MUSTERA PROPERTY GROUP LIMITED (MPX)

The suspension of trading in the securities of Mustera Property Group Limited will be lifted immediately, following the release by MPX of an announcement confirming that shareholders of MPX had approved the related party transactions.

The company releases the results of its meeting. The Chairman of today's meeting ruled that each of the resolutions be determined by poll rather than on a show of hands. Both resolutions were passed unanimously as ordinary resolutions.

Much to the disappointment of Mustera, the development application was refused by JDAP at its meeting on Monday 1 July 2019 in a vote of 3 to 2 against the Planning Officers' recommendation. Whilst the voting was unfavourable, each JDAP member reiterated their respective view that the design was exemplary. The matter will next be contemplated at a Directions Hearing at SAT on 26 July 2019, where a path forward for the project will be determined. Mustera are likely to seek that the matter be determined via a full SAT Hearing. Mustera remains positive that a satisfactory outcome can be reached.

A meeting of the company will be held on 2 July 2019 at 9:00 a.m. (WST) at 15 McCabe Street North Fremantle WA 6159.

During the year ended 30 June 2018, the Company's wholly owned subsidiary, Sterlink entered into contracts to sell the following apartments in its Victoria Quarter development in Midland WA to Spectra. At the time of the sales to Spectra, the apartments were being offered for sale on the open market. Spectra approached Sterlink directly with the proposals for the two larger transactions. Vendor finance facilities were also negotiated with independent legal representation and entered into in June 2018 between Sterlink and Spectra. Two loans, of $4,056,180 and $1,090,200 respectively, were provided to Spectra as vendor finance in respect of the acquisition. ASIC raised its concern over the Company's disclosures around the Spectra transactions. The ASIC review ran over several months and was not concluded until after the Company lodged its HY Report on 28 February 2019. The Company elected to include a note regarding the Spectra transactions in the HY Report to ensure full disclosure of the Spectra transactions. The Company intends to seek shareholder approval of the transactions, and anticipates that a shareholder meeting will be held in the second half of May 2019 for this purpose.

The securities of Mustera Property Group Limited will be suspended from quotation immediately under Listing Rule 17.3. The securities will remain suspended pending an investigation into a related party transaction.

listed entity carried for record purposes only