APN All Sorted with Stapling Proposal29 September 2019
APN Property Group announced this week that it has received a draft class ruling from the Australian Taxation Office in relation to its stapling proposal.
An Explanatory Memorandum and Notice of Meeting which includes resolutions relating to the stapling proposal are currently being finalised.
The original proposal was approved by unitholders at the 2018 AGM, however was subject to a ruling by the ATO, which has taken longer than expect to achieve. With the draft ruling now in place, the Board intends to put the proposal back to shareholders at the Annual General Meeting scheduled for 20 November 2019 with a recommendation of support to the proposal.
In the event the stapling proposal is approved and based on current working assumptions, the Board intends to increase the group’s FY2020 guidance from a dividend of 2.75 cents per share to a stapled distribution of approximately 3.15 cents per stapled security.