Monday 30th June 2003
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It will be the first company to list on the NZSX after the exchange's own listing in June.
Urbus chairman Denis Thom says the listing is a momentous event in the company's history and the culmination of two years of extensive preparation.
"We strongly believe the company's future lies in widening the investor base with long term benefits such as improved liquidity and enhanced value recognition of the Company's securities.
"Liquidity within the portfolio will ensure the company can pursue and maintain a property mix that will continue to provide growth to Net Tangible Assets (NTA) and Earnings per Share (EPS)," he says.
The successful acquisition of $157 million of property assets in December 2002 transformed Urbus into one of the largest commercial property companies in New Zealand.
It now has more than $390 million of property assets comprising 56 properties with 180 tenants. Urbus has 7,834 share and convertible note holders with investors located throughout New Zealand.
"We anticipate that Urbus will have widespread appeal to both institutional and retail investors," Thom says.
He says the company has enjoyed a solid performance over the past year.
Ø $18.1 mill operating surplus before revaluation (20% increase on previous year)
Ø Net Tangible Assets (NTA) per share: 93.04 cents (91.8 cents last year)
Ø Earnings Per Share (EPS): 10.48 cents (10.55 cents last year)
Ø Gross dividend for the year: 9 cents ( 9 cents last year)
Ø Portfolio increase of 75% to $394.5 mill
"Urbus has a clear management and board commitment to encouraging growth and improving the quality of its portfolio - thereby enhancing value for shareholders," Thom says.
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