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.

Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.


Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer