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Continuous disclosure notice DPF
27 May 2010
Orchard Capital Investments Limited (Orchard) announced today the sale of the Orchard Diversified Property Fund’s (DPF) holding in Growthpoint Properties Australia (ASX: GOZ).
Orchard sold 14,374,346 stapled securities of GOZ (representing approximately 9% of total issued GOZ securities) for an average price of $1.75 per stapled security. The trade is scheduled to settle on 31 May 2010.
Orchard will apply the net proceeds of the sale (approximately $25.1m) to the reduction of debt owed to BOS International (Australia) Limited (BOSI).
DPF’s debt outstanding under its cash advance facility with BOSI will reduce from $195.6m to $170.5m. DPF’s balance sheet gearing ratio will decrease slightly, from 79.8% to 79.2% based on unaudited accounts as at 30 April 2010.
Please contact Orchard Investor and Adviser Services on 1800 008 494 if you have any questions.
Please click here to download a copy of this update.