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

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