Argosy faces court date with DNZ

NZX-listed DNZ Property Fund has a full-day hearing set for next Tuesday in the High Court at Auckland against Argosy Property Trust and NZ Guardian Trust Company.

The action follows Argosy's refusal to call a special meeting which it said would cost investors too much.

An NZX notice from Argosy independent directors Trevor Scott and Peter Brook rejected DNZ's demands.

They said it was not the manager's intention to put unit holders through the cost and inconvenience of a separate meeting just before the annual meeting.

Now, DNZ is taking Argosy and its trustee to court for that rejection, engaging Julian Miles, QC.

DNZ said it had tried to engage constructively with the directors and outlined a meeting between DNZ chairman Tim Storey, chief executive Paul Duffy, Goldman Sachs' Scott Trebilco and Peter Brook on April 29.

Argosy has said an annual meeting would take place close to August 8 and it sought to finalise its internationalisation proposal then, having cut the price from $32.5 million to $20 million.

Investors holding more than 10 per cent of Argosy called for the meeting on the internalisation proposal.

They are DNZ, Accident Compensation Corporation, Westpac Banking Corporation and BT Private Selection, SuperLife Trustee Nominees and Albany Power Centre.