28 Apr 2017 15:00
28 April 2017
Hansteen Holdings PLC
(the "Company")
Annual Report and Accounts 2016 and Notice of 2017 Annual General Meeting
Following the announcement on 20 March 2017 of its preliminary results for the year ended 31 December 2016, Hansteen Holdings PLC (the "Company") announces that it has published its Annual Report and Accounts 2016.
The Company also announces that it will hold its Annual General Meeting at 11.00am on Tuesday 13 June 2017, 21 Tudor Street, London EC4Y 0DJ.
Copies of the Annual Report and Accounts 2016 and the Notice of the 2017 Annual General Meeting are available to view on the Company's website at http://www.hansteen.co.uk.
In accordance with rule 9.6.1 of the Listing Rules, copies of the 2016 Annual Report and Accounts, 2017 Notice of Annual General Meeting and Form of Proxy have been submitted to the National Storage Mechanism and are available for inspection at www.morningstar.co.uk/uk/nsm.
Copies of those documents, together with a form of proxy for use in connection with the 2017 Annual General Meeting, are being posted or made available to the Company's shareholders today.
The Appendix to this announcement contains information required for the purposes of compliance with DTR 6.3.5 (1) of the Disclosure Guidance and Transparency Rules, including Related Party Transactions. This information is extracted, in full unedited text, from the 2016 Annual Report and should be read in conjunction with the Preliminary Announcement, which contained other information required by DTR 6.3.5 (1), released to the market on Monday 20 March 2017.
For further information:
Karen Rowe | Jeremy Carey |
Capita Company Secretarial Services Limited | Tavistock |
Tel: 0207 954 9569 | Tel: 020 7920 3150 |
Appendix
Related party transactions
Group
Trading transactions
During the year, Group subsidiaries entered into trading transactions with related parties who are not members of the Group:
Provision of services | Amounts owed by related parties | ||||
2016 | 2015 | 2016 | 2015 | ||
£m | £m | £m | £m | ||
Hansteen UK Industrial Property II Limited Partnership |
- |
0.6 |
- |
- | |
Ashtenne Industrial Fund Limited Partnership | 1.9 | 2.9 | - | 1.4 | |
Hansteen Saltley Unit Trust | - | 0.2 | - | - | |
Apia Regional Office Fund | - | 0.3 | - | 0.1 | |
Norwepp Limited Partnership | - | 0.1 | - | 0.1 | |
1.9 | 4.1 | - | 1.6 | ||
The Group provides management services to companies controlled by its associates, which are made at prices comparable to those that would be charged for similar services provided to unrelated parties. See note 20 for details of the Group's associates.
Remuneration of key management personnel
The aggregate remuneration of the Directors, who are the key management personnel of the Group and the Company, is set out below. The remuneration is paid by Hansteen Limited and forms part of the management fee charged to the Company. Further information about the remuneration of individual Directors is provided in the audited part of the Remuneration Report on pages 37 to 40.
Group | Group | |
2016 | 2015 | |
£m | £m | |
Short-term employee benefits | 2.0 | 2.1 |
Post-employment benefits | 0.2 | 0.1 |
Share-based payments | 0.5 | 50.4 |
2.7 | 52.6 |
Company
Transactions with subsidiaries
The Company enters into loans with its subsidiaries to provide long-term funding for their investment activities. Interest is charged on these loans at LIBOR plus 1.75% to 2.5% (2015: 1.75% to 3.0%) or EURIBOR plus 1.75% to 3.75% (2015: 1.10% to 3.75%).
The Company is charged management fees by its management subsidiary, Hansteen Limited, which undertakes day-to-day management of the Group on behalf of the Company.
Surplus funds in subsidiary companies are loaned to the Company at LIBOR plus 1.75% to 2.50% (2015: 2.50% to 3.00%) or EURIBOR plus 1.75% to 3.75% (2015: 1.75% to 3.75%). Surplus funds in Hansteen (Jersey) Securities Limited are loaned at 5.13% (2015: 5.08%) to fund acquisitions and working capital and deposit amounts are loaned at the standard current account interest rate.
A summary of the transactions with the subsidiaries is as follows:
Company | Company | |
2016 | 2015 | |
£m | £m | |
Interest-bearing loans made to subsidiaries | 168.8 | 32.2 |
Interest-bearing loans repaid by subsidiaries | (42.8) | (1.6) |
Interest bearing loans made by subsidiaries | (8.2) | (1.8) |
Interest-bearing loans repaid to subsidiaries | 0.9 | 16.4 |
Interest-free loans made to subsidiaries | 4.5 | - |
Interest-free loans repaid by subsidiaries | - | (32.2) |
Interest-free loans made by subsidiaries | (4.2) | (0.9) |
Interest-free loans repaid to subsidiaries | 0.5 | - |
Interest income received in respect of interest-bearing loans | 3.6 | 2.4 |
Interest paid in respect of interest-bearing loans | (4.9) | (4.8) |
Management fees charged to the Company | 1.6 | 1.2 |
The balances outstanding at the year end from transactions with subsidiaries are as follows:
Company | Company | |
2016 | 2015 | |
£m | £m | |
Amounts due from subsidiaries included in trade and other receivables |
249.5 |
106.0 |
Amounts due to subsidiaries included in trade and other payables |
(123.6) |
(98.5) |
125.9 | 7.5 |