AdviserVoicetakeover Archives - AdviserVoice https://www.adviservoice.com.au/tag/takeover/ Financial planner information & financial planner education/CPD - AdviserVoice Thu, 04 Jun 2026 21:30:42 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Eight in ten voters say yes to change: but not enough to save embattled unitholders https://www.adviservoice.com.au/2011/02/eight-in-ten-voters-say-yes-to-change-but-not-enough-to-save-embattled-unitholders/ https://www.adviservoice.com.au/2011/02/eight-in-ten-voters-say-yes-to-change-but-not-enough-to-save-embattled-unitholders/#respond Sun, 27 Feb 2011 23:24:28 +0000 https://adviservoice.com.au/?p=6171 Century Funds Management (Century) is pleased to have stood up for Opus 21 unitholders despite attaining insufficient voting numbers to replace Opus Capital Limited as manager of Opus 21.
 
Subject to a final count, at the meeting of Opus 21 unitholders today, Computershare confirmed that Century Funds Management gained over 80 per cent of total votes cast to unseat Opus Capital Limited as manager of the $240 million Opus 21 property trust but this proved insufficient.
 
This is because only around 40 per cent of the register voted. Fifty per cent of the total unitholding voting yes was required to effect a manager change.
 
Also subject to a final count, Computershare confirmed that Resolution One, which dealt with reduced manager fees and required 75 per cent of those voting to pass, gained over 80 per cent of the total votes cast and was carried.
 
Century stood at the request of the largest group of unitholders and Century chairman John McBain said: “Clearly an overwhelming majority of engaged investors would like to see a new manager however under law the 50 per cent of total unitholders test is an extremely high bar to be met and it is an unfortunate reality that the process fails unless sufficient unitholders express their views.
 
“Having said that, we recognise some investors in the Opus 21 can be forgiven for losing heart in their investment. Century accepts the absolute determination of the voting process and we genuinely wish unitholders our best wishes for the future under the continued management regime.”
 
Century focussed on the poor performance of the trust (74% deterioration in NTA), ASIC’s attempt to remove Opus’ Financial Services licence in August 2010 as well as a total of $35 million in either loans to related Opus trusts or valuation losses pursuant to related party tenants. As a consequence of the unitholder campaign,
 
Opus Capital has been forced to reduce their standard fees to match Century’s management proposal:

  • 50% reduction in asset sale fees
  • Elimination of 2.0% of assets “poison pill” fee

Additionally, Opus Capital was reported as making a commitment  to the investment community through the largest industry research house to halve the $3.0 million acquisition fee proposed in their Opus 21 trust recapitalisation proposal and to waive year one fund management fees in line with the Century proposal. Opus Capital CEO Dean Palmer stated during the meeting that the Opus Capital board will make the reduction in the one off acquisition fee but stated that the research house was in error regarding the waiver of one year’s management fees. Taken together these amendments constitute multi-million dollar fee savings for unitholders.
 
Mr McBain concluded:  “We are very pleased that we stood up for Opus 21 unitholder rights and we are particularly gratified that we have ensured that Opus 21 fee levels have been reduced to market levels on an ongoing basis. Of particular note is the support Century received from major financial advisory groups throughout the country, the advisers we spoke to were very committed to a management change and we are very grateful for their endorsement.”
 
“Century is about to settle a circa $40 million property acquisition in the Brisbane CBD for Century Property Trust 14 – which is already heavily over-subscribed. Additionally, Century has agreed terms on a circa $30 million NSW asset which will form the basis for a further Century property fund.
 
“Century has a very busy asset acquisition programme over the next 12 months and anticipates considerable growth within its $900 million Property Funds Management area.”

]]> Century Funds Management (Century) is pleased to have stood up for Opus 21 unitholders despite attaining insufficient voting numbers to replace Opus Capital Limited as manager of Opus 21.
 
Subject to a final count, at the meeting of Opus 21 unitholders today, Computershare confirmed that Century Funds Management gained over 80 per cent of total votes cast to unseat Opus Capital Limited as manager of the $240 million Opus 21 property trust but this proved insufficient.
 
This is because only around 40 per cent of the register voted. Fifty per cent of the total unitholding voting yes was required to effect a manager change.
 
Also subject to a final count, Computershare confirmed that Resolution One, which dealt with reduced manager fees and required 75 per cent of those voting to pass, gained over 80 per cent of the total votes cast and was carried.
 
Century stood at the request of the largest group of unitholders and Century chairman John McBain said: “Clearly an overwhelming majority of engaged investors would like to see a new manager however under law the 50 per cent of total unitholders test is an extremely high bar to be met and it is an unfortunate reality that the process fails unless sufficient unitholders express their views.
 
“Having said that, we recognise some investors in the Opus 21 can be forgiven for losing heart in their investment. Century accepts the absolute determination of the voting process and we genuinely wish unitholders our best wishes for the future under the continued management regime.”
 
Century focussed on the poor performance of the trust (74% deterioration in NTA), ASIC’s attempt to remove Opus’ Financial Services licence in August 2010 as well as a total of $35 million in either loans to related Opus trusts or valuation losses pursuant to related party tenants. As a consequence of the unitholder campaign,
 
Opus Capital has been forced to reduce their standard fees to match Century’s management proposal:

  • 50% reduction in asset sale fees
  • Elimination of 2.0% of assets “poison pill” fee

Additionally, Opus Capital was reported as making a commitment  to the investment community through the largest industry research house to halve the $3.0 million acquisition fee proposed in their Opus 21 trust recapitalisation proposal and to waive year one fund management fees in line with the Century proposal. Opus Capital CEO Dean Palmer stated during the meeting that the Opus Capital board will make the reduction in the one off acquisition fee but stated that the research house was in error regarding the waiver of one year’s management fees. Taken together these amendments constitute multi-million dollar fee savings for unitholders.
 
Mr McBain concluded:  “We are very pleased that we stood up for Opus 21 unitholder rights and we are particularly gratified that we have ensured that Opus 21 fee levels have been reduced to market levels on an ongoing basis. Of particular note is the support Century received from major financial advisory groups throughout the country, the advisers we spoke to were very committed to a management change and we are very grateful for their endorsement.”
 
“Century is about to settle a circa $40 million property acquisition in the Brisbane CBD for Century Property Trust 14 – which is already heavily over-subscribed. Additionally, Century has agreed terms on a circa $30 million NSW asset which will form the basis for a further Century property fund.
 
“Century has a very busy asset acquisition programme over the next 12 months and anticipates considerable growth within its $900 million Property Funds Management area.”

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]]> https://www.adviservoice.com.au/2011/02/eight-in-ten-voters-say-yes-to-change-but-not-enough-to-save-embattled-unitholders/feed/ 0 Outcome ideal for Tyndall Investments https://www.adviservoice.com.au/2010/11/outcome-ideal-for-tyndall-investments/ https://www.adviservoice.com.au/2010/11/outcome-ideal-for-tyndall-investments/#respond Tue, 16 Nov 2010 02:21:32 +0000 https://adviservoice.com.au/?p=4011 Commenting on the announcement today (16 November) that Nikko Asset Management (Nikko AM) will acquire Tyndall Investments, Australia and New Zealand from Suncorp, Mr Craig Hobart, who has been confirmed by Nikko AM as Managing Director of Tyndall Investments, said that it is an ideal outcome for Tyndall Investments, its staff and clients.

“The acquisition of Tyndall Investments by Nikko AM further strengthens a leading asset management operation in Australia and New Zealand that has over AU$25 billion in combined funds under management, keeping the business and team intact and retaining the highly-regarded Tyndall Investments brand and investment approaches.

“The Tyndall Investments management team in Australia has participated in the strategic review process, and fully endorses the outcome.

“Throughout the process, the Tyndall investment teams have remained focused on managing client portfolios and continue to be highly rated by the research community for their approach, process and performance track record.

“We look forward to building on the momentum the acquisition generates and the opportunities created from a major international asset management parent which has a strong pan-Asian presence and an aligned business capability and focus,” Mr Hobart said.

Nikko AM is one of the largest asset managers in Japan with US$120bn in mutual funds and institutional accounts, is owned by the Sumitomo Trust & Banking Co. Ltd and Nikko AM employees, and is recognised as a strong and stable company.

Tyndall Investments offers Australian and international equity, Australian and international equity fixed interest and global premia funds in Australia, and has AUS$22 billion in funds under management.

Mr Bob Van Munster, Head of Tyndall Australian Equities, said that the equity team couldn’t be more pleased with the outcome.

“It allows us to retain our highly regarded approach and investment style and we are looking forward to a future with a partner that is focused on asset management.

“Having Nikko AM as our new parent provides us with direct investment insights into one of the fastest growing regions in the world, which is increasingly considered the major economic influence on Australian investment markets.”

Mr Roger Bridges, Head of Fixed Income, added that it is an outstanding result for the Tyndall fixed income team.

“Despite a difficult environment for fixed income managers over the last 12 months, we have continued to generate consistent returns for investors through a measured approach that helps manage risk.

“We have a strong track record in fixed income management that has proven itself throughout different market cycles and economic conditions, and with Nikko AM as our new parent we can build on this strength while continuing to provide the benefits of our capabilities to Suncorp as our cornerstone client.”

]]> Commenting on the announcement today (16 November) that Nikko Asset Management (Nikko AM) will acquire Tyndall Investments, Australia and New Zealand from Suncorp, Mr Craig Hobart, who has been confirmed by Nikko AM as Managing Director of Tyndall Investments, said that it is an ideal outcome for Tyndall Investments, its staff and clients.

“The acquisition of Tyndall Investments by Nikko AM further strengthens a leading asset management operation in Australia and New Zealand that has over AU$25 billion in combined funds under management, keeping the business and team intact and retaining the highly-regarded Tyndall Investments brand and investment approaches.

“The Tyndall Investments management team in Australia has participated in the strategic review process, and fully endorses the outcome.

“Throughout the process, the Tyndall investment teams have remained focused on managing client portfolios and continue to be highly rated by the research community for their approach, process and performance track record.

“We look forward to building on the momentum the acquisition generates and the opportunities created from a major international asset management parent which has a strong pan-Asian presence and an aligned business capability and focus,” Mr Hobart said.

Nikko AM is one of the largest asset managers in Japan with US$120bn in mutual funds and institutional accounts, is owned by the Sumitomo Trust & Banking Co. Ltd and Nikko AM employees, and is recognised as a strong and stable company.

Tyndall Investments offers Australian and international equity, Australian and international equity fixed interest and global premia funds in Australia, and has AUS$22 billion in funds under management.

Mr Bob Van Munster, Head of Tyndall Australian Equities, said that the equity team couldn’t be more pleased with the outcome.

“It allows us to retain our highly regarded approach and investment style and we are looking forward to a future with a partner that is focused on asset management.

“Having Nikko AM as our new parent provides us with direct investment insights into one of the fastest growing regions in the world, which is increasingly considered the major economic influence on Australian investment markets.”

Mr Roger Bridges, Head of Fixed Income, added that it is an outstanding result for the Tyndall fixed income team.

“Despite a difficult environment for fixed income managers over the last 12 months, we have continued to generate consistent returns for investors through a measured approach that helps manage risk.

“We have a strong track record in fixed income management that has proven itself throughout different market cycles and economic conditions, and with Nikko AM as our new parent we can build on this strength while continuing to provide the benefits of our capabilities to Suncorp as our cornerstone client.”

The post Outcome ideal for Tyndall Investments appeared first on AdviserVoice.

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