Page 592 - Week 04 - Thursday, 29 June 1989

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J G SERVICE PTY LTD

Third Floor, Industry House Postal Address:

National Circuit PO Box 38

BARTON ACT 2600 KINGSTON ACT 2604

AUSTRALIA

Telephone: (062) 73 1463 Facsimile: (062) 73 1841

T0: MR A MEDLEY

FAX: 575207

FROM: MR JIM SERVICE

DATE: 7.6.89

SUBJECT: STIRLING COMMERCIAL PROPERTY MANAGEMENT LIMITED

NUMBER OF PAGES:

(including this page)

PLEASE ADVISE IF ANY PART OF THIS TRANSMISSION FAILED OR WAS

MISDIRECTED

Dear Mr Medley

Stirling Commercial Property Management Limited was the manager of two property trusts, the units in which were listed on the Stock Exchange. I was a director of the company at the time that it recommended and arranged the sale by the trustees of the property known as Thetis Court, Manuka, ACT.

The property was offered in the ordinary course of business

at public auction and the highest bid at that auction cons

made on behalf of your organisation, but the bid was

below the reserve price. As is standard, commercial

practice negotiations then proceeded with the highest bidder

and in due course these negotiations led to an offer

by you which met the price required by the managers and

the trustees and accordingly a sale proceeded.

The very modest interest shown by the company in Belconnen Mall did not have any relationship whatsoever to Thetis Court - and went no further than some press publicity designed to test what degree of financial interest might be attracted if the company decided to bid. In the event we did not even register an expression of interest, let alone make any offer to purchase. The company did not have any negotiations of any kind whatsoever with you or any other Commonwealth officer in relation to Belconnen Mall.

Yours sincerely

592

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