It's make or break time for DNZ Property Group shareholders, who meet today to vote new board members and discuss options for the future of the company.
The shares are in a trading halt ahead of the results of the special shareholders meeting to be h
It’s make or break time for DNZ Property Group shareholders, who meet today to vote new board members and discuss options for the future of the company.
The shares are in a trading halt ahead of the results of the special shareholders meeting to be held at Ellerslie Racecourse.
The shares, which are thinly traded on the unregulated Unlisted platform, were last quoted at 79c.
The group’s 8200 shareholders will vote on resolutions including new directors and discuss steps needed for a capital raising plan involving a possible sharemarket listing.
DNZ last year tried to list on the NZX but shareholders baulked at the $140 million initial public offering and a plan to pay $43 million to buy out a management contract held by chief executive Paul Duffy and former director Alastair Hasell.
Shareholders have now been given five options, including two capital raising scenarios that involve listing, while three investors are standing for two directorships.
The existing directors – chairman Tim Storey, Mr Duffy, Michael Stiassny and John Harvey – have recommended listing and raising capital to pay out the contract and reduce DNZ’s $328 million debt.
The new director candidates are Peter Fletcher and Peter Bruce of the Money Managers Action Group, an organisation set up for disgruntled Money Managers’ investors, and NZ Funds Management director David van Schaardenburg, nominated by MMG Advisory Partners (formerly Money Managers).
