AMP NZ Office Trust
24 July 2006
AMP NZ Office Trust – changes as a consequence of NZ IFRS
AMP NZ Office Trust (ANZO) has made a number of technical changes to accommodate its adoption of the new NZ IFRS accounting standards. ANZO adopted NZ IFRS from the beginning of its 2007 financial year on July 1, 2006, the first of New Zealand’s listed property vehicles to do so.
The changes include:
An amendment to ANZO’s definition of net profit for distribution purposes to ensure that, following the adoption of NZ IFRS, the calculation of distributions to unit-holders is consistent with the past. The new definition excludes the introduction of non-cash items arising from NZ IFRS in the Profit and Loss Statement, so that the calculation of the distributable profit for ANZO remains consistent with its pre-NZ IFRS levels.
A series of amendments to ANZO’s trust deed, which allow ANZO to continue to classify its units as equity under NZ IFRS as it has done previously, as follows:
o replacing ANZO’s finite life of 80 years with a perpetuity period of 80 years
o providing that ANZO will not automatically terminate at the end of that perpetuity period o providing that units may not be issued or redeemed after that perpetuity period if that issue or redemption would breach the rule against perpetuities.
ANZO has also taken the opportunity to make other technical amendments to the trust deed to clarify that the issue of new units in accordance with the trust deed does not require the prior approval of ANZO’s trustee, and to update the trust deed to reflect recent amendments to the NZSX Listing Rules.
The amendments to the trust deed have been carried out in consultation with ANZO’s trustee, Perpetual Trust, and have also been reviewed and approved by NZX in accordance with the NZSX Listing Rules. ANZO is New Zealand’s largest listed investor in prime commercial office property and is managed by AMP Multiplex Management Limited. ANZO’s financial result for the year to June 30, 2006 is scheduled to be announced on August 3.
ANZO is New Zealand’s largest listed investor in premium and A-grade commercial office property.
A unit trust listed on the New Zealand Exchange, ANZO currently owns 11 New Zealand office buildings with a total gross value of more than $1 billion – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington’s State Insurance Tower, Mobil on the Park, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace, Pastoral House and Mayfair House. -ends- July 24, 2006 AMP NZ Office Trust 2