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  1. #21
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    ING eyes Calan for possible takeover

    Saturday August 12, 2006


    NZX-Listed real estate investor ING Property Trust is considering taking over listed medical landlord Calan Healthcare Properties Trust, after buying its management.

    Calan's board has formed a sub-committee of independent directors to investigate "a merger" and Macquarie NZ is acting as adviser.

    ING has retained First NZ Capital as its advisers. If the takeover is successful, it will result in a company with a $1 billion portfolio.


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  2. #22
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    Property trusts look at merger
    12 August 2006

    Property investment trusts Calan Healthcare and ING Property are looking at a possible merger.


    In March ING walked away from a takeover offer for Calan, after offering $1.25 per unit.

    But ING has ended up running Calan after its management company bought Calan's management arm, Calan Healthcare Properties Ltd, for an undisclosed sum.

    Brokers said Calan would give ING diversification, blue-chip tenants and a longer term rental profile.

    Calan, which owns Ascot Hospital and other health-related property, had to take a longer head lease to justify the construction of its purpose-built buildings.

    "Because they're medical centres and such, they're specifically designed so you can't turn them into office blocks reasonably quickly," Direct Broking's Peter Lynds noted.

    Calan said it had retained Macquarie New Zealand as an adviser and ING is using First NZ Capital.

    Units in Calan Healthcare Properties Trust last traded near the top of its year range at $1.28, while ING last traded at $1.21, near its year high of $1.24.

    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  3. #23
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    Totally expecte and makes a lot of sense, yet something feels weird about the process.
    ING drops takeover, instead buys management and hold around 20% shareholding.
    So a few months later, launches another takeover. Difference being:
    1) They don't have to worry about a competing bid since their management contract is enough to deter almost anyone (can only be terminated by a 75% majority and even then probably get paid a fee of 700 yrs their annual fee).
    2) They know everything about the target, by virtual of controlling their books.
    3) If CHP shareholders don't accept, ING will still get the management fees, hence no great hurry in timng hence no incentive in offering a reasonable premium.

    So we have a non-competitive takeover with the bidder also holding the keys to the target's bedroom. Great job Macquarie!
    giving the boot for a change

  4. #24
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    Property trust confident

    Monday August 21, 2006


    Property sector fundamentals should remain resilient, says Kiwi Income Property Trust chairman Sean Wareing.

    That would underpin solid rental growth in the trust's portfolios, he told the annual meeting of the country's largest listed property investor on Friday.

    For the year to the end of March the trust reported a record full-year profit of $72.1 million, up 36.9 per cent.

    - NZPA


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  5. #25
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    Calan Healthcare profit steady but says better is on the way

    Tuesday August 22, 2006
    By Anne Gibson


    Medical landlord and potential takeover target Calan Healthcare Properties Trust has increased net profit by just 1 per cent but is predicting a better result next year.

    It did note, however, its distribution was up 8.2 per cent, from 8.5c last year to 9.2c.

    "Barring unforseen circumstances, the board is projecting a slightly enhanced performance and distribution for the 2006-07 year," Calan's manager said.

    Operating revenue rose 16.5 per cent from $16.3 million to $19 million and rental income rose 29 per cent to $18 million.

    Net profit rose 1 per cent to $10.6 million.

    Fund manager ING bought Calan's management this year and said this month it was investigating launching a full takeover but has not yet decided to proceed.

    Last week, Calan's independent directors formed a subcommittee to consider the idea and said the deal had to be beneficial to Calan's unit holders if it were to proceed.

    The value of Calan's real estate portfolio rose 9.8 per cent from $204.3 million last year to $224.3 million this year, although it said about half this gain was because of exchange rate movements.

    Calan owns a large healthcare asset in Melbourne so fluctuations in the value of the New Zealand dollar against the Australian currency affects its portfolio value.

    Calan's Epworth Rehabilitation Brighton asset in Melbourne rose in value by almost $1 million or 7 per cent.

    Calan's founders Martin Lyttelton and Brian Freestone have resigned as directors while chief executive Miles Wentworth will stay with the trust until September 30 "to facilitate a smooth transition across to ING's management".

    The board paid tribute to all three, saying it appreciated their contribution.

    This year's annual meeting will be held in Auckland but the board is yet to set a date.


    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  6. #26
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    From where I sit the AMP Office convertible notes look undervalued at 119. From my reckoning the dividend yield is 8.50c per $1 of face value which at $1.19 equals a yield of 7.14% , about the same as the ordinary shares. The bonus is that next June when the convertibles "convert" to ordinary shares you get the ords issued at 92c for every $1 face value you have in the converts. So the calc is something like:

    Buy 10,000 converts at 1.19 = cost $11,900
    Then in June converts &gt; ords 10000/.92 = 10,869 ords
    Current cost of buying 10,869 ords at $1.14 = $12,390

    Therefore $490 cheaper to currently buy 10,869 ords via converts rather than ords themselves. With Asset backing of $1.21 per share and the opportunity to effectively buy the ords via the converts at $1.10 a nice 10% discount to NAV.

    Am I missing something here ? or are the converts excellent value.


    Disc: Bgt 30,000 APTGB yesterday at 119
    nelehdine

  7. #27
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    Looks right to me.

    NAP and NAPGA are another pair that you can play this game with, but the timescale is 3 years.

    NAPGA have a yield of 7.75% on the issue price of a $1, so at $1.06 you get 7.31%. In July 2009 each NAPGA converts to 1.69 NAP, currently trading at 70c ($1.18 of NAPs ), when the diluted NAV will be about 0.78c (on current valuations).
    om mani peme hum

  8. #28
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    Cheers PT , de-risking the portfolio at present after stellar run in mining stocks in Oz ... the Kiwi $ back down to 80-82c would be handy !!

    APT look good value whichever way you look at it.
    nelehdine

  9. #29
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    ANZO Trust (APT) hamstrung by lack of properties
    18 October 2006
    By ADRIAN BATHGATE

    AMP New Zealand Office Trust has a dilemma Ethe wallet is full and it wants to go shopping, but the shelves are bare.


    Executive manager Robert Lang said a lack of opportunities to buy new properties was the main problem facing the investor in A-grade office buildings.

    He told the annual meeting in Wellington yesterday that, with a strong balance sheet, ANZO was disappointed to have had only two substantial projects in the past year.

    Strong growth in commercial property values has left building owners reluctant to sell "in the expectation that it will be worth more next year".

    "As a result the market is pretty tightly held and the market is not as forthcoming as it was a couple of years ago."

    Mr Lang said there were opportunities out there, "but we haven't found any that meet our investment criteria".

    In response to a shareholder's question, Mr Lang said ANZO had looked outside its current markets of Wellington and Auckland, but one potential Christchurch building had been flagged as not suitable.

    During the year ANZO bought Mayfair House and redeveloped No 1 The Terrace, both in Wellington.

    "I'm confident there are opportunities out there. Our opportunity set is both investment and development," Mr Lang said.

    He also would not rule out buying another property owner as a way to expand its portfolio.

    The year to June was a blue-chip one for ANZO, with the portfolio increasing in value by 20 per cent to just over $1 billion. Net profit was up 4.4 per cent to $36 million.

    ANZO has moved to adopt international accounting standards during the year. This means the asset value per share has fallen from $1.21 to $1.13.
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  10. #30
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    Nice move for PFI this a.m , all be it on small volume. Can't complain ... at $1.40 again.

    Disc: hold APT,APTGB,KIP & PFI
    nelehdine

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