NZX RELEASE
7 April 2017
Augusta Capital Increases Stake to 18.85% Ahead of NPT Special Meeting
Augusta Capital today announces it has increased its shareholding in NPT
Limited (NPT) to 18.85% following the acquisition of a further 9.59% stake in
NPT from other shareholders. The total amount to be paid was $10,559,674,
with settlement to occur on Tuesday, 11 April 2017. Following that, Augusta
Capital will be the largest shareholder in NPT.
Augusta Capital Managing Director Mark Francis says: "This week''s acquisition
of shares in NPT is consistent with our long-standing plan to grow our funds
management business and significantly, it strengthens our position ahead of
the NPT Special Meeting on 21 April 2017."
"Having now carefully assessed the Kiwi Property proposal being recommended
by the NPT Board - we remain firmly of a view that it is not in the interest
of NPT shareholders."
"While we respect Kiwi Property the current proposal is heavily skewed in
their favour - falling well short of what we consider to be fair and
reasonable for NPT shareholders.
"Augusta intends to vote against the Kiwi Property proposal and is aware of a
number of other shareholders who have indicated their intention to vote
against the Kiwi Property Proposal. We would encourage all NPT shareholders
to seek independent specialist advice concerning its merits before casting
their vote," Mr Francis adds.
"We believe the current Board is completely out of touch with its
shareholders in recommending this deal, and Augusta Capital will also be
voting for change through resolutions two to six, to remove two of the
current board members, noting that the previous Chairman has already stepped
down," Mr Francis concludes.
Augusta Capital wishes to remind fellow NPT shareholders that the deadline
for voting papers reaching Link Market Services is 11.00am on Wednesday 19th
April 2017.
ENDS
For further information please contact:
Mark Francis
Managing Director
For media enquiries please contact
Hugo Shanahan
027 5111561
End CA:00299560 For:AUG Type:GENERAL Time:2017-04-07 09:37:02