DNZ Property trading halt remains as vote counted

Disgruntled investors spoke out at a DNZ investors meeting in Auckland earlier this month. Photo / Sarah Ivey

A trading halt on shares of DNZ Property remains in place as counting of votes on five motions put to a special meeting of shareholders in Auckland today continues.

The halt on the shares, which trade on the Unlisted market, was put in place ahead of today's meeting, which voted on two directors' positions and a no confidence motion.

Peter Bruce and Peter Fletcher of the disgruntled investors' Money Managers Action Group were among three people seeking the two available positions on the DNZ board.

The other candidate was David van Schaardenburg, who was nominated by MMG Advisory Partners, formerly Money Managers.

The meeting today followed a roadshow around the country by the board.

Also on the ballot paper was a motion of no confidence in the existing board, and a motion to terminate a capital-raising plan, a move already made by the board. There was also a motion to seek disclosure of full independent reports from Northington Partners and PricewaterhouseCoopers.

A spokesman for DNZ Property said the results were unlikely to be available until tomorrow.

He said it was unclear if the trading halt would be lifted immediately after election results were available.

The directors argued the current share price on the Unlisted market is too large a discount to the company's asset backing and the company needed to restructure to be more attractive to a wider range of investors and list on the New Zealand sharemarket.

It also needed to raise capital to reduce debt.

There has been anger at the share price - last quoted at 79c, a considerable discount to the $2.20 asset backing.

There was also outrage over the proposed buyout of the management contract.

NZPA