Sir Selwyn facing revolt in the ranks

Sunday 24 October 2004

Sir Selwyn Cushing will be in the hot seat again on Thursday when New Zealand Rural Property Trust holds its annual meeting in Wellington.

By The Landlord

The main item on the agenda is a proposal to break up the trust and distribute the proceeds to unit-holders.

PricewaterhouseCoopers believes that the best way to maximise value for all shareholders is to liquidate the trust, but Sir Selwyn, who owns 49.7 per cent of the units, says he will vote against the motion.

But the opposition to Sir Selwyn is mounting. In an unprecedented move, the trustee, Dennis Church of Guardian Trust, has written to unit-holders almost willing them to vote for change.

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