HAL Trust

Company Update:
HAL Trust announced its intention to simplify its structure, deleting the HAL Trust layer and listing directly HAL Holding shares on Euronext Amsterdam.

Each shareholder will receive one HAL Holding share for each Hal trust share held, with the same voting and dividend rights attached in December 2026. The HQ and tax residency of HAL Holding will remain in the Netherlands; however, we think the corporate seat remains in Curaçao given that this aspect is not mentioned, meaning that the Dutch Corporate Governance Code is still not applicable to HAL Holding.

A more interesting aspect for minority shareholders is that takeover rules are changing from Bermudan to Curaçao ones, meaning that there is now a possible mandatory squeeze-out of minority shareholders for a 90% holder with a court-set price.

Expert Opinion:
This is interesting and adds a speculative appeal to the story (which we like on its fundamental basis). This is an attractive, little known company. Definitely worth spending some time looking at its main assets.






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