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

 


Overwhelming support for GMT’s new business initiatives

Overwhelming support for GMT’s new business initiatives

The Annual Meeting of Goodman Property Trust was held today at Highbrook Business Park.

The meeting reviewed the Trust’s recent annual result, considered its current strategy and voted overwhelmingly in support of new business initiatives.

Keith Smith, Chairman of Goodman (NZ) Limited, the Manager of the Trust said, “It has been a very positive 12 months for GMT with a growing economy and rising business confidence contributing to a record profit result of $146.8 million before tax.

To ensure that the future investment performance of the Trust is maximised, we have refined our strategy and enhanced the management and governance structures of the Trust.”

Unitholders voted 99.79% in support of a new management fee structure.

Keith Smith said, “GMT has one of the most efficient and cost effective management structures of any listed property entity. The changes that were endorsed today reduce the quantum of fees paid by GMT while enhancing its operational and financial performance.”

The benefits to Unitholders are expected to include a lower management expense ratio, an improved earnings profile, a reduced development land weighting and even greater alignment between between Goodman Group and other investors.

Keith Smith said, “The changes to the fee structure and other new business initiatives are positive enhancements that will improve the investment performance of the Trust.”

A more active capital management strategy was also announced with asset sales being used to fund future development activity.

John Dakin, Chief Executive Officer of the Manager said, “Accelerating GMT’s development programme and realising the value in its strategic land holdings remains a key focus. Asset recycling will help fund the $100 million plus of projects that we are expecting to secure this year.”

John Dakin, concluded, “There is a growing momentum in our business at present and the benefits earlier investment decisions mean the Trust is extremely well placed to capitalise on rising customer demand.”


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news