News | Business
21 Feb 2018 16:03
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    NPT shareholders reject property deal

    NPT shareholders voted against a property deal between Kiwi Property Group and NPT and voted in favour of board changes.

    21 April 2017

    NPT shareholders voted against a property deal between Kiwi Property Group and NPT on Friday and voted in favour of board changes.

    Under the proposed deal, NPT would have purchased two buildings from Kiwi Property for $230 million, raising $93.9m to partially fund the deal and issuing shares, giving Kiwi Property a 19.99 per cent stake at 61 cents apiece.

    The larger property investor would also buy NPT's management contract for $6m.

    According to a release to the New Zealand stock exchange, NPT said 54.87 per cent of the votes cast were against the resolution, from 23.95 per cent of the holders by number.

    As a result "all arrangements with Kiwi Property Group, including the sale and purchase agreements and management agreement, have now lapsed," it said.

    "If you strip out Augusta Capital and Salt Funds Management from the voting, almost 80 per cent of votes cast were in favour of the proposal," said outgoing chairman Tony Sewell.

    "However, this was not enough to carry it on the day and so we respectfully stand aside now for the incoming board to develop its own strategy for the future of NPT."

    The company's two largest shareholders, Augusta Capital, which now has an 18.9 per cent stake, and Salt Funds Management, which owns 13.7 per cent, were both opposed.

    Augusta Capital not only wanted to block the deal but also sought to spill the board.

    On Friday, shareholders voted in support of board changes which have resulted in the removal of Mr Sewell and Jim Sherwin, to be replaced by independent directors, Allen Bollard and Bruce Cotterill, and Augusta Chair, Paul Duffy.

    Carol Campbell maintains her board position as an independent director.

    Augusta managing director Mark Francis said "the will of NPT's shareholders has seen a poor proposal rejected and the governance changed".


    NZN




    © 2018 NZN, NZCity


     Other Business News
     21 Feb: Fletcher Building shares hit 5-year low
     21 Feb: A2 shares jump 25pc on Fonterra deal
     21 Feb: Fairfax shedding 28 NZ papers
     21 Feb: Spark 1H profit falls as rejig costs hit
     21 Feb: GDT prices slip for first time this year
     20 Feb: KiwiRail earnings up despite Kaikoura woes
     20 Feb: Fonterra likely to hike milk payment: OMF
     Top Stories

    RUGBY RUGBY
    Seasoned Highlanders team named for opener More...


    BUSINESS BUSINESS
    Fletcher Building shares hit 5-year low More...



     Today's News

    Law and Order:
    Alfie Evans: UK parents lose legal battle to keep seriously ill toddler on life support 15:55

    Business:
    Fletcher Building shares hit 5-year low 15:35

    Entertainment:
    Chrissy Teigen will give birth to her second child in June 15:35

    Christchurch:
    CTV site transformed into 'peaceful place' 15:25

    Business:
    A2 shares jump 25pc on Fonterra deal 15:05

    Entertainment:
    Jordin Sparks held a "beautiful" baby shower for her family and friends on Saturday (17.02.18) 15:05

    Motoring:
    Number of South Island roads re-open 14:55

    Rugby League:
    ARLC reform vote adjourned to next month 14:55

    Business:
    Fairfax shedding 28 NZ papers 14:55

    Politics:
    CPTPP will add up to $4b to economy: MFAT 14:45


     News Search






    Power Search


    © 2018 New Zealand City Ltd