ING Property Trust Launches New Stand for Calan
ING Property Trust updates market and launches new stand for Calan stake
Following ING Property Trust Investments Limited's (ING Property Investments) announcement of an on-market stand for units in the Calan Healthcare Properties Trust (Calan) yesterday, ING Property Investments was advised after market close by a member of the worldwide ING Group based outside New Zealand that that entity had expressed interest in certain Calan assets and was in preliminary discussions with Calan in respect of those assets. ING Property Investments had not previously been aware of that interest or those discussions.
ING Property Investments has now been advised that the expression of interest has been withdrawn, discussions have terminated and no proposal is to be submitted to Calan by that party.
Out of an abundance of caution, ING Property Investments considers the appropriate course of action is for it to inform the market of this information, to return acceptances received to date under the stand and to reinstitute the stand under new code SPEC2. To provide the market with certainty, there will be no minimum acceptance condition under the new stand and all acceptances received will be settled on usual market terms. The escalation clause will remain for the benefit of those tendering acceptances into the new stand and the stand will be for up to five NZX trading days (unless extended).
ING Property Investments will proceed with its previously advised full takeover offer for Calan, and will lodge a Restricted Transfer Notice to this effect as soon as practicable, at an offer price of $1.25 (with a combined cash and ING Property Trust scrip component) for each Calan unit.
ING Property Investments looks forward to discussions with the board of the manager of Calan.