Dear NPT Shareholder,
The Board wishes to provide all NPT shareholders with an update on
negotiations with Kiwi Property Group Limited regarding its proposal for the
future of NPT, as well as plans for a Special Shareholders Meeting to discuss
this and related issues as soon as possible.
Negotiations with Kiwi Property Group are progressing constructively,
however, attending to the finer details of the Management Agreement, Sale and
Purchase Agreements and terms of the share subscription, as well as
arrangement of other funding for the transaction, is taking longer than
initially expected. It is critical that the Board and Kiwi take the time to
get this level of detail right, and for the Board to ensure that it achieves
the best possible position for NPT and the shareholders in the circumstances.
We had hoped to be in a position to issue a Notice of Meeting by the end of
February, for a March Shareholder''s Meeting. By way of update, we wish to
advise that negotiations and the other preparations for the meeting are close
to completion and a further update will be provided very soon. The Board now
expects that the meeting will take place in April.
The NPT Board is committed to engaging with shareholders regarding the very
important matters before the Company as soon as possible.
Please either contact your broker or the Company directly if you have
questions or concerns you would like to discuss.
Yours sincerely,
Sir John Anderson
Chairman
(On behalf of the Board of NPT)
End CA:00297764 For:NPT Type:GENERAL Time:2017-03-03 09:24:10