09 Jul DNZ Registers Investment Statement & Prospectus
DNZ Registers Investment Statement & Prospectus 9/07/2010
The Board of DNZ is pleased to advise that an Investment Statement and Prospectus was registered on 9 July 2010 with the Companies Office.
Under that Investment Statement and Prospectus, New Zealand resident Shareholders in the Company are being offered the right to subscribe on a pro-rata basis for shares in the Company having an aggregate value of up to $35 million. Additional shares may also be offered at the discretion of the Board of up to $10 million.
The Investment Statement and Prospectus will be sent out to all shareholders in the later part of next week along with an Entitlement and Acceptance form. The amount that can be applied for by shareholders will be detailed on the form.
The record date for the Offer is 14 July 2010.
The Offer will open on 19 July and is expected to close on 4 August 2010.
The expected allocation and allotment date is 13 August 2010 with the expected date for commencement of quotation and trading on the NZSX is 16 August 2010.
Application has been made to NZX for permission to list the Shares and all the requirements of NZX relating to that application that can be complied with on or before the date of this announcement have been duly complied with. However, NZX accepts no responsibility for any statement in this announcement.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.
As at 31 May 2010 DNZ Property Fund owned 55 properties with 265 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 95.4% over a net lettable area of 379,779m², net contract rental of $54.4m with a portfolio value of $671m (31 March 2010 Valuations).
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.