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- Release Date: 08/05/13 12:33
- Summary: MERGER: PFI: Update on Merger Proposal
- Price Sensitive: No
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PFI
08/05/2013 10:33
MERGER
REL: 1033 HRS Property for Industry Limited
MERGER: PFI: Update on Merger Proposal
UPDATE ON MERGER PROPOSAL
On 15 April 2013, Property for Industry Limited (PFI) announced that PFI and
Direct Property Fund Limited (DPF) had reached agreement on terms to proceed
with a merger of their respective businesses, conditional on various matters
including the PFI and DPF boards being satisfied with the outcome of the
Deloitte independent expert report.
The PFI and DPF boards have received the Deloitte independent expert report
and are satisfied with the outcome of the report. The report confirms that
Deloitte considers the merger has merit for the shareholders of both PFI and
DPF, and that the benefits of the merger are shared fairly between the
shareholders of PFI and DPF.
As previously announced, the transaction is structured to occur by way of a
court approved scheme of arrangement, with settlement targeted for 1 July
2013. PFI and DPF have now applied to the High Court for initial procedural
orders relating to the proposed merger.
Shareholders can expect to receive a notice of meeting and scheme
documentation, including Deloitte's independent expert report, in late May
followed by respective shareholder votes in late June.
Contact
For further information please contact:
Peter Masfen
Chairman
Property for Industry Limited
Phone: +64 306 1261
Email: [email protected]
Arthur Young
Chairman
Direct Property Fund Limited
Phone: +64 9 357 9001
Email: [email protected]
About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 50 industrial properties in Auckland, Wellington and
Christchurch, is leased to 84 tenants.
www.pfi.co.nz
About DPF
DPF is an unlisted limited liability property company which invests in the
commercial and industrial property sector. DPF's portfolio of 33 properties
in Auckland, Hamilton, Tauranga and Wellington is leased to 55 tenants.
www.directproperty.co.nz
End CA:00235979 For:PFI Type:MERGER Time:2013-05-08 10:33:30
