DNZ Property Group shareholders have voted MMG Advisory Partners director David van Schaardenburg on to the DNZ board.
He will be joining independent directors Michael Stiassny, John Harvey, DNZ chairman Tim Storey and the executive director and chief ex
DNZ Property Group shareholders have voted MMG Advisory Partners director David van Schaardenburg on to the DNZ board.
He will be joining independent directors Michael Stiassny, John Harvey, DNZ chairman Tim Storey and the executive director and chief executive of DNZ Paul Duffy.
Mr van Schaardenburg won the position from two candidates from Money Managers Action Group, Paul Fletcher and Peter Bruce who both had personal funds invested in DNZ.
“Naturally, I’m pleased about the appointment. My aim is to create a more positive outcome for DNZ shareholders,” Mr van Schaardenburg said.
“There are three elements around what we’re trying to get. One is the best price for the manager buyout and structure, effective capital raising costs for shareholders and giving existing shareholders the opportunity to vote on the capital raising.”
During the voting process this week, 77% of DNZ shareholders said they lacked confidence in the current board, three of whom had resigned in the past six months. During that time, Mr Stiassny was appointed.
The new board will hold its first meeting on Monday, at which it will discuss how to go ahead with internalizing the company’s management contract and listing on the NZX.
Shareholders will finally be given access to the full PricewaterhouseCoopers and Northington Partners reports compiled on DNZ for the listing and capital raising last year, after 90% of them voted to view the documents in their complete form. When shareholders were canvassed, 76% voted in favour of a new capital raising.
DNZ Property Group has $700 million of assets in its portfolio including retail, commercial and industrial properties around the country.
Late last year its attempt to raise $140 million of capital, $43 million of which was to be personally pocketed by two of its staff who held the contract to manage it, and list on the NZX failed.
Mr van Schaardenburg is also the principal of NZ Funds, a company he started working with in 1994.
