Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

National Gets The Green Light From Its Unit Holder

MEDIA STATEMENT
FOR IMMEDIATE RELEASE
30 JULY 2002

“National Gets The Green Light From Its Unit Holders”


At an Extraordinary General Meeting of Unit Holders in The National Property Trust held in Christchurch today, unit holders voted in favour of the Trust’s takeover offer for all of the units on issue in the Newmarket Property Trust.

Commenting on the outcome of the meeting Mr Paul Dallimore, the Executive Chairman of the Manager of The National Property Trust said “the takeover offer for the Newmarket Property Trust is now unconditional. The two remaining conditions were that National received acceptances in excess of 50% of the units on issue in Newmarket and that National’s unit holders approve the takeover offer. Both these conditions have been fulfilled and we are now concentrating on obtaining the outstanding acceptances from Newmarket unit holders”.

At the Extraordinary General Meeting Mr Dallimore advised that The National Property Trust Limited, National’s Manager, had reached agreement with Metropolitan Life Assurance Company of N.Z. Limited to acquire all of the shares in Newmarket Property Management Limited.

The National Property Trust is offering 6 (six) units for every 10 (ten) units on issue in the Newmarket Property Trust. In addition, and in association with the takeover offer, Newmarket is paying a special dividend of 1.5 cents per unit (gross) to its unit holders on Friday 2 August 2002. Unit holders in Newmarket who accept National’s offer will receive a further 2.25 cents per unit (gross) on the National units issued in exchange. This represents National’s final quarterly distribution for the year ended 31 May 2002.

The record date for this dividend payment will be 23 August 2002 and Newmarket Unit Holders who have accepted the Takeover offer will be entitled to this income.

The National Property Trust’s takeover offer closes at 5.00 p.m. on Friday 9 August 2002.

- ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: