Natl makes bid for Newmarket
Tuesday, May 14th 2002, 7:57PM
It will be offering six units for every 10 units on issue in Newmarket. Based on today’s closing price of 95 cents for National’s units the price being offered for each unit in Newmarket equates to 57 cents.
National’s offer has a number of conditions including acceptance by Newmarket unit holders holding in excess of 50% of the total units on issue in Newmarket.
Other conditions include National obtaining an exemption from the Securities Commission, under the Securities Act, from issuing a prospectus for the units it proposes to issue to the Newmarket unit holders.
A further condition of the offer requires the manager of The National Property Trust to conclude an agreement to acquire all of the shares in the manager of Newmarket, Newmarket Property Management Ltd. Newmarket has a total of 67,666,130 units on issue and on the basis of 6 units in National being offered for every 10 units in Newmarket it will require the issue of 40,599,678 units in National.
Metropolitan Life Assurance Company of New Zealand Ltd holds a direct relevant interest in 38.01% of the total units on issue in Newmarket and it will continue to hold a relevant interest in National if it accepts National’s offer.
If Metropolitan Life accepts National’s offer it will hold approximately 16.25% of the total number of units on issue in National.
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