Thursday 15th September 2005
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The offer will be $1.42 cash per share. The offer of $1.42 is "generous and represents a very full price for CNZ" APP says.
It is at a substantial premium to comparable benchmarks, and is:
The acceptance level is set at the minimum required by the Takeovers Code. The Offer is scheduled to be open for only 30 days, opening on 30 September 2005 and closing on 31 October 2005.
“The intended offer for CNZ shares is consistent with our strategy of investing in quality New Zealand properties,” said Stephen Costley, General Manager, APP.
CNZ’s portfolio is primarily occupied by government and private sector tenants.
“CNZ’s portfolio of properties is complementary to APP’s own portfolio, and its weighting towards the Wellington region is also a positive feature for APP.
“Increasing our holding in CNZ will diversify our geographical spread, and increase our investment in this market,” Costley said.
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