Business
Proposed Transfer of Listing and Notice of GM
Proposed Transfer of Listing and Notice of GM.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \n \n \nFOR IMMEDIATE RELEASE\n \n29 May 2025\nSUPERMARKET INCOME REIT PLC\n(the \"Company\") \nRECOMMENDED PROPOSED TRANSFER OF LISTING CATEGORY AND NOTICE OF GENERAL MEETING\nSupermarket Income REIT plc (LSE: SUPR), announces that a circular (the \"Circular\") in relation to the proposed transfer of the Company's listing category from the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List (the \"Proposed Transfer\") is expected to be published today.\nBackground to and reasons for the Proposed Transfer\nOn 4 March 2025, the Company announced the proposed internalisation of its management function (the \"Internalisation\"), which became effective on 25 March 2025. At the time of the announcement of the Internalisation, the Company also stated its intention seek a transfer of its listing. The Board is pursuing the Proposed Transfer as it believes that the equity shares (commercial companies) category of the Official List is more suited to a UK REIT with an internalised management structure and business strategy as set out in the Circular, alongside the reasons set out below:\n· it will significantly improve comparability for investors, as the majority of internally managed UK REITs are listed on the equity shares (commercial companies) category;\n· the Company's closest peers are listed under the equity shares (commercial companies) category;\n· the Company will benefit from improved operational flexibility, efficiency and accountability of the Group's executive management to shareholders;\n· it will reduce the costs and administrative burden associated with being a closed-ended investment fund (in particular, AIFM costs), thereby simplifying the business model and enhancing shareholder returns. The Company will no longer need to have a licensed AIFM;\n· the Board has concluded that generating attractive shareholder returns also arguably requires a more commercial/active asset management approach and having the flexibility t...