BECTON PROPERTY GROUP LIMITED 
By Becton Property Group Limited ("Becton" or "the Group") (ASX: BEC) provides the following project and operational update for the quarter ended 30 September 2012.
DEVELOPMENT AND CONSTRUCTION Newleaf, Bonnyrigg
Newleaf, a redevelopment in 18 stages of the Bonnyrigg public
housing estate in Western Sydney
started FY13 with a steady level of sales and enquiries
during the September quarter. Construction of Stage 3
dwellings is well underway. Becton is building 22 apartments
and 85 houses of the 159 dwellings in this stage - with the
balance subcontracted out to two local builders. Since its
release
in December 2011, we have pre-sold and exchanged contracts
for 45 private dwellings in Stage 4 and taken a further 7
reservations. On 27 September, the Joint Regional Planning
Panel approved our development application for stage 4.
Divercity, a residential and mixed use development in
Waterloo NSW, was released to the market in December 2009.
Construction of Block B, the first building in this
development is well underway and sales of 162 of the 289
apartments in this building had settled as at 30 September
2012. Block B is the first of 646 apartments being developed
by Becton within the Waterloo precinct.
Blocks C and D, the next parcel of properties to be developed
at Divercity, comprise 357 apartments in total as well as
approximately 1,545 square metres of retail space. Becton has
pre- sold and exchanged contracts on 184 apartments in Blocks
C and D and taken reservations on a further 29 apartments in
these Blocks as at 30 September 2012. We expect to release
the next stage of this development during the current
(December) quarter.
Settled FY13 $25.7
Value of properties - sales contracts exchanged1 $259.0
Value of properties - reserved2 $22.7
1. Deposit paid and binding contract exchanged - awaiting construction, completion and settlement from FY13 and FY15
2. Reservation made and (non-refundable) deposit paid - awaiting execution of contract of sale
1
RETIREMENT LIVING
The Retirement Living business has had a solid start to the
year settling a total of 13 sales for the quarter ended 30
September 2012, comprising $2.1 million in new sales and $5.2
million in resales across the portfolio. Buyer interest
during the quarter has been strong with 32 reservations taken
across the portfolio.
As at 30 September 2012, the Waverley Country Club retirement
village in Victoria had settled or contracted for sale 121 of
the total 134 units at the village. The final 30 units at
this village were completed in June 2012 and 57 per cent of
this final 30 have been sold or reserved as at 30
September 2012.
Becton has been informed that the conversion of options by
David Geer and Rosemary Geer announced to the market on 12
September 2012 was, due to an administrative error on the
part of Becton's registry services provider Link Market
Services, undertaken without valid direction by the option
holders.
Accordingly that conversion has been reversed.
Valid direction to convert 155,698 options in respect of
shares in Becton Property Group Limited ("BPGL Options") and
155,698 options in respect of units in Becton Property Trust
("BPT Options") has now been notified by holders of BPGL
Options and BPT Options.
The conversion of those options into BEC stapled securities
took place today. In summary:
155,698 BPGL Options and 155,698 BPT Options have been
converted, and
3,762,715 BPGL Options and 3,762,715 BPT Options remain on
issue and are yet to be converted.
On conversion by these option holders of their BPGL Options
and the BPT Options, the issued capital of Becton increases
from 7,374,116 stapled securities to 7,529,814 stapled
securities.
In addition, the Group's financier BOS International holds
$33 million preferred equity which today, at the holder's
option, could be converted into 7.095 million* BEC stapled
securities.
Felicity Allen
Kreab Gavin Anderson
03 9659 3000 | 0413 946 701
Monika Lancucki
Becton Property Group
03 9832 9014 I 0413 440 126
* At the Group's Annual General Meeting on 25 November 2011, securityholders approved a resolution to consolidate securities on a 200:1 basis. Entitlement to preferred equity is adjusted accordingly.
2
|
distributed by
|
