LANDGATE — PEXA
SALE
1098. Hon PETER COLLIER to the minister representing the
Minister for Lands:
I refer to the article in The
Australian Financial Review of 6 November 2018 regarding the acquisition of
PEXA by Link Group.
(1) Has the state
government or Landgate exercised its right to appoint a member to the PEXA
board; and, if yes, on what date and who is the state's representative?
(2) If yes to
(1), has the state, through its board-appointed representative or through any
other person, been involved in the discussion to sell PEXA to Link Group?
(3) Has the state
agreed in principle, through a memorandum of understanding or any other format,
to sell its share of PEXA to Link Group or any other third party?
(4) If yes to
(3), on what date was the agreement reached and what was the value of the state's
share of the PEXA sale?
Hon
STEPHEN DAWSON replied:
I thank the honourable Leader of the
Opposition for some notice of the question.
(1) Landgate was
last represented on the PEXA board by its then chief executive, Jodi Cant,
until she resigned from her PEXA board position on 13 April 2018. Since then,
Landgate has had an appointed observer at the majority of the PEXA board
meetings.
(2)–(3) As
advised in the Legislative Assembly today, the Premier, Treasurer and Minister
for Lands, along with the Landgate board, agreed to sell the state's
shareholding in PEXA to a consortium consisting of Link Group, Morgan Stanley
Infrastructure and the Commonwealth Bank.
(4) Agreement was
reached on Monday, 5 November 2018. It has been advised that the transaction
values PEXA at over $1.5 billion, which will return over $170 million to the
state of Western Australia for its 11.8 per cent shareholding. This is a significant
return on the state's $38.9 million investment. Completion and final
price remains subject to a number of condition precedents, and I am advised
that the transaction is likely to be completed before the end of the calendar
year.