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13 August 1991

News release

Cessation of marketing in New Zealand of unlisted Australian property trusts

On 23 July 1991 the Australian Attorney-Genera released a statement outlining the steps the Australian Government has taken to restore confidence and stability in the unlisted property industry in Australia.

As part of the new regulatory measures the Australian Government is to legislate, with effect from the time of the Attorney-General's announcement, for a standard 12 month notice period for the withdrawal of funds from all existing unlisted property trusts.

The effect of the Attorney-General's announcement has been that redemption requests posted after 22 July will be subject to the 12 month redemption period unless or until such period is varied by unitholders.

Until the new arrangements have been put in place and reflected in a registered Australian prospectus, unlisted property trust managers will discontinue all marketing of new units. Some Australian property units are marketed in New Zealand under the terms of a Securities Commission exemption. At the request of the New Zealand Securities Commission, the Australian Securities Commission has obtained undertakings from all managers that marketing will also cease in New Zealand.

Accordingly there will be no further marketing in New Zealand in the meantime of units in unlisted Australian property trusts.

John Farrell
Chief Executive
Securities Commission