Argosy Property Trust proposes becoming a company

NZPA

Wednesday 24th August 2011

Argosy Property Trust wants to transform from a trust into a company if unit holders agree to a plan to internalise management of the trust at a meeting on August 30.

The trust said today that the board had resolved to move to a corporate structure and a proposal would be put to unit holders at the 2012 annual meeting.

This year's annual meeting has been controversial. A group of institutional investors, including the Accident Compensation Corp, want to dump the current manager ANZ-owned OnePath.

The independent directors of Argosy have backed a proposed management buyout for $20 million.

DNZ Property Fund also wants to merge with Argosy but has been spurned.

The adoption of a corporate structure can facilitate mergers and acquisitions with other companies.

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