This article is from the Australian Property Journal archive
GEO Property Group is a step closer from breaking away from the management of Octaviar, previously known as MFS Limited.
Last Friday, GEO, formerly MFS Diversified Group, managing director Guy Farrands said the group is finalising negotiations with Octaviar for the purchase of all of the shares in the responsible entity of GEO Property Trust.
He said whilst material progress has been made, the negotiations for the internalisation have been protracted and there is no certainty that an agreement will be concluded.
“We are attempting to have matters finalised as soon as possible,” he added.
Farrands said if these negotiations are completed, GEO will become internally managed rather than being externally managed by a subsidiary of Octaviar.
“This internalisation of management, particularly because it involves a severing of the management arrangements with what was previously the MFS Group, is considered to be both price sensitive and in the interests of the members of GEO Property Group,” he continued.
Meanwhile, Farrands said the group’s shares will remain suspended from trade pending this acquisition agreement.
Australian Property Journal
