Possible lifeline for ACR note-holders
Becton Property Group has signed a binding heads of agreement that sees it pick up the assets of the collapsed Australian Capital Reserve (ACR) and Estate Properties Group (EPG).
The company announced on the Australian Stock Exchange today that it had signed the binding heads of agreement with the administrators of ACR and EPG, entitling it to develop and receive the proceeds of the developments of the EPG portfolio, conditional on Becton completing limited due diligence and creditors approving the transaction.
As part of the Becton proposal, ACR note-holders will have the option of receiving their proceeds either as cash or units in Becton’s Diversified Property Fund (BDPF).
Under the cash option, the administrator estimates that note-holders will receive a cash out price of approximately 60 cents in the dollar, while under the BDPF option they are likely to get around 65 cents in the dollar.
AUTHOR
Mike Taylor
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