Charter Hall Long WALE REIT - ALE Property Group (ASX:LEP) Schemes implementedright-arrow
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by Charter Hall Announcements

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Charter Hall Long WALE REIT (ASX: CLW) is pleased to announce that the ALE Property Group (ASX: LEP) schemes of arrangement in relation to the proposed acquisition of LEP by a Charter Hall Group managed consortium comprising CLW and Hostplus have today been implemented.

This follows the approval of the schemes by the Supreme Court of New South Wales on 7 December 2021 and approval of the scheme resolutions at the scheme meetings held on 2 December 2021.

The scheme consideration, which comprises a mix of cash and CLW securities, has been paid and issued to LEP scheme securityholders today depending on their election or deemed election, as set out below1:

Election typeConsideration per LEP security
Mixed consideration$3.673 cash and 0.4080 CLW securities per LEP security
Maximum scrip consideration$1.1546 CLW securities per LEP security
Maximum cash consideration$4.038 cash and 0.3339 CLW securities per LEP security

The market value of CLW securities received by LEP scheme securityholders is $5.1754 per CLW security, based on the 1-day volume weighted average price of CLW securities on 17 December 2021 (being the implementation date).

Announcement Authorised by the Company Secretary

1 LEP scheme securityholders who are ‘ineligible foreign securityholders’ will have any CLW securities they would otherwise have received issued to the sale agent who will sell those securities on their behalf (and remit the proceeds). For more information, please refer to LEP’s scheme booklet.


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