This article is from the Australian Property Journal archive
360 Capital Group has called for a meeting of Australian Industrial REIT unitholders, seeking to replace Fife Capital as the responsible entity.
360 Capital`s decided to call for the meeting after Fife rejected 360 Capital`s bid last month. In addition, Allan Fife, the managing director of Fife, declared his intentions to reject the offer for the units he owns.
360 Capital currently has a 21.01% stake in ANI.
360 Capital`s independent chairman David van Aanholt said the meeting will provide every opportunity for ANI unitholders to receive the additional cash payment of 10.0 cents per ANI unit from 360 Capital.
“It is disappointing that Fife Capital continues to provide ANI unitholders with information which is misleading in a number of important respects. Amongst other things, it fails to properly recognise value to ANI unitholders of the 10.0 cent per unit cash payment.
“We remind investors of the benefits of the TIX Offer (inclusive of the cash Payment). It provides a significant premium to the historic ANI trading price and NTA; 16.5% premium to ANI’s closing price immediately prior to the announcement of TIX’s indicative scheme proposal; 26.4% premium to NTA; 2.5% earnings accretion to ANI stand-alone forecast FY16 EPU guidance; 5.7% distribution accretion to ANI stand-alone forecast FY16 DPU guidance; and 5.5% NTA accretion to ANI stand-alone pro forma NTA per unit,” van Aanholt said.
Australian Property Journal
