Commercial

Augusta Capital takeover bid now unconditional

ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.

Thursday, July 09th 2020

Augusta Capital managing director Mark Francis

Augusta shareholders will get 22 cents in cash and 0.392 Centuria stapled securities for each Augusta share.

On completion, the full takeover will increase Centuria’s assets under management by 24%, to AUD $8.9 billion (NZD $9.44 billion).

It is the Australian specialist investment manager’s second takeover bid for Augusta this year.

Back in January, it announced a surprise $180 million takeover bid but that was withdrawn due to the Covid-19 pandemic. 

The new takeover offer, which was formally made on June 29, values Augusta at $169.5 million and will now be going ahead.

Centuria joint CEO John McBain says he is delighted to report that close to two-thirds (65.86%) of Augusta shares have been secured within eight business days of the takeover offer commencing and that they’ve declared the offer unconditional.

“We are encouraged by the significant response and look forward to the offer completing, which will expand our funds management platform into the New Zealand market.”

He says Augusta is a substantial player in the New Zealand market with a highly effective team and they anticipate this market to be an important growth engine within the Centuria platform.

“Given the relative strength of the Australian commercial market, Centuria’s position in the S&P/ASX 300 and our strong distribution history, we are excited to welcome so many Augusta shareholders taking up Centuria scrip.”

Augusta’s independent directors have advised shareholders to take no action until they receive the Target Company Statement on July 13.

It will include an independent advisor’s report on the merits of the offer and a recommendation from the independent directors.

The independent directors also advised that the implied offer price on July 8 was 94 cents for each Augusta share. On July 8 Augusta shares were trading at around 93 cents.

Read more:

Australian giant in Augusta takeover bid 

Comments

No comments yet

Heartland Bank - Online 1.99
Kainga Ora - First Home Buyer Special 2.25
HSBC Premier 2.45
ICBC 2.45
TSB Special 2.49
Westpac Special 2.49
Kiwibank Special 2.55
SBS Bank Special 2.55
The Co-operative Bank - Owner Occ 2.55
AIA 2.55
ASB Bank 2.55
Heartland Bank - Online 2.35
SBS Bank Special 2.49
HSBC Premier 2.60
ICBC 2.65
China Construction Bank Special 2.65
TSB Special 2.65
The Co-operative Bank - Owner Occ 2.69
AIA 2.69
Westpac Special 2.69
ANZ Special 2.69
ASB Bank 2.69
HSBC Premier 2.89
SBS Bank Special 2.99
The Co-operative Bank - Owner Occ 2.99
AIA 2.99
Westpac Special 2.99
BNZ - Classic 2.99
ICBC 2.99
ASB Bank 2.99
China Construction Bank Special 2.99
Kiwibank Special 3.19
TSB Special 3.19
Heartland Bank - Online 2.95
Resimac 3.39
Kiwibank - Offset 3.40
Kiwibank 3.40
Kiwibank Special 3.40
Bluestone 3.49
ICBC 3.69
Heartland 3.95
The Co-operative Bank - Owner Occ 4.40
The Co-operative Bank - Standard 4.40
Kainga Ora 4.43

More Stories

Education for landlords by landlords

Friday, October 23rd 2020

Education for landlords by landlords

Self-managing landlords are signing up in droves for the NZ Property Investors Federation’s new education programme which aims to help landlords run their properties like professionals.

What lies ahead for investors

Wednesday, October 21st 2020

What lies ahead for investors

Election 2020 is done and dusted – and a red landslide has left the Labour Party firmly in charge of the next government. But what could that mean for property investors?

COMMENT: Dunedin’s slowdown might last

Thursday, October 22nd 2020

COMMENT: Dunedin’s slowdown might last

Dunedin’s loss of value growth momentum in recent months could be a longer lasting trend, writes CoreLogic senior property economist Kelvin Davidson.

COMMENT: Is a post-election market surge likely?

Tuesday, October 20th 2020

COMMENT: Is a post-election market surge likely?

Will the 2020 post-election period see the usual effect on housing, or will it be another anomaly, asks REINZ chief executive Bindi Norwell.