20 February 2004
The AMP NZ Office Trust’s $62 million 1:7 unit buyback information document will be mailed to unitholders on Wednesday 25 February. The buyback is at 87c/unit. The trust understands its 2 major shareholders, Ronin Property NZ Ltd holding 30% & the AMP Property Securities Fund holding 26%, intend to accept the buyback offer for at least their pro-rata shares.
Holders of Urbus Properties Ltd convertible notes have the right to convert all or part of their notes into ordinary shares on 5 April, the next election date. Urbus said notice of conversion must be received by the Urbus Securities Registrars, Private Bag 92119, Auckland, by 5pm on Thursday 25 March. The notes will be converted on a 1:1 basis. Urbus said noteholders should be aware the current market price of the shares (89c at the close on Friday) is less than the 92c principal amount for which the notes were issued and the price that will be paid to noteholders on the maturity date (30 March 2007), and the shares issued on conversion won’t carry any dividend or distribution rights for the March half year. Holders of unlisted mandatory convertible notes also have the right to convert all of their notes in any 1 class into shares on their next election date, 31 March 2004, also on a 1:1 basis and also without dividend rights. The 14 mandatory convertible notes have all traded infrequently, in a wide price spread.