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. (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:

   1. (a)

      evidenced by the historical financial information required by LR 6.2.1R; and

   2. (b)

      supported by a published property valuation report; or

2. (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.

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. (1)

   the property company must have published or filed historical financial information since the inception of its business; and

2. (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):

   1. (a)

      LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and

   2. (b)

      LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).