Warning – Carrington Securities LP Offer for DNZ Property Fund Shares

Warning – Carrington Securities LP Offer for DNZ Property Fund Shares

Warning – Carrington Securities LP Offer for DNZ Property Fund Shares 2/08/2010

DNZ Property Fund Limited has been advised that Carrington Securities LP has sent an unsolicited letter to shareholders making an offer to buy their shares at 60 cents per share. The offer of 60 cents per share is substantially below the last traded price of the shares on the Unlisted market of 90 cents and also substantially below the indicative price range of $0.80 to $1.05 as detailed in the DNZ Property Fund 9 July Offer Document.

The Board is concerned that the letter from Carrington Securities LP may be confusing to some investors, however under securities legislation it is not illegal to offer to buy shares below their market value.

Shareholders should note that Carrington Securities LP is a Limited Partnership that was formed in July 2010 by Mr Bernard Terence Whimp of 138 Park Terrace, Christchurch. Mr Bernard Terence Whimp was banned as a Company Director for four years in 2006.

The Board recommends that Shareholders be wary of this offer and should seek professional advice before making any decision with regard to the offer by Carrington Securities LP.

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

Warning - NZ Investment Securities LP Offer for DNZ Property Fund Shares
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