Calan Healthcare: Statement by Chairman
9 March 2006
Statement by Chairman of Independent Committee of Directors, Calan Healthcare Properties Limited
The Independent Committee of Directors of Calan Healthcare Properties Limited (CHPL), the manager of Calan Healthcare Properties Trust, acknowledges the public statements made earlier today that the shareholders in the Calan Group of companies, including CHPL, have entered into a conditional agreement with ING Property Trust Management Limited to acquire CHPL and Calan Healthcare Australian Properties Pty Limited, which is the manager of Calan Healthcare Australian Properties Trust. Calan Healthcare Australian Properties Trust is wholly owned by a subsidiary of Calan Healthcare Properties Trust.
The New Zealand and Australian management companies will continue to act as manager of Calan's assets following their acquisition by ING Property Trust Management Limited.
Unitholders should be aware the approval of unitholders is not required in relation to the sale of the management companies. ING Property Trust has also announced that it does not intend to proceed with its proposed takeover offer for the units in Calan Healthcare Properties Trust, which it does not already own.
Therefore, it intends to withdraw the restricted transfer notice issued on 31 January 2006. Accordingly, the Independent Committee does not intend to take any further action in response to that restricted transfer notice. A copy of the statements issued earlier today by the shareholders in the Calan Group of companies and ING Property Trust are available through NZX's website. Bruce Davidson Chairman