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

 


NPT shareholders reject property deal and spill board

NPT shareholders reject property deal and spill board

By Rebecca Howard

April 21 (BusinessDesk) - NPT shareholders voted against a property deal between Kiwi Property Group and NPT and voted in favour of board changes.

Under the proposed deal, NPT would have purchased two buildings from Kiwi Property for $230 million, raising $93.9 million to partially fund the deal and issuing shares, giving Kiwi Property a 19.99 percent stake at 61 cents apiece. The larger property investor would also buy NPT's management contract for $6 million.

According to a release to the New Zealand stock exchange, NPT said 54.87 percent of the votes cast were against the resolution, from 23.95 percent of the holders by number. As a result "all arrangements with Kiwi Property Group, including the sale and purchase agreements and management agreement, have now lapsed," it said.

The company's two largest shareholders, Augusta Capital, which now has an 18.9 percent stake, and Salt Funds Management, which owns 13.7 percent, were both opposed. Augusta Capital not only wanted to block the deal but also sought to spill the board. On Friday, shareholders voted in support of board changes which have resulted in the removal of chairman Tony Sewell and Jim Sherwin, to be replaced by independent directors, Allen Bollard and Bruce Cotterill, and Augusta Chair, Paul Duffy. Carol Campbell maintains her board position as an independent director.

“If you strip out Augusta Capital and Salt Funds Management from the voting, almost 80 percent of votes cast were in favour of the proposal,” said outgoing chairman Tony Sewell. “However, this was not enough to carry it on the day and so we respectfully stand aside now for the incoming board to develop its own strategy for the future of NPT.”

NPT shares were unchanged at 63 cents and are down 4.2 percent on the year. Kiwi Property Group were also unchanged at $1.42 and up 0.5 percent on the year. Augusta shares rose 1 percent to $1.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news