Ann: Trading Halt, page-13

So as far as I can tell the TOT shareholders are going to end up with 3 office buildings in New Zealand plus a 50 interest in a 4th in exchange for handing over the stake in IAP to Charter Hall. In a separate transaction the 360 head company is going to buy our stake in PMG funds management for 21 million dollars which is a very good profit of around 50 percent and will allow TOT to transform into a good old fashioned traditional REIT. I think this is a good strategy overall and we're more likely to attract general market interest holding property assets directly rather than having strategic stakes in other REITS. Only negative for me is that office buildings would have to be my least favorite property class at the moment due to the work from home trend. I would have much preferred warehouses/sheds!