Takeover offer for Newmarket Trust

National Property is offering 6 of its units for every 10 Newmarket units held, which it says equates to a price of 57 cents based on a market price of 95 cents per NAP share.

The offer has a number of conditions, including acceptance by Newmarket unit holders holding in excess of 50% of the total units on issue in Newmarket.

"Other conditions include National obtaining an exemption from the Securities Commission under the Securities Act, from issuing a prospectus for the units it proposes to issue to the Newmarket unit holders," NAP says.

Newmarket Trust has around 67.66 million units on issue and the takeover will require National Property to issue 40.6 million new units on the takeover basis of 6 for 10.

Metropolitan Life Assurance holds 38% of the Newmarket units and will end up with 16.25% of NAP if it accepts the offer.

The offer is scheduled to be delivered to Newmarket unit holders early in June and remain open for a month.

The National Property Trust has 11 commercial and retail properties located in the North and South Islands with gross assets of $144 million.

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