KIP
15/12/2014 12:30
MEETING
PRICE SENSITIVE
REL: 1230 HRS Kiwi Income Property Trust
MEETING: KIP: Results of Special Meeting relating to Corporatisation
Kiwi Income Property Trust is pleased to announce that Unit Holders today
overwhelmingly approved resolutions to effect the corporatisation of the
Trust.
Corporatisation of the Trust will involve the following:
- The Trust will be converted from a unit trust into a listed company, Kiwi
Property Group Limited, trading as Kiwi Property. The Board of Kiwi Property
will comprise the same directors as the Board of the current Manager of the
Trust.
- Unit Holders will have their Units redeemed in exchange for Shares and will
become Shareholders in Kiwi Property. Each Unit Holder will receive one
Share in Kiwi Property for each Unit they hold on the record date for
redemption of Units.
Details of the process for corporatisation were outlined in the Notice of
Special Meeting and Prospectus released on 12 November 2014.
To enable corporatisation to be completed on 22 December 2014, the Units will
be placed into a trading halt from the close of business on 16 December 2014.
The Units will be redeemed, and Shares will be transferred to Unit Holders,
on 22 December 2014. Those Shares will be quoted, and trading will commence,
on the NZX Main Board from that date under the ticker code 'KPG'.
No further action is required by Unit Holders.
Mark Ford, Chairman, said: "In the past 12 months, our investors have
supported us through two major changes to our structure, including the
internalisation of our management and, now, corporatisation. These
initiatives will create long term cost savings and investment value."
"Our corporatisation will allow us to refresh our corporate brand, and we
look forward to unveiling our new look in the very near future."
"Our objective hasn't changed however - we remain committed to providing our
shareholders with a reliable investment in New Zealand property, and we will
continue to target superior risk-adjusted returns over time through the
ownership and active management of a diversified, high-quality portfolio."
Results schedule
The outcome of voting on each resolution is as follows:
RESOLUTION 1: Corporatisation
RESULT: Passed
FOR (Units No.): 499,740,790
FOR (%): 99.93
AGAINST (Units No.): 348,971
AGAINST (%): 0.07
RESOLUTION 2: Transfer of the share in the Manager and termination of the
Shareholding Deed
RESULT: Passed
FOR (Units No.): 499,541,092
FOR (%): 99.94
AGAINST (Units No.): 316,371
AGAINST (%): 0.06
Resolution 1 was a resolution required to be passed in accordance with
Section 18 of the Unit Trusts Act 1960, and as an Extraordinary Resolution as
defined in the Trust Deed. It required approval by Unit Holders representing
at least 75% of Units entitled to vote, and voting, and representing at least
25% of all Units. Resolution 2 was an Extraordinary Resolution and required
approval by Unit Holders representing at least 75% of Units entitled to vote,
and voting.
Key dates for completion of corporatisation
The key dates to effect corporatisation are as follows:
EVENT: Units cease trading on the NZX
DATE: 16 December 2014
EVENT: Record date for redemption of Units
DATE: 19 December 2014
EVENT: Shares issued on redemption of Units
DATE: 22 December 2014
EVENT: Corporatisation effected and Shares commence trading on the NZX
DATE: 22 December 2014
ENDS
For further information please contact:
Chris Gudgeon
Chief Executive
Direct: +64 9 359 4011
Mobile: +64 21 855 907
Mathew Chandler
Investor Relations and Communications Manager
Direct: +61 2 4377 1590
Mobile: +61 458 110 042
About Kiwi Income Property Trust
Kiwi Income Property Trust's objective is to optimise returns for its Unit
Holders through the careful acquisition, development and professional
management of its property portfolio. The Trust is listed on the New Zealand
Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a
member of the NZX 15 Index.
The total value of the Trust's property portfolio is $2.1 billion. Assets
include:
Key Retail Assets
Sylvia Park Shopping Centre, Auckland
LynnMall Shopping Centre, Auckland
Centre Place Shopping Centre, Hamilton
The Plaza Shopping Centre, Palmerston North
North City Shopping Centre, Porirua
Northlands Shopping Centre, Christchurch
Key Office Assets
Vero Centre, Auckland
ASB North Wharf, Auckland
The Majestic Centre, Wellington
56 The Terrace, Wellington
44 The Terrace, Wellington
Kiwi Income Property Trust's website address is kipt.co.nz
End CA:00258908 For:KIP Type:MEETING Time:2014-12-15 12:30:28