GPT snubs Lend Lease marriage plan, but ... Centro's on escalator 1 State Edition

The four GPT directors -- Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss -- said after months of talks they could not reach agreement with Lend Lease on important financial and non- financial issues. Centro currently owns a 31.7 per cent stake in Prime and is its responsible entity....

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Bibliographic Details
Published inDaily telegraph
Main Author Stephen Downie, John Beveridge
Format Newspaper Article
LanguageEnglish
Published Surry Hills, N.S.W Nationwide News Pty Ltd 28.07.2004
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Summary:The four GPT directors -- Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss -- said after months of talks they could not reach agreement with Lend Lease on important financial and non- financial issues. Centro currently owns a 31.7 per cent stake in Prime and is its responsible entity. But this deal was overshadowed by the events at GPT, where independent director Peter Joseph said he was "disappointed" the board was unable to reach agreement with Lend Lease. "It has become clear to the GPT Board that the proposal advanced by Lend Lease does not adequately compensate GPT unitholders for their high quality property portfolio and for the increase in risk they would face as investors in the merged entity."
ISSN:1836-0203