This article is from the Australian Property Journal archive
ASIA Pacific high-net-worth and family office advisory firm Magnolia Equities has made a rival bid for listed real estate group, The Agency.
Magnolia, The Agency’s largest shareholder, has made a takeover cash offer of 4 cents per share. The proposed bid represents a real alternate to the standing Peters’ Proposal.
The bid represents a premium to the high fair value estimated by independent expert, Nexia Perth Corporate finance.
Magnolia founder and CIO Mitchell Atkins said Magnolia has significant concerns as to the desirability to AU1’s shareholders of the Peters’ Proposal, which the independent expert found to be not fair, but reasonable because of the absence of other proposals.
“Magnolia has sought to engage with AU1’s board on several occasions to obtain information about the Peters’ Proposal and the current Macquarie Bank facility to ensure that the AGM materials provide a true, complete and accurate picture to shareholders, but has been rebuffed by the AU1 board.
“The Magnolia bid provides a real alternative proposal to the Peters’ Proposal and we look forward to the revised report from the independent expert.” Atkins said.
