12 Jul Stride Stapled Group Commences Trading on the NZX
NZX Announcement Immediate — 12/07/16
The Stride Stapled Group, comprising Stride Property Limited (Stride) and Stride Investment Management Limited (SIML), together the Stride Stapled Group, has today become listed on the NZX Main Board with the Stapled Securities being quoted under the ticker code SPG.
Stride has successfully completed the restructure of Stride into a stapled group comprising a real estate investment management (REIM) business and a property ownership business. The restructuring is intended to support and facilitate growth in the REIM business for the benefit of Stride shareholders without adversely affecting the PIE tax treatment that shareholders receive from Stride’s property ownership business.
Shareholders in Stride have received the same proportionate interest in the Stride Stapled Group as they had in Stride, receiving one share in SIML for every Stride share held. The SIML shares are stapled to the Stride shares and will trade together. The Stapled Group will remain branded as “Stride” and there has been no change in ownership of Stride as a result of the restructuring.
At the same time as this restructuring, Stride has demerged its new property investment vehicle, Investore Property Limited (Investore), a stand-alone company that has today listed its shares on the NZX Main Board following its initial public offering that closed last week. Stride holds approximately 19.9% of the shares in Investore.
Chairman Tim Storey said “Today marks an important milestone for shareholders as Stride enters its next phase of growth. With its ‘fit for purpose’ investment and management structure now in place, Stride can retain its PIE tax status while allowing its real estate investment management business to grow. Shareholders will receive returns from both the property ownership activities (taxed as a PIE dividend on distribution) and real estate investment management activities (taxed as an ordinary dividend).”
For Further Information Please Contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 – Email: email@example.com
Peter Alexander, Chief Executive, Stride Investment Management Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: firstname.lastname@example.org
Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: email@example.com
A Stapled Security of the Stride Stapled Group comprises one ordinary share in Stride Property Limited and one ordinary share in Stride Investment Management Limited. Under the terms of the constitution of each company, the shares in each can only be transferred if accompanied by a transfer of the same number of shares in the other.
Stapled Securities are quoted on the NZX Main Board under the ticker code SPG. Further information is available at www.strideproperty.co.nz or at www.nzx.com/companies/SPG.