ANZO unit-holder vote deferredMay 25, 2010 The Board of AMP NZ Office Trust (ANZO) today advised that the proposed implementation date for the strategic review of its corporate governance and management fee structures has been deferred by two months. The review, announced in October 2009, is intended to culminate in a series of changes to be proposed to unit-holders at a unit-holder meeting. The expected date of this meeting is now late August. The review was initiated in response to feedback from investors, a changing market and a desire to ensure that ANZO is best positioned for continued success. The review process includes significant changes to ANZO’s governance and control – including, in particular, a proposed new corporate structure and governance model to enhance the alignment between the manager of ANZO and ANZO’s investors. The extent of the review (essentially transitioning a listed unit trust to a company), and the nature of the changes required to create the new vehicle proposition for unit-holders to vote on, have been and continue to be significant. This is the first time that this exercise has been undertaken in the New Zealand market, and requires extensive co-ordination with a number of regulatory bodies, including the Takeovers Panel, the Securities Commission, NZX, the Overseas Investment Office, and overseas regulators. Good progress is being made but the process is taking longer than the manager initially anticipated. While it is disappointing that the originally anticipated transition date of 30 June will not be met, the manager of ANZO is confident that the revised timing is achievable. The review also includes proposed amendments to ANZO’s fee structure for this financial year. Accordingly the proposals to be put to unit-holders in August are intended to include “wash-up” arrangements to accommodate any difference between the current fee arrangements and the revised fee arrangements (if approved). On 23 April 2010, the Board announced as part of the move to a corporate structure the fourth quarter distribution would be paid before 1 July 2010. The fourth quarter distribution will now be declared and paid in August 2010 consistent with previous years. About ANZO Media enquiries: |