You have received an offer from ESR Real Estate (Australia) Pty Ltd (ESR) to acquire all your Propertylink Securities for cash consideration of $1.201 per Propertylink Security by way of an off-market takeover offer (the Offer). You should have received the Bidder’s Statement containing information in relation to the Offer from ESR and the Target’s Statement issued by Propertylink in response to the Offer.
Your Directors unanimously recommend that you ACCEPT the Offer, in the absence of a Superior Proposal.
The Independent Expert has concluded that, in the absence of a Superior Proposal, the Offer by ESR is fair and reasonable to Non-Associated Securityholders.
The Offer is subject to a number of conditions, including ESR acquiring a relevant interest in at least 50.1% of all Propertylink Securities (on a fully diluted basis) and other conditions as set out in the Bidder’s Statement. In deciding whether and when to accept the Offer, you should consider the conditions remaining to be satisfied.
Your Directors encourage you to read the Target’s Statement in its entirety and seek independent advice if you are in any doubt as to what you should do in response to the Offer. You are also strongly encouraged to read the Bidder’s Statement and any Supplementary Bidder’s Statements issued by ESR.
The Offer is due to close at 7.00pm (Sydney time) on 28 February 2019, unless extended or withdrawn. To accept the Offer, you should follow the instructions outlined in the Bidder’s Statement and on the Acceptance Form.
1. The Offer Price paid to you by ESR will be reduced by the amount or value of any distributions or benefits that you (or any previous holder of your Propertylink Securities) receive or become entitled to receive on or after 12 November 2018. Propertylink’s interim distribution for the six months to 31 December 2019 will be paid to securityholders on record at 31 December 2018, with payment to be made on 31 January 2019. Therefore a Propertylink Securityholder who accepts the Offer will receive $1.164 per Propertylink Security (subject to the further reduction in consideration due to other distributions of benefits).
If you have further questions in relation to the Offer, you can call the Propertylink Securityholder Information Line on 1300 889 468 (within Australia) or +61 2 8022 7954 (outside Australia) during the hours of 9:00am and 5:30pm (Sydney time), Monday to Friday (excluding national public holidays).