Company Information
Lighthouse was established with the primary objective of acquiring and investing globally in direct property assets as well as listed real estate and infrastructure securities.
Direct real estate acquisitions are opportunistic with the following key
characteristics:
◗ Predominantly in Europe;
◗ Focused on retail assets;
◗ Produce strong sustainable income;
◗ Occupied by high-quality tenants; and
◗ Provide asset management opportunities.
Our listed investments are diversified and include:
◗ Real estate securities;
◗ Infrastructure securities; and
◗ Highly liquid counters with attractive yields.
Stated Capital
As at 30 September 2019
| GROUP | COMPANY | |||
| 2019 EUR |
2018 EUR |
2019 EUR |
2018 EUR |
|
| Authorised (*1*2) | ||||
| 832,790,136 (2018: 919,321,650) ordinary shares of no par value | ||||
| Issued (*1*2) | ||||
| 457,790,136 (2018: 455,969,410) ordinary shares of no par value at an average of approximately EUR 0.318 (2018: EUR 1.317) per share³ | 145,801,666 | 600,703,936 | 145,801,666 | 600,703,936 |
| (*1) The company’s shares have been consolidated on a 1 for 20 basis, effective from 18 December 2018. The comparative period’s shares have been restated for this share consolidation (*2) The Company has only one class of shares in issue. Accordingly, there are no special rights, preferences, or restrictions attached to any of the authorised or issued shares. (*3) No transaction cost were recognised as a deduction from equity in the current year (2018: EUR 0,02 million) |
||||
TRANSFERS FROM STATED CAPITAL TO NON-DISTRIBUTABLE RESERVE, REPAYMENTS OF CAPITAL, SHARE CONSOLIDATION AND SHARE CANCELLATION
◗ Shareholders authorised the transfer or EUR 400 million from stated capital to non-distributable reserve at a general meeting of the company held on 2 August 2018
◗ On 21 September 2018, the company’s board authorised a return of capital of EUR 300 million from non-distributable reserve, paid to shareholders on 8 October 2018. The returns of capital were funded primarily by selling listed securities’ investments and utilisation of internal cash
◗ Shareholders authorised the transfer or EUR 450 million from stated capital to non-distributable reserve at a general meeting of the company held on 26 November 2018.
◗ On 27 November 2018, the company’s board authorised a return of capital of EUR 300 million from non-distributable reserve, paid to shareholders on 10 December 2018. The returns of capital were funded primarily by selling listed securities’ investments and utilisation of internal cash resources.
◗ The company’s shares have been consolidated on a 1 for 20 basis, effective from 18 December 2018.
◗ The company cancelled 16 615 159 treasury shares on or about 24 January 2019.
RECONCILIATION OF MOVEMENT IN ISSUED SHARES DURING THE YEAR¹
| GROUP | COMPANY | |||
| 2019 Shares |
2018 Shares |
2019 Shares |
2018 Shares |
|
| Balance at the beginning of the year | 455,969,410 | 466,108,797 | 474,405,295 | 466,108,797 |
| Shares issued by way of scrip distribution: | ||||
| 20 December 2017 | – | 6,475,772 | – | 6,475,772 |
| – | – | – | – | |
| – | – | – | – | |
| Incentive shares issued to Greenbay Share Trust on | ||||
| 14 December 2017(*2) | – | – | – | 1,820,726 |
| Cancelled or acquired during the year(*3*4) | – | (16,615,159) | (16,615,159) | – |
| – | – | – | – | |
| Incentive shares released from the Greenbay Share Trust | ||||
| on 31 January 2019(*5) | 1,820,726 | – | – | – |
| Balance at the end of the year | 457,790,136 | 455,969,410 | 457,790,136 | 474,405,295 |
| (* 1) Shares have been restated to post-consolidation equivalents where relevant.
Treasury shares at 30 September 2018:(*1) |
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TREASURY SHARES
| GROUP | ||||
| 2019 EUR |
2018 EUR |
|||
| Opening balance | (17,378,683) | – | ||
| Shares cancelled/repurchased during the year | 4,944,161 | (26,77,785) | ||
| Consolidation of The Greenbay Share Trust | (44,547) | (2,258,199) | ||
| Return of capital distribution | 11,658,301 | 11,658,301 | ||
| Distribution paid – final 2018: cash (paid 7 January 2019) | 820,768 | – | ||
| Closing balance | – | (17,378,683) | ||