DNZ Property Group shares have been placed in a trading halt ahead of the results of a special shareholders meeting to decide the company's future.
The shares, which are thinly traded on the unregulated Unlisted platform, were last quoted at 79c.
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DNZ Property Group shares have been placed in a trading halt ahead of the results of a special shareholders meeting to decide the company’s future.
The shares, which are thinly traded on the unregulated Unlisted platform, were last quoted at 79c.
The group’s 8200 shareholders will this week vote on resolutions including new directors and steps needed for a capital raising plan involving a possible sharemaket 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).
The trading halt is to remain in place until the results of the special meeting this Wednesday are finalised.
“The board understands that this may inconvenience some shareholders but it believes that this is an appropriate action to take,” a statement from the company said.
