Category Investments

Redefine’s investors support the acquisition of ApexHi and Madison

02 April 2009 Redefine Income Fund

Redefine Income Fund linked unitholders today (Thursday, 2 April 2009), voted in favour of the company’s acquisition of ApexHi Properties and Madison Property Fund Managers, taking this landmark transaction for the property sector one step closer to conclusion.

At a Redefine general meeting all of the special and ordinary resolutions required to implement the proposed acquisition were passed by the requisite majorities of Redefine shareholders and debenture holders. The transaction proposed the acquisition by Redefine of 100% of the Madison linked units in issue, and up to 100% of the ApexHi A, B and C linked units not already held by Redefine and its subsidiaries.

Unitholders representing more than 68% of issued Redefine linked units were present, either in person or by proxy, at the general meeting and all of the resolutions were approved by 95% or more of unitholders present and voting

The transaction remains conditional upon the requisite approvals (and/or in the case of ApexHi, acceptances) from ApexHi and Madison unitholders.

The ApexHi general meeting is scheduled tomorrow (3 April 2009), and the Madison general meeting is scheduled for Monday, 6 April 2009.

Thereafter the necessary regulatory approvals will be sought, including sanction of the ApexHi and Madison schemes of arrangement by the High Court and approval from the Competition authorities.

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