AI assistant
CHARTER HALL GROUP — M&A Activity 2011
Aug 28, 2011
64645_rns_2011-08-28_85889a34-80a1-4311-9c11-f9fc5f7d237b.pdf
M&A Activity
Open in viewerOpens in your device viewer
==> picture [148 x 100] intentionally omitted <==
ASX/MEDIA ANNOUNCEMENT
MACQUARIE CAPITAL GROUP ARRANGED CONSORTIUM INDICATIVE PROPOSAL TO ACQUIRE UNITS IN CQO
Monday, 29 August 2011
Charter Hall Group (ASX:CHC) (‘CHC’) notes the announcement made today by Charter Hall Office Management Limited (‘CHOML’) as responsible entity of Charter Hall Office REIT (ASX:CQO) (‘CQO’) that it has received an indicative, highly conditional, non-binding and confidential proposal from Macquarie Capital Group Limited on behalf of a consortium including itself and a number of global institutional investors (the ‘Consortium’) to acquire for cash all of the CQO issued units, other than those held by CHC by way of a trust scheme of arrangement requiring the approval of CQO unitholders (the ‘Indicative Proposal’).
CHC notes the Indicative Proposal is subject to a number of conditions, including that CHC does not divest its existing investment in CQO and that CHOML, a wholly owned subsidiary of CHC, is retained as the responsible entity of CQO. CHC advises it is not a member of the Consortium. Any decision by it to engage with the Consortium on these matters would only follow a sub-committee of Independent Directors of CHOML (‘Independent Sub-Committee’) decision to support the further exploration of a potential transaction with the Consortium.
The Independent Sub-Committee has announced it is considering the Indicative Proposal and will determine whether to allow the Consortium to undertake due diligence in respect of the proposed acquisition. The CHC representatives on the board of CHOML (David Harrison and David Southon) are not part of the Independent Sub-Committee considering the Indicative Proposal.
CHC confirms that the Consortium has provided it with a copy of the proposed terms upon which CHC would continue to manage CQO that has not been considered by the CHC Board.
CHC will await the determination of the Independent Sub-Committee regarding whether it will support further exploration of a potential transaction before making any further comment about the Indicative Proposal.
==> picture [198 x 98] intentionally omitted <==
For further information please contact:
David Harrison
David Southon
Joint Managing Director Joint Managing Director Tel: +61 412 259 751 Tel: +61 418 479 155 [email protected] [email protected]
Investor enquiries:
Media enquiries:
Kylie Ramsden Rachel Mornington-West Head of Listed Investor Relations Senior Communications Manager Tel: +61 2 8295 1016 Tel: +61 2 8908 4093 [email protected] [email protected]
About the Charter Hall Group:
Charter Hall Group (ASX:CHC) is one of Australia’s leading fully integrated property groups, with 20 years’ experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has over $10 billion of funds under management across the office, retail, industrial and residential sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide, Perth, Warsaw and Chicago.
The Group’s success is underpinned by a highly skilled and motivated team with diverse expertise across property sectors and risk-return profiles. Sustainability is a key element of its business approach and by ensuring its actions are commercially sound and make a difference to its people, customers and the environment, Charter Hall can make a positive impact for its investors, the community and the Group.