Lend Lease has announced that it will be seeking shareholder approval for it to become a so-called “stapled entity”.
The big property and investment group announced to the Australian Securities Exchange (ASX) today that if approved, the stapling proposal would provide the company with a more efficient capital structure for the ownership of investment assets.
The company said the stapling proposal would be achieved by issuing units in a newly created trust to shareholders on a one-for-one basis and then stapling each unit and share together so they trade on the ASX as a stapled security.
Lend Lease made clear that the move did not signal a departure from current strategy or an intention to become part of the listed property trust sector.
The proposal will be taken to the Lend Lease annual general meeting next month.
