This article is from the Australian Property Journal archive
BABCOCK & Brown Communities Group has rejected Prime Trust Retirement and Aged Care Property Trust's requests to convene a meeting to vote on Prime Trust's proposal.
PTN claims that it has received support from a sufficient number of securityholders to request that the directors of BBC convene a meeting to consider and vote on certain resolutions regarding the internalisation of the management agreements between BBC and its former manager, Babcock and Brown Communities Management.
Prime Trust sought support for the meeting request last month while its 40% proportional takeover offer for BBC was open. Prime Trust’s offer closed on November 28 after having received acceptances that increased its relevant interest in BBC from 0.4% to 1.57%.
BBC said in the circumstances, the independent directors have considered the meeting request and formed the view that they are not obliged and do not intend to convene a meeting in accordance with the requisition as it is now not possible as a matter of law for the purpose of the Prime Trust resolutions to be considered.
BBC chairman Judith Sloan noted that the BBC independent directors believe the revised Lend Lease proposal provides substantial future benefits to BBC and continues to recommend that BBC securityholders vote in favour of the revised Lend Lease proposal at the BBC annual general meeting to be held on December 30 2008.
Australian Property Journal
