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

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

Warning – NZ Investment Securities LP Offer for DNZ Property Fund Shares 10/08/2010

DNZ Property Fund Limited has been advised that NZ Investment Securities LP has sent an unsolicited letter to shareholders making an offer to buy their shares at 75 cents per share.

 
This latest offer of 75 cents per share is also well below the last traded price of the shares on the Unlisted market of 90 cents and the indicative price range of $0.80 to $1.05 as detailed in the DNZ Property Fund 9 July Offer Document.

This letter follows an offer of 60 cents per share sent last week from Carrington Securities LP. Shareholders should note that both Carrington Securities LP and NZ Investment Securities LP are Limited Partnerships both formed 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.

Again 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 or NZ Investment 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 investors.

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