Announcement not showing up on HC, so here it is below:
ASX RELEASE 6 October 2009 CHAIRMAN’S LETTER TO ALL LEND LEASE PRIMELIFE SECURITYHOLDERS The Chairman of Lend Lease Primelife (LLP) today issued the attached letter to all LLP Securityholders regarding the proposal by Lend Lease Corporation (LLC) to acquire all the securities in LLP that LLC does not already own. Further details contact:- Melissa Hennessy – General Counsel and Company Secretary LLP - Ph: 0412 110 392 ENDS
6 October 2009 Dear Securityholder,
PROPOSAL TO ACQUIRE YOUR LEND LEASE PRIMELIFE SECURITIES
Recently, we received a detailed proposal (the Proposal) from Lend Lease Corporation (LLC) to acquire all the Lend Lease Primelife stapled securities that they do not already own, at a substantial premium to the price at which these securities have traded on the Australian Securities Exchange during the last six months.
As you will be aware, we have been working on a progressive restructuring and repositioning of Lend Lease Primelife Group (LLP) with a view to reducing debt and putting LLP back on a sustainable operating footing. While that work continues, the Independent Directors of LLP consider that LLP Securityholders should be given the opportunity to consider the Proposal.
In the absence of a Superior Proposal but subject to an Independent Expert concluding that the Lend Lease Proposal is in the best interests of LLP Securityholders, the Independent Directors (Andrew Love, Ian Crow and Gary Symons) have unanimously recommended the Proposal. We will provide detailed reasons for our recommendation when we send you a Scheme Booklet that will include all material information about the Proposal.
It is expected that you will receive the Scheme Booklet in mid November. You need take no action regarding the Proposal until then.
As the Proposal has been made by LLP’s largest Securityholder, which is also the parent company of LLP’s Manager, the Independent Directors have obtained separate financial and legal advice to assist in their consideration of the Proposal. Further we have put in place protocols and processes to deal with any conflicts that may arise during this process.
Proposal overview
On September 28, Lend Lease Primelife Limited and the Lend Lease Primelife Trust (together LLP) entered into a Scheme Implementation Agreement (SIA) with LLC, under which LLC proposes to acquire all the stapled securities in LLP that it does not already own (LLP Securities) for a cash price of A$0.31 per LLP Security. The Proposal is to be implemented by way of a Court approved Scheme of Arrangement and a concurrent Trust Scheme (Schemes) under which LLP Securityholders will be asked to vote on the Proposal at Scheme Meetings that are expected to be held in December 2009 (Scheme Meetings).
The Proposal is subject to certain conditions that must be satisfied before it can be implemented. These conditions are set out in the SIA which can be inspected either on LLP’s website (www.llprimelife.com) or on the ASX website (www.asx.com.au).
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
