THE NATIONAL PROPERTY TRUST STRATEGIC REVIEW UPDATE
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The National Property Trust (NAP) | 11:08 am, Tuesday 14 October 2008 | NAP | 0.430 |
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The National Property Trust Limited (NPTL), the manager of The National Property Trust (NPT), today announced that as a result of its recent strategic review its board is exploring a number of future strategic options.
One of the options being considered is a possible merger of property portfolios, and as such it has commenced discussions with several parties.
Concurrent with these discussions is the engagement of PricewaterhouseCoopers (PWC) to prepare a report on the value of the property portfolio in the current market under a liquidation scenario. The PWC report has been commissioned as a result of feedback received at the most recent unit holder meeting.
NPTL chairman, Kevin Podmore, says the intention of the strategic review is to consider the best option for the Trust and its investors going forward. “The board is exploring a number of options ranging from a merger or capital-raising through to a liquidation of the Trust,” Mr Podmore says.
Mr Podmore says, “Having consideration for the current market conditions is important, and any initiatives considered will ensure the Trust’s finances and solid portfolio of assets are maintained.” An update will be provided to unit holders following conclusion of the review.
ENDS
For further information please contact:
Kevin Podmore Mobile 0212 732 723
Chairman
The National Property Trust Limited
Or
Helen Mexted DDI 04 903 4854
GM Funding & Corporate Services Mobile 0212 88 7772
St Laurence Limited
BACKGROUND
The National Property Trust (NPT) is an NZX-listed property vehicle with more than $280 million of commercial, retail and industrial properties in its portfolio. NPT owns properties in Auckland, Napier, Tauranga, Wellington and Christchurch.
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