21 October 2005
Open Letter from Amp Property Portfolio
Capital Properties New Zealand Limited (“Capital Properties”) today released an open letter it had received from AMP
Property Portfolio Investments Limited (“AMP Property Portfolio”).
Tony Frankham, Chairman of the Capital Properties Independent Directors’ Committee, said that the letter had been
released to ensure that all parties had access to the material in the letter.
In response to the letter Mr Frankham said that the Capital Properties Independent Directors Committee is satisfied that
the Target Company Statement and the Independent Advisers report contain the material information shareholders require
to assess the takeover offer from AMP Property Portfolio Investments Limited
AMP Property Portfolio is offering $1.42 for each Capital Property share. Deloitte, the Independent Adviser approved by
the Takeovers Panel, assessed that the $1.42 a share offer was not fair to shareholders and was below the fair value
range of $1.48 to $1.73 a share. The Capital Properties Independent Directors Committee has recommended that
shareholders not accept the offer.
Mr Frankham said that the company would prepare a response to the material in the AMP Property Portfolio letter next
week. “In the meantime the Independent Directors of Capital Properties confirm their advice to shareholders to not
accept the $1.42 per share offer from AMP Property Portfolio”.
ENDS