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APN Property Group 2018 AGM

November 25, 2018

 

APN Property Group focus exclusively on commercial property and invest with a principal goal of generating excellent risk-adjusted returns for investors through delivering reliable cash income streams.

 

At 30 June APN’s Funds Under Management stood at $2.8 billion, including their two ASX listed REITs, the Industria REIT and the Convenience Retail REIT.

 

2018 Highlights were;

  • a 12% increase in operating earnings after tax to $8.2 million

  • a 27% increase in statutory profit,

  • a 12% increase in funds under management 

  • a dividend of 2.25 cents per share fully franked, and

  • net tangible assets of $118 million or 37.7 cents per share against a closing share price of 45 cents per share.

Guidance

APN continue to expect to deliver operating earnings after tax of 2.40 – 2.90 cents per share and a dividend of 2.25 cents (fully franked)

 

Stapling Proposal

At the AGM, APN unitholders gave approval for the group to undertake a restructure of its corporate and operating structure in order to become part of a stapled entity. The stapled entity will be comprised of APN Property Group Limited, which will be the operating company through which all funds, property and property development management activities would continue to be performed, and the new APD Trust (which would be a registered managed investment scheme), which will hold some or all of APD Group’s co-investment stakes. The APD Board believes that the Stapling Proposal is in the best interests of APD Shareholders.

 

It is currently proposed that the co-investment stakes that will be initially held by the APD Trust are some or all of APD’s stakes in Industria REIT (ASX: IDR), Convenience Retail REIT (ASX: CRR) and the unlisted APN Asian REIT Fund. The extent to which these stakes are transferred to the APD Trust will depend on relevant Australian Financial Services Licence (AFSL) net tangible asset requirements for the APD Group (as APD is proposed to be the sole shareholder in two AFSL licensees, being its existing subsidiary APN Funds Management Limited and the new APN RE Limited, which is intended to act solely as responsible entity for the APD Trust).

 

The stapling is to be implemented via a distribution (part capital return, part dividend) to all shareholders which is compulsorily applied to acquire new units in the trust (APD seeking ruling from ATO that no part of the capital return will be treated as a dividend for tax purposes).

 

 

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