Shares in Deutsche Land were suspended from AIM in advanced of a large acquisition in Germany
The suspension was announced by the exchange yesterday following the property company’s proposed purchase of the Main Airport Center office complex in Frankfurt.
Due to the size of the deal, it was regarded by AIM rules as a reverse takeover. This resulted in the suspension of the company’s shares.
Deutsche Land said in a statement today: ‘It was announced on 27 December 2006 that Deutsche Land had agreed, subject to shareholder approval, to acquire the Main Airport Center, Frankfurt, and that, given the size of the acquisition, it is deemed under the AIM Rules to be a reverse takeover. Accordingly, Deutsche Land’s shares have been suspended.’
‘It is anticipated that an admission document will be posted to shareholders on 5th January 2007 following which trading in Deutsche Land’s shares will be restored.
Shares were suspended at 75.25p a share.
The news of the suspension came just hours after Deutsche Land announced it had acquired five properties in Germany which included the 592,020s q ft (55,000 sq m) Main Airport Center for more than E200m (£134m).