NPT Limited shareholders voted today to approve the externalisation of the management of NPT to Augusta Funds Management Limited, a subsidiary of Augusta Capital Limited (NZX: AUG), at a Special Meeting of Shareholders.
96.71% of votes cast were in favour of the resolution put to shareholders to approve the externalisation proposal. The transaction was conditional on achieving a minimum of 50% of votes cast.
As a result of shareholder approval being gained, the transaction is now unconditional. The Management Agreement with Augusta will commence on 26 March 2018.
Bruce Cotterill, Chairman of NPT, said �we are pleased that shareholders voted in support of the Board�s recommendation to externalise management, which we believe is in the best interests of all shareholders.�
�The Board is looking forward to working with Augusta to grow the business and increase shareholder returns,� he said.
�We�d like to thank our shareholders for their serious consideration of this matter, which we think provides an opportunity to improve the performance of NPT over time.
�We intend to provide shareholders with a report on progress on the development of the �Yield Plus Growth� strategy at the Annual Meeting of Shareholders to be held later this year.�
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