Cushings back restructure

The National Property Trust said yesterday that H&G Ltd, the Cushing family investment vehicle, had confirmed its support for a plan unveiled this week to buy out the trust's manager, National Property Trust Ltd.

The Cushings supported a move in May by unit holders holding 10.31 per cent of the units for a meeting to consider an extraordinary resolution to remove the manager.

That request for a special meeting has now been withdrawn.

National Property Trust Ltd is owned by St Laurence Ltd, which was placed in receivership on April 29.

Under the plan announced this week, management rights held by the manager will be relinquished for $2.5 million, 31.9 million units held by the manager will be repurchased at 51c each, and a company will be formed so unit holders will exchange their units in the trust for shares in a company, which will list on the NZX.