Following the first interim dividend of AUD 0.05860935 per share paid on February 7, a second distribution, around AUD 0.02 per share, is expected in Q3, when the formalities of a capital reduction are completed. After this the companies will be liquidated, a process which will take around two years due to residual obligations under the sale contracts. There should be no material returns from the final liquidation process.
Further to the company’s announcements in December 2016 an interim dividend of AUD $0.05860935 per share will be paid be paid on February 7. Advice to this effect has been sent to you or your custodian.
If you have any problems accessing your statements, please contact the Share registry on 1800 115 044 (within Australia) or + 61 1800 115 044 (outside Australia) or email firstname.lastname@example.org.
by Aleksandra Gjorgievska and Blaise Robinson - 20 january 2017
European property stocks, already the worst performers this year, are flirting with a key technical level that, if breached, could signal more declines.
Battered by rising bond yields and Brexit uncertainty, the Stoxx 600 Real Estate Index has slumped to its lowest level since 2014 relative to its parent gauge. Now, it’s on the verge of falling below a technical threshold that has acted as a support since 2009, which would be a bearish signal.read more
Sale Value over €1.1 billion including net debt
Net proceeds to BGP of approx. €600 million
Interim distribution of €407 million planned in early 2017
Audited closing accounts are being prepared and should be completed in February. Net proceeds are likely to attain nearly EUR 600 million, from which around EUR 10 million in transaction costs and taxes need to be deducted. In addition, some EUR 20 million will be held back for up to two years to give substance to warranty and indemnity insurance and legacy tax representations. BGP expects to distribute an interim dividend of around EUR 400 million around year end, with a further EUR 150 million in the first half of 2017. Our timetable is governed by the need to execute a capital reduction to release the second distribution, a process which will also require a general meeting of shareholders in the New Year.
BEN WILMOT - THE AUSTRALIAN - 21 October 2016
Morgan Stanley Real Estate Investing has swooped on German apartment owner BGP, which was spun off from the GPT Group in the depths of global financial crisis, with the €1.177 billion ($1.68bn) deal to see nearly 60,000 Australian investors receive a payout this year.read more
The deal follows a dramatic turnaround in the fortunes of the venture that began with negative equity of about €600 million seven years ago, and will also be a fillip for major shareholders Stockland and GPT, as well as a series of hedge funds.