Archive | Asian Growth Properties

SEA portfolio transfer proposal will take Asian Growth Properties inhouse

Published 22 September 2006


SEA Holdings Ltd will take the London-listed Asian Growth Properties Ltd inhouse under a proposal for AGP to acquire SEA’s main Hong Kong & China property portfolio for $HK4.43 billion ($NZ860 million).



Asian Growth Properties Ltd, the Hong Kong-based offshoot of Trans Tasman Properties Ltd which is now only 2.5% owned by the New Zealand company, announced the conditional portfolio purchase on 19 September.


SEA, also of Hong Kong and headed by Jesse Lu, plans to sell Asian Growth a portfolio of 6 properties in Hong Kong & China currently held by another subsidiary, the Target Group.


Asian Growth said: “Due to the size of the transaction relative to the size of AGP and SEA’s shareholding in AGP, the proposed transaction constitutes a related-party transaction and a reverse takeover for AGP under the AIM (London Stock Exchange alternative investment market) rules.”


SEA split Asian Growth off from Trans Tasman at the end of last year, listing it on AIM in January. At that time SEA held 69.7% of Asian Growth but has since increased its stake to 85.42%. SEA’s stake in Trans Tasman slipped back to 51.9% at the split in January but under a takeover offer it’s got that stake up to 78%.


On completion of this deal, SEA would hold 96.42% of Asian Growth.


AGP had total assets of $HK2.2 billion, net assets of $HK1.6 billion, at 30 June. Target is much bigger, holding total assets of $HK7.74 billion, net assets of $HK4.4 billion.


SEA proposes to buy 668.7 million Asian Growth shares at 40p/share – a 19.7% premium over the average trading price in the past 3 months and an 18.8% discount to net asset value at 30 June.


“The board (of Asian Growth) considers this transaction to be fair & reasonable and that the 14.17% dilution in net asset value/existing ordinary share on completion of the transaction impacting shareholders is, in the opinion of the board, more than compensated by the quality, value & potential of the property portfolio being purchased from SEA.”


The transaction is subject to the approval of Asian Growth shareholders at a meeting in Hong Kong on Wednesday 4 October (5pm local time).


3 of the assets Asian Growth will buy are on Hong Island, one in the New Territories, 2 in China:

Dah Sing Financial Centre, Wanchai, 39 storeys, 88.3% let
A floor in a 35-storey Queen’s Rd, Central, building
A 30-storey 206-room hotel development under construction at Leighton Rd, at the junction of Causeway Bay & Happy Valley
Target’s 55% interest in the 922-unit Royal Green residential development, due for completion in November at Sheung Shui, New Territories
Plaza Central, Chengdu, Sichuan Province in China, 2 new 30-storey office blocks 97% owned by Target
Westmin Plaza phased 2, Guangzhou, a 1.3ha site with a mixed-use development under construction

Website: Asian Growth Properties


AGP announcement


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Trans Tasman seeks leave to appeal minority buyout award

Published 22 August 2006


Trans Tasman Properties Ltd said on Monday it would seek leave of the High Court to appeal the arbitrator’s 56c/share minority buyout award.



The award related to the price to be paid for the 958,444 ordinary shares in Trans Tasman held by shareholders who exercised minority buyout rights when Trans Tasman split off its Hong Kong assets into Asian Growth Properties Ltd, a new company listed on the London Stock Exchange’s AIM market.


Trans Tasman chairman Don Fletcher said when Asian Growth Properties was floated in January the board felt the “fair & reasonable” price should be based on the trading price before the announcement of the offer, and 45.06c was the weighted average trading price for the month before the 28 September 2005 announcement.


Trans Tasman director Rod Hodge said when the award was announced the company considered it was “both legally & factually flawed”.


The 11 affected shareholders have been paid in accordance with the award, but Trans Tasman said if it succeeded with its appeal it would seek reimbursement of the difference – about $96,000.


Earlier stories:


18 August 2006: SEA reaches 73% of Trans Tasman, which pays out arbitrator’s price of 56c to minorities


9 August 2006: Trans Tasman minorities buyout price set at 56c – company considers appeal


8 March 2006: Trans Tasman minority buyout number falls


24 January 2006: Trans Tasman prices minority buyout at 45.06c


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Trans Tasman minorities buyout price set at 56c – company considers appeal

Published 9 August 2006


An independent arbitrator has set the price for a minorities buyout at Trans Tasman Properties Ltd at 56c/share – 10c above the price the company proposed & 1c above the price offered by SEA Holdings Ltd in its subsequent takeover offer for Trans Tasman.



Trans Tasman director Rod Hodge said yesterday after receiving the award the company was considering appealing, which can be done to the High Court in some circumstances: “The company considers that the arbitrator’s award is both legally & factually flawed and is considering appealing the award.”


The award related relating to the price to be paid for the 958,444 ordinary shares in Trans Tasman held by shareholders who exercised minority buyout rights when Trans Tasman split off its Hong Kong assets in a new company listed on the London Stock Exchange’s AIM market.


Trans Tasman chairman Don Fletcher said when Asian Growth Properties was floated in January the board felt the “fair & reasonable” price should be based on the trading price before the announcement of the offer, and 45.06c was the weighted average trading price for the month before the 28 September 2005 announcement.


But the arbitrator determined that the price should be assessed at 24 January 2006, being the date that Trans Tasman’s board notified the dissenting shareholders of the purchase of their shares, and that a fair & reasonable price was 56c/share.


Originally 22 shareholders, holding 2.14 million shares, sought minority buyout rights after the December vote approving the Asian Growth Properties Ltd share offer. The number of shareholders was halved by the time of the arbitration.


Meanwhile, SEA has lifted its Trans Tasman stake to 71.43% through its 55c/share takeover offer, which now closes on Wednesday 23 August. SEA declared its offer unconditional on Monday. Yesterday it tried to encourage interest among brokers in supporting the offer, telling them it would pay a handling fee (the greater of $20 or 1% of the offer price payable).


Earlier stories:


8 August 2006: SEA goes unconditional in Trans Tasman bid


8 March 2006: Trans Tasman minority buyout number falls


24 January 2006: Trans Tasman prices minority buyout at 45.06c


 


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Attribution: Company statements, phonecall, story written by Bob Dey for this website.

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Trans Tasman minority buyout number falls

Published 7 March 2006


Holders of 1.37% of Trans Tasman Properties Ltd shares indicated in January they wanted to be bought out under the minority buyout provision as part of the company’s restructure, but when it came to the transaction  holders of only 0.76% took part.



When the minority buyout numbers were announced on 24 January, Trans Tasman chairman Don Fletcher said 22 shareholders holding 22.14 million shares had sought to exercise minority buyout rights. In response, the company set a price of 45.06c/share at which it would buy them out.


When the acquisition was completed, however, only 1.18 million shares were bought. The offer price was set at the weighted average trading price for the month before 28 September, when Trans Tasman announced the restructure under which it set up Asian Growth Properties Ltd as a new stock listed on the London AIM market. The share price has been stuck on 45c for the past fortnight.


Earlier story:


24 January 2006: Trans Tasman prices minority buyout at 45.06c


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Asian Growth’s solid balance sheet doesn’t stop share price discount

Published 2 March 2006


Asian Growth Properties Ltd’s shares have dropped by about 36-44% since listing on the London Stock Exchange’s alternative investment market (AIM) on 16 January, but the former Asian component of NZ-listed Trans Tasman Properties Ltd presented a solid balance sheet when it released its annual result on 20 February.


Initial trading was in a range of 62-65p/share, compared to asset backing of 53p. But the first trade on the second day’s trading was at 55p, followed by trades at 53.87p. The London Stock Exchange website shows the latest trades, on 27 February, at 36.5p & 41.5p.


Those latest sale prices give the shares a discount range of 21.7%-31.1% compared to asset backing. That’s still not as heavy a discount as Trans Tasman has been trading at this week – a 35% margin between asset backing of 69.3% and share price of 45c.


Both Asian Growth & Trans Tasman have switched from being property investors to developers, but the more aggressive approach to their portfolios hasn’t sat well with small investors so far.


That has given major investor Jesse Lu, managing director of SEA Holdings Ltd in Hong Kong, a choice of discount rates. So far, he’s opted to increase SEA’s stake in Asian Growth – raising its stake in Trans Tasman requires creep investing at 1%/year, or a full bid.


SEA Holdings held 73.4% of Asian Growth at 19 January, rising to 80.3% at 25 January and still at that level on 20 February. Trans Tasman holds 2.5%, giving SEA an aggregate 82.8%, and New Zealand’s Accident Compensation Corp holds 5.1%.


Asian Growth Properties Ltd produced its results for the year to 31 December on 20 February, showing pretax profit of $HK16.3 million (up 34% from $HK12.2 million) on $HK11.7 million operating revenue, net profit $HK14.4 million ($HK10 million), shareholders’ equity $HK1570.8 million, net asset backing $HK7.22 (at listing in London, AIM put that backing at 54p/share).


Chairman David Mathewson said Asian Growth had started developing 2 of its 3 Hong Kong development sites, Wanchai Rd & San Po Kong, and planning was advanced for the future development of its 2ha development site in Sha Tin, New Territories.


As the developments are in their early stages, revenue was derived mainly from rental, interest & investment income.


Chief executive Don Fletcher said: “The group expects to derive the majority of its revenues from the completion & sale of developed property assets. Whilst the group does earn passive investment rental income, it is not expected that this will be the primary source of income for the group. Returns for the group are determined by expected development completion dates and the group is primarily motivated by growing the net asset value of the company.


Website: Asian Growth page at LSE


 


22 January 2006: SEA back to 52% of Trans Tasman as new Asian Growth shares slide


18 January 2006: Asian Growth starts well in London then slips


19 December 2005: Trans Tasman stake in HK sister only 2.5%


15 December 2005: Full Asian Growth split approved


26 November 2005: Trans Tasman split documents in the post


12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Trans Tasman prices minority buyout at 45.06c

Published 24 January 2006


Trans Tasman Properties Ltd said today 22 shareholders sought minority buyout rights after the December vote approving the Asian Growth Properties Ltd share offer and they’d be paid out at 45.06c/share.



The minority buyout application can be made under section 111 of the Companies Act 1993.


Trans Tasman chairman Don Fletcher said the 22 shareholders held a total 2,144,457 shares, representing 1.37% of Trans Tasman’s issued capital after completion of the Asian Growth offer, or 0.37% of the pre-offer issued capital.


Mr Fletcher said the board felt the “fair & reasonable” price should be based on the trading price before the announcement of the Asian Growth share offer proposal. 45.06c was the weighted average trading price for the month before the 28 September announcement and the shares closed today at 45c.


Trans Tasman will fund the purchase of shares taken up under this offer from cash reserves and will cancel the shares.


Earlier stories:


22 January 2006: SEA back to 52% of Trans Tasman as new Asian Growth shares slide


19 December 2005: Trans Tasman stake in HK sister only 2.5%


15 December 2005: Full Asian Growth split approved


26 November 2005: Trans Tasman split documents in the post


12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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Trans Tasman stake in HK sister only 2.5%

Published 19 December 2005


Trans Tasman Properties Ltd expects to hold only 2.5% of its new sister company, Asian Growth Properties Ltd when it lists in London next month.



Trans Tasman’s parent, SEA Holdings Ltd of Hong Kong, will reduce its Trans Tasman stake from 64.64% to 51.9%, and expects to have 69.7% of the new company, based on provisional figures.


Trans Tasman announced the expected stakes today, following an 86.5% vote in favour of the full offer of shares in Asian Growth on Thursday.


In 2001, Trans Tasman was a $1.2 billion company, including its interest in Australian Growth Properties Ltd, but it had $620 million of debt. It wrote off nearly $100 million in 2 years before starting to come right in 2003. It splits, in the current restructure, into a net $300 million Hong Kong company and a net $100 million New Zealand company (with assets on both sides of the Tasman).


Trans Tasman said today shareholders (including SEA) had elected to take up 97.5% of the available shares in the Asian Growth offer, and Trans Tasman intended to proceed with the full offer.


Minorities will hold 48.1% of Trans Tasman and 27.8% of Asian Growth, which will be listed on the London Stock Exchange’s AIM (alternative investment) market on Monday 16 January.


Earlier stories:


15 December 2005: Full Asian Growth split approved


26 November 2005: Trans Tasman split documents in the post


12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


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Full Asian Growth split approved

Published 15 December 2005


Trans Tasman Properties Ltd shareholders passed both restructure resolutions by comfortable margins today – 86.2% for the partial offer, 86.5% for the full offer, which enables new company Asian Growth Properties Ltd to be set up with a London AIM listing and for Trans Tasman shareholders to split their holdings.



Major shareholder SEA Holdings Ltd of Hong Kong ensured the partial offer would succeed by voting its 64.64% in favour. The full offer required 75% support.


Asian Growth shares are due to start trading in London on Monday 16 January.


Trans Tasman went into today’s meeting owning a net $404.2 million business, of which 75% is now in Hong Kong. Its interest has been gradually transferred following sale of the bulk of its Australian assets in 2003.


Under the full offer, Trans Tasman will become a net $101.1 million Australasian company, primarily a developer after a history as an investor. As executive chairman Don Fletcher described it today, “its business policy is to be light on its feet and to get in & out of developments quickly.”


Its exposure to Asian property will cease unless the full offer of Asian Property shares isn’t subscribed for. While Trans Tasman could hold up to 61% of Asian Properties with a low acceptance level, SEA said on Wednesday it would offer $1/Asian Growth share for the first 5 days after listing on the AIM market. That’s above the current 90c value of the offer to shareholders of one Asian Growth share for every 2 Trans Tasman shares, but well below the $1.39 net asset value.


Trans Tasman shareholders can convert up to 75% of their holdings into Asian Growth shares on the 1:2 basis. They must make the election by the close of business tomorrow – Friday 16 December. SEA has said it will maintain at least a 50.1% interest in Trans Tasman on completion of the restructure.


Today’s meeting to approve the restructure attracted an audience of only about 50 shareholders & others (including vote-counters) and had none of the rancour which has been a feature of Trans Tasman meetings for many years. But there were plenty of questions, and undoubtedly many small shareholders will go into the new Trans Tasman era uncertain about their investments.


Website: Trans Tasman Properties


 


Earlier stories:


26 November 2005: Trans Tasman split documents in the post


12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


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Trans Tasman split documents in the post

Published 26 November 2005


A much smaller Trans Tasman Properties Ltd will get a new chief executive in the New Year, when the 75% of it that’s invested in Hong Kong is turned into a new company listed in London, Asian Growth Properties Ltd.



Don Fletcher will remain as chairman of Trans Tasman as major shareholder SEA Holdings Ltd retains its majority stake (at least 50.1%). Trans Tasman will start the recruitment process for a new chief executive in early 2006. Rod Hodge will continue as an executive director.


Mr Fletcher’s main role will be as chief executive of the new company, which has all its assets in Hong Kong now but intends to extend its business into China and is looking at other Asian markets.


Trans Tasman will offer its shareholders one share in Asian Growth for every 2 they hold in the current company, under 2 scenarios – a full offer for up to 100% of their shares, or a partial offer for up to 65%.


Trans Tasman will send shareholders the offer details on its Asian Growth proposal on Monday, 28 November. The documents are all on the Trans Tasman website. The offer will open on 28 November and close on Friday 16 December.


The company will hold a special meeting to approve its reconstruction proposal on Thursday 15 December at 10am, at the Alexandra Park Function Centre.


Trading in Asian Growth shares will open on the London Stock Exchange’s AIM (alternative investment) market on Monday 16 January.


And that event carries a warning in the prospectus for small shareholders, who are told that if they want to trade small parcels on the London Stock Exchange’s AIM (alternative investment market), they are likely to find the cost disproportionately expensive.


Meanwhile Trans Tasman’s major shareholder, SEA Holdings Ltd of Hong Kong, gave notice on Friday that it had increased its stake from 64.64% to 66.26% in 8 onmarket transactions over the 10 days to 24 November. That holding ensures that the resolution approving the partial Asian Growth offer will succeed. The full offer requires a special resolution, for which SEA can’t guarantee the outcome.Reasons for split


Trans Tasman said in its notice of meeting the present company structure wouldn’t enable it to fund investment opportunities of the size & scale available to it: “The separation of the Asian assets presents an opportunity for better management of development capital requirements. Meeting ongoing development capital requirements and accessing funding for the pursuit of investment opportunities in Asian property markets presents challenges to the Trans Tasman Group as:

there is limited appetite in the New Zealand market for Hong Kong development – which will make efficiently priced capital-raising in New Zealand challenging
Trans Tasman has investigated overseas capital funding and has been advised that a portfolio which also includes Australasian investments would be less attractive in the London market than a stand-alone Asian property portfolio
raising debt to fund future development of the Trans Tasman Group’s current investments and pursue further investment opportunities could change the group’s debt:asset profile to a level which is unattractive.”

The documents also mentioned a longstanding bone of contention – the hefty discount on Trans Tasman’s shares, still at 28% on a much improved share price of 48c, compared to asset backing of 66.8c: “The 2 clearly identifiable investment vehicles should trade at a reduced share price discount to net asset value than the existing discount on Trans Tasman shares, delivering benefits to all shareholders.”


That will be so for Asian Growth, but the Trans Tasman remnant will still be a mixed bag – depending on how keen shareholders are to invest in the Asian company, Trans Tasman could still hold up to 61% of it in the first year. If Trans Tasman retains 35% of Asian Growth, Trans Tasman will have $207 million of net assets split roughly evenly between Australasia & Asia.


The values of the 2 parts of Trans Tasman have dropped slightly from the original net $410 million estimate, to a net $303.1 million for the Asian assets, $101.1 million for the Australia & New Zealand assets, so still a 75:25 split.


The existing Trans Tasman’s net asset value at 30 September was 69.63c/share. Asian Growth’s asset value was $HK7.4694/share ($NZ1.3926/share), allowing a precise pro rata swap of one Asian Growth share for every 2 Trans Tasman shares.


Under the full offer, Trans Tasman shareholders will be able to convert up to 75% of their shares to Asian Growth. Under the partial offer, they’ll be able to convert 48.75% (the 75% multiplied by the 65% partial offer limit).


The pro forma 30 September balance sheet shows the Australasian Trans Tasman would be a small business with low gearing – $101 million equity, $9.1 million of borrowings, $7 million of other bills, $75.2 million of New Zealand development properties, $22.5 million of Australian development properties.


Asian Growth would have $282.8 million of Hong Kong development properties, $118.1 million of cash in the bank, $99 million of borrowings & other liabilities.


Under all scenarios, Trans Tasman will retain its Australasian assets:

31,098m² of Viaduct Harbour land, split over 3 development sites, valued at $40.94 million
an investment in a Queenstown parking development, $8.4 million (55% interest in a development valued at $18 million on completion)
a 34.1% interest in the Clearwater residential & commercial development in Christchurch, $6.7 million
Christchurch land bank comprising 163ha at Woodend ($2.7 million), Grassmere Estate ($7.7 million) & Belfast ($4.2 million)
other property valued at $4.7 million
a strata interest in a retail & office building at 65 York St, Sydney, valued at $22.5 million
equity investments in e-commerce businesses the PSB Group, GSB SupplyCorp Ltd & SupplyNet Ltd.

Viaduct holdings


Trans Tasman’s leasehold landholdings in the Viaduct Harbour precinct are in 3 separate blocks, 2 of them zoned for office, retail & parking, the other one currently zoned marine activity:

Viaduct 1 comprises 3665m² bound by Beaumont, Gaunt & Daldy Sts, immediately north of the partially completed Air New Zealand building (which Trans Tasman began then sold). Trans Tasman is investigating development options for this site, which is likely to include a 9000m² lowrise office & retail development, complementary in design to the Air New Zealand building, with 80 basement parking spaces. Subject to market demand & finalisation of the project feasibility, development on this site could start in late 2006
Viaduct 2 comprises 16,847m² bound by Fanshawe, Halsey, Gaunt & Daldy Sts. This site is between the Air New Zealand development & the recently completed Vodafone head office and represents one of the larger parcels of undeveloped land in the area. Trans Tasman is working with Auckland City Council to secure resource consent to facilitate development of 50,000m² of office & retail space and up to 800 parking spaces. Development on this land is contingent upon Trans Tasman having obtained substantial leasing precommitment, and satisfying itself that further development of the land is economically viable
Viaduct 3 consists of 3 separate properties totalling 10,600m² bound by Packenham, Halsey & Madden Sts. This site’s extensive frontage to Halsey St allows a range of development possibilities. The buildings are tenanted, with leases running through to 2010. This landmark site has a combined 130m frontage to Halsey St with an unobstructed outlook back to Auckland’s cbd. The lessor’s interest in this land is held by Ports of Auckland Ltd, which is promoting the rezoning of the entire northern Viaduct area. Trans Tasman is working closely with Ports of Auckland to ensure the group obtains an optimal outcome should the zoning change proceed.

The group’s $NZ11 million & $A30 million tax losses should be preserved. The New Zealand tax losses could be reduced by $2.7 million if Trans Tasman loses a court case brought by Inland Revenue over an asset bought in 1996 and since sold.


The Australasian group’s $9.1 million of borrowings represents only 8% of total assets. The borrowings are represented by a 4-year interest-only debt facility provided by The Hongkong & Shanghai Banking Corp Ltd and secured over the 3 Viaduct sites and Kitchener St parking building. The facility can be drawn to $23.4 million and expires on 31 March 2009. A further $7 million has been drawn since 30 September.


Among variables which depend on how many shareholders take up the Asian Growth offer, the head office set up in Singapore at the start of this year is likely to be closed if the Trans Tasman remnant ceases to have any investments in Asia, but might remain open if Trans Tasman retains a shareholding in Asian Growth.


Asian Growth will start out more focused than that, with a new board (apart from Mr Fletcher & SEA’s Jesse Lu):

David Matthewson, chairman of Sportech plc, non-executive chairman of Geared Opportunities Income Trust plc, non-executive director of merchant bankers Noble & Co Ltd, Edinburgh UK Tracker Trust plc, Martin Currie High Income Trust plc, Murray VCT plc & various private companies
Richard Prickett, former chairman of Brancote Holdings plc, former chairman and now non-executive director of Patagonia Gold plc, non-executive director of the Capital Pub Co plc
David Runciman, a Hong Kong resident since 1977 who will be an executive director, fellow of the Royal Institution of Chartered Surveyors, CBRE’s former Asia-Pacific chairman who has spent much of his working career in Asia dealing with all aspects of residential & commercial real estate markets, now chief executive of his own investment company, Scottish & Oriental Estates
Larry Lim Kee Yong, finance director & executive director, who joined Trans Tasman this year, was a senior finance manager of Singapore-listed Keppel Telecommunications & Transportation Ltd for the previous 9 years.

Website: Trans Tasman Properties


 


Earlier stories:


12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


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25 November record date to set Trans Tasman reconstruction rolling


Published 12 November 2005


Trans Tasman Properties Ltd has set the terms for its shareholders to take up the offer of shares in a new company, Asian Growth Properties Ltd.



Record date for the proposal is Friday 25 November. Shareholders on record at that date will get:

an offer document comprising a combined prospectus & investment statement, and
a notice of special meeting, including an explanatory memorandum.

They will be able to convert either 48.75% or 75% of their existing Trans Tasman shares into Asian Growth shares at a ratio of 1 AGP:2 TTP, with 2 Trans Tasman shares cancelled. The higher conversion offer will depend on the outcome of resolutions to approve the offer for 75% of a shareholder’s shares as a major transaction.Settlement date will be Friday 13 January. Asian Growth will be listed on the London Stock Exchange’s AIM (alternative investment market).


Earlier stories:


5 November 2005: SEA will keep majority in both Trans Tasman companies


23 October 2005: Trans Tasman sets course for Asian split


29 September 2005: Trans Tasman proposes splitting Asian assets into new company


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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