • Hammerson’s ordinary shares are also subject to a “secondary inward listing” on the Johannesburg Stock Exchange 

Hammerson Plc (LON: HMSO), on Friday, 18 December, announced that the London-headquartered real estate investment trust (REIT) company is seeking to list its shares on Ireland stock exchange -- Euronext Dublin.

As of now, Hammerson is listed on the London Stock Exchange and is an actively traded component of the FTSE All-Share index with a market capitalisation of nearly £1,000 million. Following a green light in the requisite approvals, Hammerson will float 4,057,298,174 ordinary shares in issue, upon the admission.

Following the announcement of the intention of a secondary listing, Hammerson shares slipped into negative territory. At around 14:04 GMT on Friday, the stock of Hammerson was trading at GBX 25.42, down 2.23 per cent, from the previous closing price of GBX 26 a piece, as on 17 December.

Hammerson shares (18 December)

(Source: Refitiniv, Thomson Reuters)

Hammerson seeks Euronext Dublin debut 

Hammerson has disclosed its intention for a secondary listing of its entire issued ordinary share capital for trading on Ireland’s main exchange Euronext Dublin. According to Hammerson, the continental operations in Europe, and the Republic of Ireland and the scale of its investor base are the primary reasons behind the company’s intention of a secondary listing on Ireland’s stock market.

The company would be able to maintain an “efficient holding structure across its portfolio” and can ascertain an “EU-equivalent trading venue” for the shares with a secondary listing on Euronext Dublin, Hammerson said in a regulatory filing. Notably, around 27 per cent of Hammerson’s share capital is held by institutional investors based European Economic Area, excluding the United Kingdom, as at 23 November 2020, it added.

The document released by Hammerson detailing the prospective admission of shares on Euronext Dublin “is not a prospectus” and has not been approved by any regulator including the Central Bank of Ireland. The ordinary shares of Hammerson are also subject to a “secondary inward listing” on the Johannesburg Stock Exchange (JSE) and will continue to remain listed on the JSE after the admission.

Hammerson’s ordinary shares will remain admitted to the premium segment of the capital market regulator, Financial Conduct Authority, official list and to trading on the main market of the London Stock Exchange, the company said. The expected admission of shares on the Euronext Dublin will be effective at 8:00 am GMT on 23 December 2020, Hammerson said further, adding, the dealings in the ordinary shares on the primary market will also commence at the same time.

No new issue or fund raising 

With the proposed intention of a secondary listing on Euronext Dublin, Hammerson is neither planning to issue new shares nor plans of raising new funds. No new “shares will be offered or marketed in Ireland, the United Kingdom or elsewhere,” Hammerson said in connection to the intention of secondary listing. Furthermore, Hammerson has planned to maintain the company’s London Stock Exchange ticker “HMSO” and the present ISIN on Euronext Dublin.

Comment


Disclaimer