Lend Lease moves to become stapled entity
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.
AUTHOR
Mike Taylor
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