Dear , RESPONSE TO YOUR QUERY Thank you for your email regarding LLC’s offer for LLP. We expect to provide detailed information about the proposal in the Scheme Booklet which will be sent to you by mid-November. While we will provide the details behind our recommendation in the Scheme Booklet let me summarise at this point by saying that, given all the circumstances, your Independent Directors have recommended that you accept the Offer in the absence of a Superior proposal, and subject to the Independent Expert concluding that the Offer is in the best interest of securityholders. Before making this recommendation, the Independent Directors had the benefit of both financial and legal advice that is independent of LLC and it established protocols to ensure that conflicts were avoided. These protocols remain in place. Whether or not this Proposal proceeds, is a matter for the requisite majority of the non-Lend Lease LLP Securityholders to decide. The Independent Directors believe the Proposal is a very important opportunity to be made available to LLP Securityholders for their consideration. The recommendation of the Independent Directors does not preclude a competing Superior offer from being made for LLP. The Independent Directors are currently in the process of preparing the Scheme Booklet, which contains detailed information about the Proposal and it will also include a copy of the Independent Expert Report. The Independent Expert Report is being prepared by Deloitte Corporate Finance Pty Ltd (Deloitte). Deloitte will provide an opinion about whether the Proposal is in the best interests of, and fair and reasonable to, the LLP Securityholders. You should consider all of the information in the Scheme Booklet before voting on whether or not to approve the Schemes. As well as containing the Independent Expert’s Report, the Scheme Booklet will outline in detail the reasons for Independent Director’s recommendation and it will explain what will happen under various scenarios, including what will happen if the Proposal is not approved. Yours Sincerely, Andrew Love Chairman
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
