News | Business
24 Jan 2018 0:59
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Days of Xmas
  • Sport
  • Weather
  • Finance
  • 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.


    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
     23 Jan: Over 50 charges about steel mesh product
     23 Jan: Shares mixed; Z drops, Air NZ bounces back
     23 Jan: Feelers out for $300m waterfront partner
     23 Jan: Z Energy cuts annual earnings guidance
     23 Jan: NZ needs to fight tax avoidance: Oxfam
     23 Jan: Root pulls out of England team for T20s
     23 Jan: Chch council gets Havelock response update
     Top Stories

    RUGBY RUGBY
    Donald's Ulster deal off after injury More...


    BUSINESS BUSINESS
    Over 50 charges about steel mesh product More...



     Today's News

    International:
    Dead Sea Scrolls: New discoveries and what they mean 23:06

    International:
    Openly gay Indian prince Manvendra Singh Gohil fights to reform anti-LGBT law 22:06

    Motoring:
    North Island highway closed by flooding 21:56

    Business:
    Over 50 charges about steel mesh product 21:56

    Entertainment:
    Russell Brand wants to provide permanent housing for Windsor's homeless population as a wedding gift to Prince Harry and Meghan Markle 21:51

    Entertainment:
    Brandi Glanville has told Gerard Butler to "f**k off" after he opened up about their past hook-up 21:21

    Soccer:
    Kilkenny parts ways with Melbourne City 21:16

    Entertainment:
    Katy Perry has been stung by a jellyfish whilst trying out a new watersport in the sea 20:51

    Politics:
    Chinese hip hop culture and rap scene target of government crackdown 20:46

    Entertainment:
    Anika Noni Rose has claimed she was once sexually assaulted by a stranger on a plane 20:21


     News Search






    Power Search


    © 2018 New Zealand City Ltd