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Cromwell reiterates IOF deal opposition amid reports of postponed meeting


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Cromwell reiterates IOF deal opposition amid reports of postponed meeting

Cromwell Property Group called on Investa Office Fund, or IOF, to drop its proposed acquisition of a 50% stake in Investa Office Management Pty. Ltd. amid "media speculation" that that IOF's extraordinary general meeting "may be postponed for 14 days to allow Cromwell to submit a bid."

"Cromwell can only assume that this speculation is based on information from IOF and is surprised by this sudden and last minute change of heart which we presume can only be a result of the feedback received from proxy votes so far," the company said in a release.

IOF's extraordinary general meeting is scheduled May 31 to vote on the stake acquisition, and the independent directors of its responsible entity are unanimously in favor of the deal.

Cromwell said the proposed deal may not be perceived "as favourably" by IOF unit holders, and that any speculation regarding postponement of the meeting is "confusing and unsettling" for unit holders. It also called for the results of the proxy votes to be made public and said that IOF's board "should not waste another cent of unitholders' money" on the proposal.

Cromwell had previously affirmed its intention to vote against the proposal, which it reportedly deemed "worst of all worlds" for IOF investors. Cromwell's own takeover bid for IOF is reportedly falling through after IOF stopped all site tours, it was reported recently.