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National Gets The Green Light From Its Unit Holder

30 JULY 2002

“National Gets The Green Light From Its Unit Holders”

At an Extraordinary General Meeting of Unit Holders in The National Property Trust held in Christchurch today, unit holders voted in favour of the Trust’s takeover offer for all of the units on issue in the Newmarket Property Trust.

Commenting on the outcome of the meeting Mr Paul Dallimore, the Executive Chairman of the Manager of The National Property Trust said “the takeover offer for the Newmarket Property Trust is now unconditional. The two remaining conditions were that National received acceptances in excess of 50% of the units on issue in Newmarket and that National’s unit holders approve the takeover offer. Both these conditions have been fulfilled and we are now concentrating on obtaining the outstanding acceptances from Newmarket unit holders”.

At the Extraordinary General Meeting Mr Dallimore advised that The National Property Trust Limited, National’s Manager, had reached agreement with Metropolitan Life Assurance Company of N.Z. Limited to acquire all of the shares in Newmarket Property Management Limited.

The National Property Trust is offering 6 (six) units for every 10 (ten) units on issue in the Newmarket Property Trust. In addition, and in association with the takeover offer, Newmarket is paying a special dividend of 1.5 cents per unit (gross) to its unit holders on Friday 2 August 2002. Unit holders in Newmarket who accept National’s offer will receive a further 2.25 cents per unit (gross) on the National units issued in exchange. This represents National’s final quarterly distribution for the year ended 31 May 2002.

The record date for this dividend payment will be 23 August 2002 and Newmarket Unit Holders who have accepted the Takeover offer will be entitled to this income.

The National Property Trust’s takeover offer closes at 5.00 p.m. on Friday 9 August 2002.

- ends

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