Call to dismiss NPT manager

A group of unitholders in the National Property Trust (NPT) is seeking to dismiss the trust's manager, the National Property Trust Ltd.

A statement yesterday said unitholders with more than 10 per cent of the units in NPT had formally requisitioned a meeting of unitholders relating to the removal of the manager, which is a wholly-owned subsidiary of the St Laurence group of companies.

The unitholders who had put forward resolutions for the meeting included H&G, THT Properties, Highgate Group, RGH Holdings, Penmaen, Castlemore Investments, and Yoyo Nominees.

Among the reasons given for the move was that the ultimate parent of the manager is St Laurence Ltd which has been placed in receivership.

Another reason was that NPT, under the management of St Laurence, had been one of the worst performing property trusts on the NZX for a prolonged period of time, the statement said.

- NZPA