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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news