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GPT GROUP M&A Activity 2005
65009_rns_2005-01-27_cf2aabd1-801f-490b-8e0a-3291b27ef2e2.pdf
M&A Activity
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28 January 2005
Companies Announcement Office Australian Stock Exchange Limited Exchange Centre Level 6 20 Bridge Street Sydney NSW 2000
By electronic lodgement
Dear Sir
General Property Trust - Letter to Unitholders
In accordance with Listing Rule 3.17, attached is a letter to be sent to Unitholders.
Yours faithfully GPT MANAGEMENT LIMITED
James Coyne Company Secretary GPT Management Limited ABN 94 000 335 473 as Responsible Entity and Trustee of General Property Trust ABN 58 071 755 609
Level 4 30 The Bond 30 Hickson Road Millers Point NSW 2000 Australia
GPT Unitholder Service Centre Freecall 1800 025 095 Facsimile 02 9383 8146
www.gpt.com.au
GENERAL PROPERTY TRUST
28 January 2005
YOU CAN WITHDRAW YOUR ACCEPTANCE OF THE STOCKLAND OFFER
Dear Unitholder
You will recently have received correspondence from Stockland advising a further extension of their offer to 4 March 2005. The terms of Stockland's all-scrip offer have not changed. In particular, Stockland's offer remains subject to a number of conditions, meaning that even if you accept it, you will not receive the consideration, at the very least, for some time.
Stockland's letter of 27 January 2004 notes that their offer is valued at \$3.65 per GPT Unit. It is important to recognise that this price remains well below the market price of GPT units. The price of GPT units has increased substantially over the last weeks. In the week ended 28 January 2005. GPT units traded on the ASX in the range of \$3.85 to \$3.93, which is well in excess of the value of Stockland's offer.
Stockland has currently received acceptances representing less than 1% of the total of GPT units. despite the fact that this offer has been available since 9 December 2004.
GPT's Independent Directors continue to recommend that you DO NOT accept the Stockland offer.
Stockland's offer is now due to close at 7,00pm on 4 March 2005 (unless again extended pursuant to the Corporations Act). This variation means that you can withdraw your acceptance by Tuesday, 1 March 2005 in accordance with the Corporations Act. If you wish to withdraw your acceptance you can do so by contacting our Unitholder Information Line on 1800 350 150 for a withdrawal form.
If you have any questions, please call the Unitholder Information Line on 1800 350 150.
Yours sincerely
Hoseph
Peter Joseph Chairman
GPT Management Limited ABN 94 000 335 473 as Resoonsible Folity and Trustee of General Property Trust ARN 58.071.755.609
Louis A 30 The Bood 30 Hinkson Road Millers Point NSW 2000 Australia
GPT Unitholder Service Centre Freecat 1800 025 095 Pacsimile 02.9383.8146
www.gpt.com.au