Misc

APP wins control of Capital Properties

AMP Property Portfolio has won its battle for control of Capital Properties, having reached its minimum acceptance level of 50 per cent of the shares.

Tuesday, November 15th 2005

Late yesterday APP announced it had 51.84 per cent, just over two days before the offer was to close. It caps a two-month $300 million bid to wrest control of the Wellington commercial property investor.

APP is paying $1.48 a share plus brokerage fees.

General manager Stephen Costley said the bid had been gaining momentum in the past week and he was confident of receiving more acceptances.

Now that it has reached its minimum level, APP has the option of extending the bid by up to 60 days to try to reach 90 per cent of acceptances. Last night it said no decision had been made.

If it reaches 100 per cent, APP will eventually delist Capital Properties and absorb it into its own portfolio.

APP first made an offer in mid-September of $1.42 a share. The market response was muted till APP snared the largest shareholder, Kiwi Income Property Trust, with a raised $1.48 offer.

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