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Proposed Sale by Capital Properties

20 January 2005

Complaint Regarding Proposed Sale by Capital Properties of its Management Rights

A complaint by Kiwi Income Property Trust (KIPT) in connection with a proposed sale by Capital Properties New Zealand Limited (Capital Properties) of the management rights over its property assets was considered by the Takeovers Panel today.

KIPT alleges that Capital Properties’ announcement, on 26 November 2004, of its intention to sell the management rights amounts to defensive tactics in breach of rule 38 of the Takeovers Code. Just one week earlier, KIPT had taken a stand in the market that resulted in its shareholding in Capital Properties reaching 19.9%.

The Panel obtained documentary material from Capital Properties in response to the complaint. After considering the information before it, the Panel decided that, on the information available, it would take no further action in respect of the letter of complaint by KIPT. The Panel noted that KIPT may formally request the Panel to hold a hearing under section 32 of the Takeovers Act.

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