Excerpts from the information memoradum fo In specie dist.As at...

Excerpts from the information memoradum fo In specie dist.

As at the Distribution Date, BGP Holdings will indirectly
own:
• A preferred equity interest in BGP Investment Sàrl,which indirectly owns the property assets of the European Joint Venture
– face value of €728.4 million
– current impaired value of €1,000
– current economic exposure to 100% of the net assets of the European Joint Venture.
• A 50% ordinary equity interest in BGP Investment
Sàrl
– nil current book value
– not anticipated to generate any future net income.

Please note that:
• As BGP Holdings Shares are considered to have no current value, beneficial holders of BGP Holdings Shares may not receive, and should not expect to receive, any distributions of income or capital from BGP Holdings.
• The actual asset realisation period may be materially shorter or longer than 3 years, which may materially impact the timing and quantum of any net income or net sale proceeds, and therefore any distributions, from BGP
Holdings.
• There is a risk that BGP Investment Sàrl may be unable to undertake or complete the asset realisation process due to a future insolvency event, in which case beneficial holders of BGP Holdings Shares are unlikely to receive any
distributions of income or capital from BGP Holdings.

Read the full document at the link below

http://www.gpt.com.au/contentdocs/Miscellaneous/ASX-Announcement_Information_Memorandum_july09.pdf