By NZPA
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Tuesday 17th September 2002 |
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The result was before realisation and revaluations, including a $6.64 million drop in the value of the company's investment properties, resulting in a net after tax loss of $3.47 million.
In May Christchurch-based National Property Trust filed notice that it planned to make a takeover bid for Auckland's Newmarket, offering six National units for every 10 Newmarket units.
The now unconditional offer has been extended to October 3 but as of September 13 it had an acceptance rate of 86.65 percent.
If 100 percent ownership was not achieved, National plans to operate the trust as a separate entity, although it will mean some duplication of administration.
The board was also investigating whether Newmarket remained a listed entity, and reviewing the strategic options for each of the trust's properties.
Gross revenue was marginally down on the previous year at $8.82 million. It also accumulated $297,000 in increased direct costs, including $462,000 related to the takeover offer by National Property Trust and an aborted offer from the Symphony Group.
Total assets dropped to $69.97 million (compared with $82.44 million last year) while net assets totalled $38.93 million ($47.56 million).
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