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25 Mar 2024
HAL Trust - Favorable tax arrangement for dividends

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HAL Trust - Favorable tax arrangement for dividends
HAL Trust (HAL:AMS) | 0 0 1.9% | Mkt Cap: 12,371m
- Published:
25 Mar 2024 -
Author:
Joren Van Aken -
Pages:
4 -
At the EGM, next to the move from Curaçao to Rotterdam, HAL Trust also approved the increase of the nominal share capital from EUR 0.02 to EUR 135 p/s in agreement with Dutch tax department.In practice, this allows for practically tax-free dividends in the form of capital reductions up to EUR 135. Future profits will be taxed as normal.This is beneficial for shareholders and this is another indication that HAL Trust wishes to remain listed.Because of this, we lower our target discount to 30% (from 35%). As a result our TP moves to EUR 126 (up from EUR 116). Looking