|
Friday 24th June 2005 |
Text too small? |
As a result of reaching this threshold, ING Holdings will now proceed to compulsorily acquire all outstanding Urbus securities under the Takeovers Code, ensuring a full merger of Urbus and ING Property Trust.
Chairman of ING Property Trust Management Limited, Mike Smith, said he was delighted the takeover had been successful, as all unitholders would now benefit from the increased size and scale achieved through combining the two already complementary property portfolios.
"The combined group will be able to participate in more significant, and a greater number of, investment opportunities, with the potential to lead to increased earnings and higher returns for all unitholders," he said.
Smith said that the growth in ING Property Trust, since its establishment in 2002 had been phenomenal, resulting in a transformation of the formerly 'boutique' Trust into one of the country's leading listed property investment vehicles.
He also acknowledged the support of the Urbus board in respect of the offer process.
Once merged, the Trust is expected to be the second-largest listed property vehicle in New Zealand by market capitalisation, and is also likely to rank in the top 30 stocks listed on the NZSX50.
No comments yet
ING Property replaces difficult retail site
ING Property Trust announces re-appointment of independent director
ING Property sees challenging year ahead
ING trusts getting name change
ING Property says $96.8m depreciation hit won't hurt pay-out
ING Property Trust loss narrows, breaches covenant on Manawatu JV
ING Medical takes swipe at proposed tax tweaks
ING Property posts 1st half loss of $5.6 mln as property market remains strained
ING Property sells three properties for $10.4 million
ING Property Trust planned asset sales progressing
