National Property Trust confirms Cushing support for change
The National Property Trust said the Cushing family has confirmed it supports a plan unveiled this week to buy out the trust's manager.In May, the New Zealand Guardian Trust, the trustee of National Property Trust, said it received a copy of a request on
The National Property Trust said the Cushing family has confirmed it supports a plan unveiled this week to buy out the trust's manager.
In May, the New Zealand Guardian Trust, the trustee of National Property Trust, said it received a copy of a request on behalf of unit holders holding 10.31% of the units for a meeting of unit holders to consider an extraordinary resolution to remove the manager. The Cushing family was part of that move.
The manager of The National Property Trust, The National Property Trust Ltd, is owned by St Laurence Ltd, which was placed in receivership by its trustee, Perpetual Trust Ltd on April 29.
Under a proposal announced this week, management rights held by the manager will be relinquished for $2.5 million, 31.9 million units held by the manager will be repurchased at 51c each, and a company will be formed so that unit holders will exchange their units in the trust for shares in a company. The shares of the new company will list on NZX.
National Property Trust said today that H&G Ltd, the Cushing family investment vehicle that holds units in the National Property Trust, has confirmed its support for this restructuring.
"David Cushing advises that provided the restructuring proposal is implemented on the basis outlined in the release to the market by the manager on June 23, 2010, H&G Ltd in its capacity as a unit holder will be voting in favour of the proposal," the company said.
National Property Trust said the demand for a special meeting has been withdrawn.
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