14 Jul DNZ Starts Legal Proceedings Over Failure by Manager of Argosy to Call Meeting of Unit Holders
DNZ Starts Legal Proceedings Over Failure by Manager of Argosy to Call Meeting of Unit Holders 14/07/2011
DNZ Property Fund today filed papers with the High Court in Auckland following the failure by the Manager of Argosy Property Trust, Argosy Property Management Limited (owned by OnePath), to call a special meeting of unit holders as required following a June 24 request from DNZ and other concerned unit holders.
Under clause 28.1 of the Argosy Property Trust Deed, and/or s12 (1)(d) of the Unit Trusts Act 1960 the manager is required to hold a special meeting following a request by more than 10% of unit holders. DNZ and a group of fellow concerned investors in Argosy, representing more than 10% of unit holders, made such a request in late June.
“Our concern remains focused on promoting good governance in this process.” said DNZ Chairman Tim Storey. “There are a number of alternatives to the internalisation proposal that they intend to put in front of unit holders at the August AGM.”
“But our concern, shared by other significant unit holders in Argosy, is that none of this information is being presented to all unit holders and there is little transparency in the current process of internalisation.”
“Our earlier request for a special meeting to vote on resolutions that would require Argosy to have an independent review of all options, with the information then presented to unit holders, has so far been ignored. That’s why we’ve decided to take legal action.”
Mr Storey said Argosy’s decision to push its scheduled August 8 AGM out to an unspecified date later in the month provided a window for a full independent review to be prepared and time for unit holders to be presented with the appropriate information they needed to make an informed decision on the options available.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: firstname.lastname@example.org
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.
As at 30 June 2011, DNZ Property Fund owned 50 properties with 285 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 98% over a net lettable area of 372,279m², and a portfolio value of $638m (31 March 2011 valuations).
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.