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


Unitholder’s Approve Expansion Resolution

Unitholder’s Approve Expansion Resolution

22 March 2006

Macquarie Goodman Property Trust (MGP) unitholders have provided a strong vote of confidence in the Directors of Macquarie Goodman (NZ) Limited (MGNZ) voting in favour of all resolutions put forward at a meeting in Auckland today.

The meeting was called following the announcement of MGP’s proposed expansion to total assets of $1 billion through the acquisition of $318.2 million of additional properties from cornerstone Australian investor Macquarie Goodman Group (MGQ), and a major investment in Stage One of the Highbrook Business Park.

Subsequent to the announcement MGP successfully raised $112.7 million through an institutional placement, which took place on March 2 and 3, to partly fund the expansion.

MGNZ Chief Executive Officer John Dakin said the level of support from institutional unitholders was particularly pleasing, “The opportunity to acquire additional high quality assets was viewed as an attractive one by the Directors of MGNZ and we are pleased that unitholders have shown their support for the strategy.

“The meeting provided the opportunity for MGNZ to put its position forward and answer any queries from unitholders. The voting reflects a belief amongst unitholders that the acquisition is in line with the overall strategy of MGP.

“The acquisition will strengthen MGP’s ranking to the second largest listed property trust by market capitalisation and the 23rd largest listed vehicle on the NZX. With the resolutions approved we can now move forward and deliver more value to unitholders.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news