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NZ Rural Property Trust Unit Holders Vote

Thu, 28 Oct 2004

NZ Rural Property Trust Unit Holders Vote For Status Quo

Unit holders in New Zealand Rural Property Trust have strongly rejected a proposal to break up the Trust and distribute the proceeds.

At the annual meeting of the Trust in Wellington today a substantial majority of unit holders voted in favour of the Trust carrying on as before.

The Directors of New Zealand Rural Property Trust Management announced that voting was 76.32% in favour of the Trust continuing in its present form.

Chairman, Sir Selwyn Cushing said the positive vote reinforces the view that the Trust will continue to provide excellent returns in the future.

The market price of the units has shown an average return of 23 percent per annum over the last five years, out performing a number of other property and agricultural investment vehicles, he said. Units in the Trust have recently sold at up to $1.75.

In a statement following the meeting, the Directors say they believe the Trust has a diverse portfolio of quality properties which have strong potential for further capital growth in the long term.

New Zealand Rural Property Trust owns some 30 farms, mainly in the Hawke's Bay area, and a forest near Ngaruawahia.

ENDS

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