Sharechat Logo

Revamp for ANZO

Chris Hutching

Friday 19th December 2003

Text too small?
Listed AMP NZ Office Trust (ANZO) manager AMP Capital will sell half the management contract to Ronin Property Group, which manages the Ronin Property Trust, a specialist office Trust, listed on the Australian Stock Exchange with a market capitalisation of about $A1 billion.

Ronin Property Group will become ANZO's largest unitholder, acquiring 30% of ANZO at $0.87 a unit from the National Provident Fund (NPF), which has 37% of ANZO. (AMP is one of eight fund managers of the NPF.)

To sweeten the deal for unitholders and strengthen the share price by reducing the supply of units, ANZO intends to return capital to investors in a buy-back on one unit for every seven held by investors at 87c (compared to 90c a unit asset backing). ANZO's gearing (debt/total assets) will rise from 20% to 31%.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Chorus sees growth in high value gigabit fibre plans
Arvida gets 87% uptake in $92 mln rights offer
NZ dollar weakens after US retail sales boost greenback
17th July 2019 Morning Report
Dairy product prices gain for first time in five auctions
MARKET CLOSE: NZ shares fall in listless trading; power companies gain
Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing

IRG See IRG research reports