NZ Shareholders Association to back PFI's $42M plan to bring management inhouse

Thu, 15 Jun 2017

By Paul McBeth June 16 (BusinessDesk) - The New Zealand Shareholders' Association will be voting in favour of Property For Industries' plans to buy its "very unusual" external management contract for $42 million which will cut costs for the industrial property investor and keep what's been a successful management team. The management contract with PFIM Ltd, which in turn subcontracts it to McDougall Reidy & Co, is "very unusual" in that for "all intents and purposes this management contract is unable to be cancelled by the company in any...

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