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National Property Trust special meeting confirmed

Fuseworks Media
Fuseworks Media

Wellington, May 17 NZPA - The National Property Trust has set July 30 for a special meeting, following its annual meeting, to discuss a bid by unit-holders to dismiss its management company.

A group of unit-holders in the National Property Trust (NPT) is seeking to dismiss the trust's manager, The National Property Trust Ltd, which is a wholly owned subsidiary of the St Laurence group of companies.

The New Zealand Guardian Trust Company Ltd, the trustee of NPT, has agreed that a special meeting will follow immediately after the annual meeting at the Ellerslie Event Centre in Auckland.

NPT has also written to unit-holders to assure them that the assets of NPT cannot be taken or used by the receivers of St Laurence. NPT also sought confirmation that its manager has not been placed in receivership.

Independent directors of the manager have confirmed the manager has resources available to it to perform its duties.

One of the reasons the unit-holders want to dismiss the manager is that its ultimate parent is in receivership.

"The status of the manager reflects extremely poorly on NPT and taints the entire vehicle," a statement from unitholders said last week.

Another reason was that NPT, under the management of St Laurence, had been one of the worst performing property trusts on the NZX for a prolonged period, the statement said.

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