Pelorus Property Group proposes merger
Pelorus Property Group has resolved to put a proposal to its shareholders that it merge with the majority of its unlisted funds and related entities.
The funds, Bakehouse Quarter Fund and Peloris Penrith Fund No 2, have been priced by Peloris at 42 cents per share.
In a statement released to the Australian Stock Exchange (ASX), Pelorus said it believed the merger proposal would enable it to more aggressively pursue its strategy of focusing on distressed asset opportunities.
Peloris chairman Seph Glew said: “Our emphasis on asset opportunities will have the effect of holding back our reportable earnings in the short term, but we know from experience that the gains from a successful turnaround can be extraordinary in the longer term.”
The ASX statement noted that last year Peloris had agreed to provide short-term cash flow support for a start-up storage facility in Melbourne in return for 50 per cent of the upside capture and it had come to a similar arrangement with a New Zealand shopping centre in return for a 40 per cent interest in the property.
In March, Money Management reported on a failed attempt by Pelorus to take control of Centro property group.
Pelorus wrote to investors in a key Centro Properties Group syndicate, the Centro MCS 11, asking that they elect Pelorus as the new responsible entity for the company.
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