DNZ Referring Carrington Securities LP Offer to Securities Commission and NZX

DNZ Referring Carrington Securities LP Offer to Securities Commission and NZX

DNZ Referring Carrington Securities LP Offer to Securities Commission and NZX 23/08/2010

The Board of DNZ Property Fund Limited is disappointed to report that the below market offer from Carrington Securities LP acquired over 2.2 million shares from DNZ Property Fund Limited’s smaller shareholders. The Board is referring the matter to the Securities Commission and the NZX.

 
The Carrington Securities LP offer of 60 cents per share was substantially below the last traded price of the shares on the Unlisted market of 90 cents and also substantially below the indicative price range of $0.80 to $1.05 as detailed in the DNZ Property Fund 9 July Offer Document. The current market value of DNZ Shares (following listing of DNZ on the NZSX on 16 August 2010) is $1.02 (as at 5pm, 23 August 2010).

Tim Storey, Chairman of DNZ Property said “These kinds of offers are designed to take advantage of unsophisticated and vulnerable investors. It is of considerable concern that there is nothing that can be done to stop this type of unethical and predatory activity.”

Again the Board recommends that Shareholders be wary and seek professional advice before making any decision with regard to the offers by Carrington Securities LP and NZ Investment Securities LP or other similar offers.

Carrington Securities LP is a Limited Partnership that was formed in July 2010 by Mr Bernard Terence Whimp of Christchurch. Mr Bernard Terence Whimp was banned as a Company Director for four years in 2006.
 


 
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: tim.storey@dnzproperty.com

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.

As at 31 May 2010 DNZ Property Fund owned 55 properties with 265 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 95.4% over a net lettable area of 379,779m², net contract rental of $54.4m with a portfolio value of $671m (31 March 2010 Valuations).

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.
DNZ Property Fund is listed on the New Zealand Stock Exchange under stock code ‘DNZ’.

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