The Issuers are pleased to confirm that it intends to conduct the Institutional Bookbuild and Cash-Out Facility Offer Bookbuild on Tuesday, 25 July 2017 for Convenience Retail REIT (ASX: CRR).
The timetable as per the Product Disclosure Statement is as follows,
|PPP Unitholder meeting:||Tuesday, 25 July 2017|
|Institutional Bookbuild and Cash-Out Facility Offer Bookbuild:||Tuesday, 25 July 2017|
|Expected commencement of trading on a conditional and deferred settlement basis on the ASX:||Thursday, 27 July 2017|
|Settlement of Offer:||Monday, 31 July 2017|
|Issue and transfer of Stapled Securities (Allotment Date):||Tuesday, 1 August 2017|
|Expected dispatch of holding statements:||Wednesday, 2 August 2017|
|Expected commencement of trading on a normal settlement basis on the ASX:||Thursday, 3 August 2017|
|Expected payment to Exiting Unitholders under the Cash-Out Facility:||Tuesday, 8 August 2017|
As noted in the PDS (see section 9.1.18), APN PG corporate entities are expected to hold between 5% and 10% of Convenience Retail REIT. APN PG may participate in both the Institutional Bookbuild and Cash-Out Facility Offer Bookbuild to acquire Stapled Securities to obtain part of this expected holding, with the remainder being received through the rollover of its existing ownership in APN Property Plus Portfolio (PPP) and Convenience Retail REIT No. 2. In addition, funds managed by APN PG subsidiaries may also hold Stapled Securities in Convenience Retail REIT, and collectively this is expected to represented an investment of up to approximately 15% of the Stapled Securities on issue after the Offer. Further, as explained in section 13.5 of the PDS, the operation of the Securityholder Deed is such that APN PG’s “voting power” (as defined by the Corporations Act) will also include the expected holding of Puma Energy Group of between 5% and 10% of the Stapled Securities of Convenience Retail REIT. The parties to the Securityholder’s Deed will terminate the Securityholder’s Deed with immediate effect if at any point in time, without such termination having occurred immediately before that point in time, any party to the Securityholder’s Deed together with its Associates would have had a relevant interest in 20% or more of the Stapled Securities on issue or voting power of 20% or more in any trust making up Convenience Retail REIT and which would have been in breach of section 606 of the Corporations Act.
In order to implement the offer and listing, the approval of unitholders in PPP, which is one of the three funds that is proposed to form the Convenience Retail REIT, needs to be obtained. PPP unitholders will be asked to vote on Tuesday, 25 July 2017 on the resolutions enabling the implementation of the proposal and these resolutions have been unanimously recommended by APN Funds Management Limited (the responsible entity of PPP).
Merrill Lynch Equities (Australia) Limited and UBS AG, Australia Branch have been appointed as bookrunners and joint lead managers and Gilbert + Tobin as legal adviser.
The PDS in respect of the stapled securities in the REIT issued by APN Funds Management Limited (ABN 60 080 674 479) (AFSL 237500) and CRR SaleCo Limited (ACN 619 270 610) has been lodged by those parties with ASIC and is available at www.crreit.com.au and during the offer period by contacting the Convenience Retail REIT information line on 1800 02 914 (toll free within Australia) or +61 1800 502 914 (outside Australia) between 8.30am and 5.30pm (AEST) on business days. You should consider the PDS before deciding whether to acquire, or continue to hold, stapled securities in Convenience Retail REIT.