This article is from the Australian Property Journal archive
MEMBERS in the $310 million 360 Capital Industrial Fund have voted overwhelmingly yesterday in favour of the listing the fund on the ASX.
Over 2,000 of the fund’s Members voted with 1,570 Members representing 77.0% of votes cast voting in favour of the resolution.
360 Capital RE Limited managing director Tony Pitt said the result provides the group with a clear mandate to list the fund.
As a result, 360 Capital will proceed to lodge a listing application with the ASX, and hopes to have the fund floated before Christmas.
The fund is expected to trade under the stock code “TIX”.
The pure Australian industrial fund will float with 20 investments with a gross value of approximately $310 million and a weighted average lease expiry of 5.0 years. The fund currently has an NTA of $0.54 per unit, forecast FY2013 income distributions of 4.5 cents per annum (paid quarterly) and forecast FY2013 earnings per unit in excess of 5.0 cents per unit.
“We would like to thank members for their support and their endorsement of our listing strategy in what was unfortunately a drawn out process,” Pitt said.
Meanwhile the members have rejected the Denison/Forum/Garnaut proposal to boot 360 Capital as the responsible entity.
Pitt said over the last few months, Chris Garnaut, Denison Funds Management and Forum Partners ran an aggressive and misleading campaign to prevent the fund being listed.
“This campaign failed. When Denison/Forum/Garnaut abandoned its meeting to replace the RE, members’ proxies representing 57.2% of all units on issue had been lodged against Denison/Forum/Garnaut’s proposal.
“Outside of proxies lodged by Garnaut on behalf of his clients (9.6% of fund Units), only approximately 6.0% of units on issue were voted in support of Denison/Forum/Garnaut’s proposal to replace 360 Capital as RE, a resolution which required the support of 50.0% of all Units on issue,” he added.
Pitt said 360 Capital now requests Garnaut/Denison/Forum to honour their commitment and respect members’ clear decision for the fund to list with 360 Capital as RE.
Property Review