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Kiwi Income snares 19.9% of Capital Properties


Friday 19th November 2004

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Kiwi Income Property Trust today completed a lightning raid to snare 19.9% of Capital Properties at $1.15 a share.

The $55 million raid was via a stand in the market through broker Goldman Sachs JBWere and was on a first-come-first-serve basis.

Capital Properties shares settled 8c up at $1.10 after the raid.

Shares in Kiwi Income fell 1c to $1.09.

Kiwi Income Properties had today instructed its share broker Goldman Sachs JBWere to stand in the market to buy 19.9% of Capital Properties at $1.15 a share.

The overnight offer and stand in the market was conditional on Kiwi Income Properties (KIP) winning at least a 10% stake.

The stand included an escalation clause that if KIP pays above $1.15/share, all sellers would receive the same.

The stand opened at 10am today on a first-come-first-serve basis.

KIP is the manager of Kiwi Income Property Trust.

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