Investors in listed National Property Trust have voted in favour of putting forward a proposal to cut its ties with its ultimate parent company St Laurence (in receivership).At a meeting held at the Ellerslie Events Centre on Friday, investors voted to ha
Investors in listed National Property Trust have voted in favour of putting forward a proposal to cut its ties with its ultimate parent company St Laurence (in receivership).
At a meeting held at the Ellerslie Events Centre on Friday, investors voted to have a formal proposal put together outlining internalising its management contract and changing its structure from a trust to a company.
High profile shareholders the Cushing family and 9.6% shareholder ING expressed their support of the changes at the meeting itself and prior to it via the media.
The vote to put the proposal forward only needed 75% approval but an overwhelming 99% voted in favour of the changes.
“We expect that the internalisation of the management function will improve the returns to unit holders and also create a singular focus of interest,” said National Property Trust independent chairman Jim Sherwin.
A written proposal will be presented to shareholders for another vote at its annual general meeting in November and if successful changes would be effective from April 2011.
