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Hamilton, Bermuda:  February 7, 2018 –In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announced the posting of letters to shareholders and notice of SGM. The full filing stated:

Shareholders are advised that a letter (“letter to shareholders”) relating to the proposed listing on the London Stock Exchange (“LSE”) (“LSE listing”), the conversion of the Stenprop group to a UK real estate investment trust (“REIT”) (“REIT conversion”) and the migration of the company’s jurisdiction of incorporation from Bermuda to Guernsey (“Migration”) together with a notice convening a special general meeting has been posted to shareholders today. The letter is available on the company’s website,


The directors of Stenprop (“the board”) are of the view that an LSE listing will assist the company in achieving its strategic objective of becoming the leading multi-let industrial (“MLI”) business in the UK. Accordingly, the company intends to seek a listing on the Specialist Fund Segment of the LSE. In the longer term, access to additional investors, including, in particular, UK investors focused on specialist income funds, should improve liquidity in the company’s shares and provide access to equity capital, both of which will be beneficial to the strategic aims of the company and should add value to shareholders. The LSE listing will provide Stenprop with the further benefit of a listing in the same geographical jurisdiction as the majority of its property assets. Following a successful listing on the LSE, the company will delist from the Bermuda Stock Exchange (“BSX”). The Company will retain its primary listing on the Johannesburg Stock Exchange (“JSE”).


The board also believes that the Company and its shareholders would benefit significantly from the conversion of the Stenprop group to a UK REIT structure for the reasons contained in the letter to shareholders. The conversion to UK REIT status is subject to the satisfaction of various conditions. Confirmation that these conditions have been satisfied and the effective date of the REIT conversion will be announced on SENS in due course.


In connection with the proposed LSE listing, it is proposed that the company migrate from Bermuda to Guernsey and adopt new articles of incorporation.


Further details of the LSE listing, REIT conversion and Migration are contained in the letter to shareholders.


The Migration and the adoption of the new articles of incorporation are subject to Stenprop shareholders passing the requisite resolutions at the special general meeting of Stenprop shareholders to be held at Kingsway House, Havilland Street, St Peter Port, Guernsey, GY1 2QE on Wednesday, 7 March 2018 at 9.30 am (GMT)/11:30 am (SAST).




The precise timing of the REIT conversion and the listing on the LSE are yet to be confirmed. The salient dates and times relating to the REIT conversion and the LSE listing will be announced on SENS and the BSX website in due course. The Migration is expected to occur in accordance with the indicative timetable below.




Record time and date for attending and voting at the special general meeting, 3.30 pm (GMT)/5.30 pm (SAST) on

Friday, 2 March 2018



Last day to lodge forms of proxy for the special general meeting (by 3.30 pm (GMT)/5.30 pm (SAST)) on

Forms of proxy not lodged with the transfer secretaries in time may be handed to the chairman of the general meeting immediately before the commencement of the meeting.

Friday, 2 March 2018





Special general meeting held (at 9.30 am (GMT)/11:30 am (SAST)) on

Wednesday, 7 March 2018



Results of the special general meeting released on SENS and the BSX website on

Thursday, 8 March 2018



Effective date of Migration

Friday, 23 March 2018



Issue of new ISIN and finalisation announcement released on SENS and the BSX website on

Monday, 26 March 2018



Last day to trade on the JSE and BSX under the existing ISIN: BMG8465Y1093

Tuesday, 3 April 2018



Listing and trading of the company’s shares under the new ISIN

Wednesday, 4 April 2018



Record date for the change in ISIN

Friday, 6 April 2018



CSDP and broker accounts of dematerialised shareholders updated on

Monday, 9 April 2018



New replacement share certificates issued, provided that old share certificates have been lodged with the transfer secretaries by 12:00 on Friday, 6 April 2018, on (share certificates received after this time will be posted within five business days)

Monday, 9 April 2018


The above dates and times are subject to change. Any changes will be released on SENS and in the press. Share certificates may not be demateriliased or rematerialised between Wednesday, 4 April 2018 and Friday, 6 April 2018, both days inclusive, nor may transfers of shares between sub-registers in South Africa and Bermuda take place between Tuesday, 27 March 2018 and Friday, 6 April 2018, both days inclusive. Please note that the new ISIN will only be issued following the effective date of the Migration. Details of the new ISIN will be included in the finalisation announcement, which is expected to be released on SENS and the BSX website on Monday, 26 March 2018. 


Stenprop has a primary listing on the Main Board of the JSE and a secondary listing on the BSX.


7 February 2018

JSE sponsor



Bermuda Stock Exchange sponsor

Estera Securities (Bermuda) Limited



(Incorporated in Bermuda)

(Registration number 47031)

BSX share code: STP.BH    JSE share code: STP   

ISIN:  BMG8465Y1093

(“Stenprop”or “the company”)



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FAX: +1 (441) 292 7619


30 Victoria Street
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P.O. Box HM 1369
Hamilton HMFX



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