Australian Unity Investment Real Estate Limited (ASX:AOF) Announces Extraordinary General Meeting
Extraordinary General Meeting Details
Australian Unity Investment Real Estate Limited (AUIREL), responsible for managing the Australian Unity Office Fund (AOF), conducted an extraordinary general meeting of unitholders. The meeting was chaired by Peter Day, AUIREL’s Chairman, who opened the session at 10.00am AEDT.
Key Proposals for Unitholder Vote
The meeting focused on two critical resolutions that, if approved, will lead to the disposal of AOF’s main undertaking and result in the fund’s delisting and winding up. These proposals include the asset realisation and return of sale proceeds, allowing unitholders to benefit from the sale of properties at 2-10 Valentine Avenue, Parramatta, and 150 Charlotte Street, Brisbane. Additionally, the remaining investment property at 468 St Kilda Road, Melbourne, is set to be sold.
Recently, AUIREL entered a binding conditional contract for the sale of the Melbourne property, anticipating net proceeds of $41.5 million, subject to unitholder approval. Settlement is expected by March 2025.
Expected Returns for Unitholders
AUIREL continues to project unitholder returns between $1.20 and $1.23 per AOF unit, including a special distribution from another recent transaction. After adjusting for the recently paid 9 cents per unit special distribution, the expected returns range from $1.11 to $1.14 per unit upon the proposal’s approval.
Director Recommendations
The Directors of AUIREL encourage unitholders to vote in favour of the proposal, asserting it is in the best interest of AOF unitholders. The overall timeline for the proposals, including delisting and winding up, is also confirmed to remain unchanged, with projected dates of not before April 2025 for delisting and not before June 2025 for winding up.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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