Wednesday 22nd February 2012
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Argosy Property Trust will corporatise its capital structure after shareholders voted to convert from a unit trust. The company will now be called Argosy Property Limited.
Unit holders in New Zealand and Australia will have their units redeemed and become shareholders in the new company, Argosy said in a statement to the NZX. Unit holders outside New Zealand and Australia will have their units redeemed for cash. The company’s board will comprise of the same directors.
The Auckland-based company will be placed in a trading halt from 5pm on Feb. 23 to enable the corporatisation process to be completed.
Shares will be transferred to unit holders after 5pm on Feb. 29. They gained 0.6 percent to 84.5 cents on the NZX today.
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