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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news