Scoop has an Ethical Paywall
Kiwi Income Property Trust - Notice of Special Meeting
NZX RELEASE
20 November 2013
Kiwi Income Property Trust releases Notice of Special Meeting
The Independent Directors of Kiwi Income Properties Limited, the Manager of Kiwi Income Property Trust (“Trust”), today released a Notice of Special Meeting of Unit Holders to be convened on 12 December 2013, with the principal business of the meeting being to consider a proposal to internalise the management of the Trust.
The Notice of Special Meeting includes an Explanatory Memorandum, Independent Appraisal Report and Trustee’s Letter. Copies of these documents are available online on the Trust’s website, kipt.co.nz or on the New Zealand Stock Exchange website, nzx.com. Hard copy versions will be mailed to investors on 26 November 2013.
As announced on 11 November 2013, the Independent Directors of Kiwi Income Properties Limited have reached agreement with Commonwealth Bank of Australia (“CBA”) to internalise the management of the Trust for a net payment to CBA of approximately $70.6 million1, subject to the approval of Unit Holders.
1 All amounts described in this announcement are excluding GST (if any).
An Independent Appraisal Report, prepared by Deloitte and included in today’s release, has assessed the internalisation proposal as being fair to Unit Holders not associated with CBA. The basis of Deloitte’s opinion, which is summarised in Section 1.6 of the Independent Appraisal Report, concludes that the net payment of $70.6 million is at the lower end of the fair market value range. The Independent Directors of the Manager have unanimously recommended that Unit Holders vote in favour of the resolutions contained in the Notice of Meeting.
Mark Ford, Independent Director and Chairman, said “This is an important meeting as the internalisation proposal, if approved, will fundamentally change the management arrangements of the Trust. I encourage Unit Holders to read the information contained in the Notice of Special Meeting and vote upon the proposals contained within it, either by proxy or in person.” The Special Meeting is to be held at Eden Park Stadium in Auckland at 2:30 pm on 12 December 2013. Voting at the meeting will be by way of a poll in writing and Unit Holders may lodge their vote by attending the meeting in person, or by appointing a proxy to attend and vote on their behalf.
KIP_Notice_of_Special_Meeting.pdf
ENDS
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
