LR 6.12 Specialist companies: property companies
1Where a property company applies for the admission of its equity shares to a premium listing and cannot comply with LR 6.3.1R because it does not have a revenue earning track record:
- (1)
the property company must demonstrate that it has three years of development of its real estate assets represented by increases of the gross asset value of its real estate assets:
- (a)
evidenced by the historical financial information required by LR 6.2.1R; and
- (b)
supported by a published property valuation report; or
- (a)
- (2)
the property company must demonstrate that 75% of the gross asset value of an applicant’s real estate assets, as supported by a published property valuation report, are revenue generating at the point in time when the application for admission of the equity shares to a premium listing is made.
1For the purposes of LR 6.12.1R, the property valuation report should be published in the applicant’s prospectus.
1Where a property company is relying on LR 6.12.1R(2) and cannot comply with LR 6.2.1R(1) because it has been operating for a shorter period:
- (1)
the property company must have published or filed historical financial information since the inception of its business; and
- (2)
the following apply to the property company only with regard to the period for which it has published or filed historical financial information under (1):
- (a)
LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and
- (b)
LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).
- (a)