AUSTCORPTOWERS​

Offer closed over-subscribed.

On 6 December 2005, Austcorp Group announced an offer of up to 400,000 Austcorp Trust-issued Optionally-redeemable With Exchange Rights Securities (Austcorp TOWERS) at an issue price of $100 each, to raise approximately $40 million, with the ability to accept oversubscriptions of up to a further $10 million. Austcorp TOWERS were issued by Austcorp Funds Management Limited as responsible entity of the Austcorp TOWERS Trust (Issuer).

The offer was closed on 21 December 2005 oversubscribed, with subsequent total allotment of $50 million of Austcorp TOWERS. Austcorp TOWERS commenced official quotation on the Australian Stock Exchange (ASX) on 30 December 2005. Austcorp TOWERS carries the ASX code AUUPA.

To see Austcorp TOWERS trading information, go to www.asx.com.au.

Austcorp TOWERS provide a fixed distribution rate and an opportunity to potentially convert to Austcorp Property Group stapled securities in the event there is an IPO of the Austcorp Property Group.

Key Features

Distributions are cumulative and paid quarterly in arrears.
If Austcorp Property Group’s stapled securities are ASX listed by 31 December 2008, holders of Austcorp TOWERS may have the right at any time after that date to convert to stapled securities at a 7.5% discount.
If Austcorp TOWERS are redeemed, Holders will receive 105% of the issue price in cash plus any unpaid distributions.
If Austcorp TOWERS are not redeemed or converted by 31 December 2008, the distribution rate effective from that date will be the 90 Day Bank Bill Swap Rate plus a margin of 3.95% plus an additional margin of 2.50% if Austcorp Property Group has not listed on ASX by that date.
Perpetual security: Austcorp TOWERS are perpetual and have no maturity, subject to exchange.
Guarantee: Holders will benefit from a guarantee by the Austcorp Property Group in relation to money that becomes due and payable to Holders.