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Dexus Finance Pty Limited: 2021 Extraordinary General Meeting

·7-min read

Dexus Finance Pty Limited / Key word(s): AGM/EGM
Dexus Finance Pty Limited: 2021 Extraordinary General Meeting

22-Apr-2021 / 09:39 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Dexus (ASX: DXS)

ASX release

22 April 2021

2021 Extraordinary General Meeting

Dexus provides the presentation and Chair address for the Dexus Extraordinary General Meeting (EGM) which is being held today at Dexus Place, Level 5, 1 Margaret Street, Sydney commencing at 3.30pm (AEDT).

The meeting will be webcast and can be viewed at www.dexus.com

The full ASX release including the presentation is available at www.dexus.com.

Authorised by the Board of Dexus Funds Management Limited.

For further information please contact:

Investors
David Yates
Executive General Manager, Investor Relations
+61 2 9017 1424
+61 418 861 047
david.yates@dexus.com

Media
Louise Murray
Senior Manager, Corporate Communications
+61 2 9017 1446
+61 403 260 754
louise.murray@dexus.com

 

About Dexus

Dexus is one of Australia's leading real estate groups, proudly managing a high-quality Australian property portfolio valued at $32.1 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group's $11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)
Level 25, 264 George Street, Sydney NSW 2000

__________________________________

2021 Extraordinary General Meeting

Good afternoon everyone and welcome to our 2021 Extraordinary General Meeting.

I'm Richard Sheppard, the Chair of the Board of Directors of Dexus Funds Management Limited. I would like to begin by acknowledging the Gadigal people of the Eora Nation, the traditional custodians of the land on which we are presenting from today, and we pay our respects to their First Nations people past, present and emerging. I would also like to extend that respect and welcome to any First Nations people who are joining our meeting today.

On behalf of the Dexus Board, I would like to thank those of you who have joined us in person today and welcome those of you who are joining us on the webcast. We remain hopeful that we will be able to connect with more of you at our Annual General Meeting later this year.

I'll table my appointment as Chair of today's meeting and open the meeting.

I will start by reinforcing some key elements of our strategy.

The COVID-19 pandemic has reinforced the importance of having a diversified business model and strategy that can deliver through the cycle.

This has been demonstrated by our strong cashflows and resilient asset values in this uncertain environment.

We continue to invest in high-quality real estate across Australia's major cities and we have established some key strategic initiatives that will help unlock the relative value of our business and strengthen the platform for future cycles. The initiatives include:

The Simplification is aligned to the expansion of our funds management business and will increase our flexibility to be able to meet the increased investment demand from third party capital partners.

Our existing structure is a legacy of our history. We have DXO or the Dexus Operations Trust stapled to the Dexus Diversified Fund, Dexus Industrial Trust and Dexus Office Trust.

What the Simplification will do is reorganise this quadruple structure to a group comprising two stapled trusts - being the Dexus Operations Trust and the newly created Dexus Property Trust.

The rationale for the Simplification is detailed in the Explanatory Memorandum.

In summary there are three key advantages.

The Simplification will provide Dexus with an improved ability to execute on our strategic initiative of expanding and diversifying the funds management business. It will do this by providing Dexus with greater flexibility in meeting the investment demand from investors for real estate assets, while also expanding our funds management business. For example, it may allow equity interests in Dexus Diversified Fund, Dexus Industrial Trust and Dexus Office Trust to be issued directly to potential third party capital partners.

Dexus's current structure is complex, and the simplified structure will lead to increased efficiencies relating to reporting and administration. It will reduce the number external financial statements produced, saving time across many Dexus business units and the savings are estimated to equate to approximately half a million dollars per annum.

There are also potential efficiencies for Security holders. Under the simplified dual stapled trust structure there will be reduced administrative burden relating to their reporting requirements. Further, Dexus will potentially be able to provide broader Capital Gains Tax rollover relief to persons who receive or become Dexus Security holders as a result of any merger or acquisition activity that Dexus subsequently engages in.

Should the Simplification be approved, the next steps would include:

Importantly we will ensure that Security holders are kept informed of the progress of the Simplification.

ENDS

Information and Explanation of the Issuer to this News:

About Dexus

Dexus is one of Australia's leading real estate groups, proudly managing a high-quality Australian property portfolio valued at $32.1 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $16.5 billion of office and industrial properties. We manage a further $15.6 billion of office, retail, industrial and healthcare properties for third party clients. The group's $11.4 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.6 million square metres of office workspace across 51 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)
Level 25, 264 George Street, Sydney NSW 2000

22-Apr-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Dexus Finance Pty Limited

264 George Street

2193 Sydney

Australia

Phone:

+61 2 9017 1100

Fax:

+61 2 9017 1101

E-mail:

ir@dexus.com

Internet:

www.dexus.com

ISIN:

XS1961891220

WKN:

A2RZHG

Listed:

Regulated Unofficial Market in Frankfurt

EQS News ID:

1187451


 

End of Announcement

DGAP News Service

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