08 Oct DNZ Offers Share Sale Service
DNZ Offers Share Sale Service 8/10/2010
DNZ Property Fund Limited today sent a letter to shareholders who hold 25,000 DNZ shares or less offering to facilitate the sale of their shares on the NZSX on a nil commission basis.
Tim Storey Chairman of DNZ Property Fund says “One of the objectives of the listing of DNZ Property Fund Limited on the NZSX was to provide liquidity for shareholders who wished to sell their investment in the Company.”
DNZ is aware that a number of shareholders considering the sale of their DNZ shareholding do not have a broker relationship. The level of brokerage costs charged by brokers and regulatory requirements to set up a broker account may deter or even prevent shareholders from selling. Therefore this special share sale service is being made available to enable shareholders to sell all of their shares in DNZ Property Fund Limited, free of any costs or commission and without the need to establish an account with a NZX broker.
“Not only will this facility assist a number of our smaller shareholders to easily sell their shares at no cost, it will also reduce the number of small uneconomic shareholdings and therefore provide cost savings to the company through reduced administration costs.” says Storey
DNZ has accordingly arranged with its registrar, Computershare Investor Services Limited to provide a one-off cost free share sale service to holders of 25,000 or fewer DNZ shares to allow these shareholders to sell their entire holding if they would like to do so.
The use of the share sale service is not compulsory and is intended only to be available for a limited period from today to Thursday, 4 November 2010, however DNZ reserves the right to extend this period.
Computershare will aggregate a shareholder selling instruction together with the other selling instructions they receive under the Share Sale Service, and will arrange to sell the aggregate number of shares for which it has received instructions in “batches” on at least a weekly basis. The Share Sale Service will open on 8 October 2010. All sales will be arranged by Computershare and traded on the NZSX through Goldman Sachs & Partners New Zealand Limited. The price received by a shareholder for DNZ shares sold through the Share Sale Service will be the average price for all DNZ Shares sold on the NZSX as part of the same batch. Settlement will occur within five business days of the sale of the shares
Shares will be sold on-market on a “best endeavours” basis on the NZSX in a manner that does not materially affect DNZ’s share price.
Neither DNZ nor its Directors are making any recommendation that shareholders should make use of this service to sell their shares in DNZ, nor are they suggesting that this is an appropriate time or period in which to sell their shares. If shareholders are in any doubt as to the action they should take, they should consult an appropriate financial adviser.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: email@example.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.