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Proposed changes to Capital Properties board

Press Release: Capital Properties

Thursday, November 24th 2005, 5:55PM

by The Landlord

AMP Property Portfolio and the Directors of Capital Properties today announced proposed changes to the board of Capital Properties New Zealand Limited. The changes, expected to take place later this week, follow AMP Property Portfolio’s successful takeover of Capital Properties.

The new board of Capital Properties is proposed to include Murray Gribben, Stephen Costley and one other yet to be confirmed nominated by AMP Property Portfolio. Michael Cashin and James Ogden will continue as independent directors.


Tony Frankham, the current Chairman of Capital Properties, will leave the board along with independent director Peter Coote and Richard Didsbury, who has represented Kiwi Income Property Trust on the Capital Properties board. Tony Frankham said that he was appointed to the board to act as independent chairman with the expectation that some move might be taken by either AMP interests or Kiwi Income Property Trust. Now that AMP Property Portfolio had made a takeover offer and had achieved significant control it was appropriate that he step down. Tony Frankham said he considers Michael Cashin and James Ogden are the best placed people to continue as directors and to represent minority shareholders.

Murray Gribben, Head of Alternative Assets for AMP Capital Investors (New Zealand) Limited, is proposed to be the chair of the new board.

“We thank the current chairman Tony Frankham and his colleagues for their leadership of Capital Properties through a challenging time, and for the effort they have put in for all shareholders,” said Stephen Costley, General Manager, AMP Property Portfolio.

It is anticipated the changes to the board will occur at a board meeting expected to be on 23 November, after acceptances (received up to and including 16 November) under AMP Property Portfolio’s Offer have been paid. Mr Gribben’s appointment as chairman will also be considered at this meeting.

The Offer has been extended and declared unconditional, and will now close at 11.59pm on 1 December 2005.
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AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
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BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
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SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
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Westpac Special - 6.29 5.79 5.79
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