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- Release Date: 22/02/12 12:32
- Summary: GENERAL: ARG: Argosy Corporatisation Approved
- Price Sensitive: No
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ARG
22/02/2012 10:32
GENERAL
REL: 1032 HRS Argosy Property Trust
GENERAL: ARG: Argosy Corporatisation Approved
The Board of Argosy Property Management Limited, the Manager of the Trust, is
pleased to announce that the proposal to corporatise the Trust was approved
by an overwhelming majority of Unit Holders at an Extraordinary Meeting of
Unit Holders held yesterday.
Corporatisation of the Trust will involve the following:
- The Trust will be converted from a unit trust into a listed company, Argosy
Property Limited. The Board of Argosy Property Limited will comprise the
same directors as the Board of the Manager.
- Unit Holders (other than Unit Holders with a registered address outside New
Zealand and Australia) will have their Units redeemed, will be transferred
shares in Argosy Property Limited, and will become shareholders in the new
company.
- Unit Holders with registered addresses outside New Zealand and Australia
will have their Units redeemed in cash, to avoid the risk of breaching legal
requirements in jurisdictions other than New Zealand and Australia.
To enable the corporatisation process to be completed, the Trust's Units will
be placed into trading halt from 5pm on 23 February 2012. Shares in Argosy
Property Limited will be transferred to Unit Holders (other than those who
are to receive cash) after 5pm on 29 February 2012. Those shares will be
quoted, and trading will commence, on the NZSX from market open on 1 March
2012 under the ticker code "ARG".
No action is required on the part of Unit Holders.
The Board sees considerable advantages to Unit Holders in corporatisation, in
terms of cost savings and improvements in corporate governance.
A copy of the presentation to Unit Holders by Argosy Chairman Mike Smith is
attached.
End CA:00219851 For:ARG Type:GENERAL Time:2012-02-22 10:32:29
