Brief: Stride Property Announces An Intention To Establish A New Office Fund

Stride Property

12/09/2021 22:49

Sept 13 (Reuters) - Stride Property Ltd  SPG.NZ :
    * STRIDE PROPERTY LTD -  ANNOUNCES AN INTENTION TO ESTABLISH
A NEW
OFFICE FUND
    * STRIDE PROPERTY-DEMERGER AND NZX LISTING WILL BE
CONDITIONAL
UPON COMPLETION OF AN IPO OF ORDINARY SHARES THAT IS BEING
UNDERTAKEN BY FABRIC
    * STRIDE PROPERTY-ESTABLISHES NEW OFFICE FUND BY WAY OF A
DEMERGER
AND NZX LISTING OF SPL'S WHOLLY-OWNED FABRIC PROPERTY
    * STRIDE - PROPOSES TO DISTRIBUTE ORDINARY SHARES IN FABRIC
TO
SHAREHOLDERS ON A PRO RATA BASIS (BASED ON A 1 FOR 4 RATIO) FOR
NO CONSIDERATION
    * STRIDE PROPERTY LTD -  EXISTING STRIDE SHAREHOLDERS WILL
HOLD
ABOUT 24.8% TO 25.8% OF FABRIC UPON COMPLETION OF IPO
    * STRIDE PROPERTY-TO GET RETURN ON FUNDS, FABRIC WILL FUND
DEVELOPMENT OF PROPERTY THROUGH LOAN OF UP TO NZ$186.5 MILLION

Source text for Eikon:  ID: 
Further company coverage:  SPG.NZ 

 (Reuters.briefs@thomsonreuters.com)