Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Board Announce Timetable For Review

25 November 2005

Capital Properties Board Announce Timetable For Review

The new board of Capital Properties New Zealand Limited today announced the programme for a review of the Capital Properties business following the takeover by AMP Property Portfolio Investments Limited.

The review was foreshadowed in AMP Property Portfolio's offer document which indicated that, if the offer became unconditional, AMP Property Portfolio would seek majority representation on the Capital Properties board and support the Capital Properties board in conducting a rigorous review of the existing assets, operations, policies (including distribution policies) and capital structure of Capital Properties.

As at 23 November 2005, AMP Property Portfolio had received acceptances which would give it 71.6% of the voting rights in Capital Properties.

Newly elected chairman of the Capital Properties board, Murray Gribben said, "The board has committed to completing this review during December 2005. No dividends will be paid pending the announcement of the outcome of the review. The outcome of the review, including future dividend policy, will be announced before the end of January 2006."

The board of Capital Properties now comprises existing directors Murray Gribben, Michael Cashin and James Ogden, newly appointed director Rob Morrison and one other director yet to be named. Mr Gribben is Head of Alternative Assets for AMP Capital Investors (New Zealand) Limited and a non-independent director. He joined the board in July 2005 following his nomination to the board by AMP Property Portfolio. Mr Cashin and Mr Ogden continue as independent directors and comprise the Independent Directors' Committee for the purposes of the AMP Property Portfolio offer. The new non-independent director on the board is Rob Morrison, Director of Asian Investments, AMP Capital Investors Australia, who has been nominated by AMP Property Portfolio. Rob Morrison's appointment is subject to final confirmation.

Stephen Costley, General Manager of AMP NZ Property Fund (the owner of AMP Property Portfolio), was originally proposed as a new Capital Properties board member. However as Mr Costley will continue to manage AMP Property Portfolio, Mr Costley has decided not to proceed with being a director of Capital Properties.

AMP Property Portfolio's Offer has been extended and declared unconditional, and now closes at 11.59pm on 1 December 2005. Shareholders who accepted the offer by the initial closing date of 16 November 2005 should have now received the $1.48 per share offer price.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>



Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>


Retail: New Law Paves Way For Greater Supermarket Competition

Legislation that bans major supermarkets from blocking their competitors’ access to land to set up new stores paves the way for greater competition in the sector, Minister of Commerce and Consumer Affairs Dr David Clark said... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>