Successful $95.2 million rights issueJuly 9, 2004 New Zealand’s largest listed office property investor, AMP NZ Office Trust (ANZO), today confirmed the successful closure of its $95.2 million pro rata rights issue of Mandatory Convertible Notes (MCNs). The MCNs were issued to partly fund ANZO’s purchase of iconic Wellington office properties, the Mobil on the Park Building and the State Insurance Tower. ANZO Executive Manager, Rob Lang, said he was “exceptionally pleased” that valid acceptances had been received for 88,686,320 MCNs (93.1% of the MCN offer). “The very high takeup reflects the strong support the offering has received from existing and new investors. It is a very strong endorsement of both the purchases and the overall quality of ANZO,” said Mr Lang. He added the underwriter, ABN AMRO Rothschild, had received strong demand from investors for the shortfall of 6,550,026 MCNs, and had allocated the full amount to a syndicate of sub-underwriters consisting of institutions and retail brokers. The interest rate on the MCNs, being the greater of 8.5% or the applicable three-year SWAP rate plus a margin of 2.00%, will be determined and announced on 13 July 2004, with the MCNs expected to be allotted on 14 July 2004 and quoted and traded on the NZX from 15 July 2004. Mr Lang said ANZO intends to settle the acquisitions next week as planned. “The acquisition of Mobil on the Park and the State Insurance Tower are entirely consistent with ANZO’s investment policy of pursuing growth in the prime sector of the office property market. As a result of these acquisitions, ANZO now owns ten of New Zealand’s best office buildings with a total value of more than NZ$760 million – Auckland’s Pricewaterhouse Coopers Tower, ANZ Centre, IAG House and Quay Tower; as well as Wellington’s HP Tower, 125 The Terrace, No.1 and 3 The Terrace and Pastoral House.” Under the terms of the MCN issue, qualifying ANZO unit-holders on the register as at 5.00pm on 11 June 2004 were entitled to buy two new MCNs for every nine units they held, at an issue price of $1.00. The offer closed at 3.00pm on 8 July 2004. A total of 95,236,346 new MCNs will be issued in the rights issue, which has raised $95.2 million. The MCNs will convert to ordinary ANZO units on 30 June 2007. ANZO is a unit trust listed on the New Zealand Exchange, which invests predominantly in prime and A-Grade CBD office properties in major New Zealand cities. ANZO is managed by AMP Ronin Management Limited. Media enquiries: |