New Capital Properties board announces review

The new board of Capital Properties today announced a review of the business, following the majority takeover by AMP Property Portfolio (APP).

APP's $1.48 a share offer will close just before midnight on December 1. As at November 23 APP had secured 71.6 per cent of the company.

Newly-elected Capital Properties chairman Murray Gribben said the review would take place next month.

The outcome of the review, including future dividend policy, will be announced before the end of January.

The board of Capital Properties now comprises Mr Gribben -- who is AMP Capital's head of alternative assets, and independent directors Michael Cashin and James Ogden. Rob Morrison, director of Asian Investments for AMP Capital Investors Australia, has been nominated to the board and his appointment has yet to be confirmed. One final board seat remains to be filled.

General manager of AMP NZ Property Fund, Stephen Costley, was nominated as a board member but decided not to join.

- NZPA