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Urbus makes $15 million share placement

Thursday 25th September 2003

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Urbus Properties has raised $15 million by way of a placement of ordinary shares mainly to local institutions.

Urbus chief executive Murray Barclay says the proceeds will be used to fund the acquisition of future investment properties and development opportunities.

"This will further improve the quality of the portfolio and assist the company to move to its targeted 40% industrial: 40% retail: 20% office sector mix," he says. "In the short term the proceeds will be applied to reduce bank debt."

The new ordinary shares will not participate in the interim dividend for the six month period ending 30 September 2003 which is expected to be paid in late November.

The new shares were placed at a price of 81.5 cents per share and the number of new shares issued totalled 18,404,908.

The placement price of 81.5 cents represented a discount of 3.6% to the current Urbus ordinary share price of 89 cents after adjusting for the anticipated 4.5 cent interim dividend which is expected to be paid in late November 2003.

The placement was managed by Forsyth Barr who underwrote the size of the placement at $10 million. The new shares will be allotted on September 30.

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