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RNY Property's manager urges unit holders to accept Aurora's unconditional offer

RNY Property Trust's manager, RNY Australia Management Ltd., said it must now recommend Aurora Funds Management Ltd.'s 1.5 Australian cents bid for the trust after the offer was made unconditional.

In a news release, the manager stated its support to the offer, noting that any distribution from RNY Property will unlikely exceed the per-unit offer of Aurora. It added that there is a possibility that the amount unit holders will receive could be increased, according to the bidder's previous announcement, subject to certain conditions.

RNY Australia stressed in its statement that unit holders of the target "have very little time" to accept the offer, which will lapse Oct. 11. It is urging unit holders to accept the offer, as Aurora has not made any indication that it will extend the closing date.

In a separate statement, RNY Australia said independent directors Philip Meagher and Mervyn Peacock, who are also RNY Property unit holders, are planning to accept Aurora's offer as soon as possible, adding that both directors agree that the allotted time for the acceptance of the offer is limited.