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

 

Argosy’s biggest holder, MFL, backs internalisation plan

Argosy’s biggest unit-holder, MFL Mutual, will support internalisation on management contract

Aug. 26 (BusinessDesk) – MFL Mutual Fund Ltd., the biggest unit-holder of Argosy Property Trust with a 22% stake, will support a proposal to internalise the management contract at the annual meeting on Aug. 30.

MFL joins the NZ Shareholders Association in backing the plan over of rival proposals to dump the ANZ Bank-owned manager or fold the trust into a rival listed property investor.

The independent directors of Argosy, Peter Brook and Trevor Scott, are also backing the $20 million management buyout.

A group of institutional investors led by the Accident Compensation Corp. will put motions to the meeting to remove the manager under the provisions of the Unit Trusts Act with no compensation. A second motion at the Aug. 30 meeting in Auckland comes from DNZ Property Fund Ltd., which has proposed taking over Argosy.

MFL said it sought advice from investment bank Cameron Partners before backing the plan. DNZ’s proposal had a “lack of clarity” but MFL says there is “merit in exploring merger opportunities” and has sought assurances from the independent directors that they will actively pursue options once internalisation is complete.

Advisory firm Grant Samuel this month deemed the terms of the proposed internalisation of the OnePath contract is “fair” and “in the best interests of unit holders.” It valued the contract at between $19.7 million and $23.7 million if it was sold to a third party today.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>