APN Stapling Proposal delayed
APN Property Group advised that the Stapling Proposal approved by shareholders at the 2018 APD Annual General Meeting will likely be delayed beyond 30th June.
The proposal was subject to the Group receiving a Class Ruling from the Australian Taxation Office by 30 June 2019, however the Group advises this is now unlikely.
The APD Board intends to continue to work towards the restructure of APD into a stapled group and that given the delay, a new proposal will need to be approved by unit holders prior to implementation.
The Board’s objective is for the restructuring to occur by 31 December 2019.