NZ RegCo and Precinct fail the transparency test

Precinct Properties chair Craig Stobo.

Tue, 30 Mar 2021

NZX's new regulatory arm isn't four months old yet but it has just visited a poor decision on Precinct Properties' shareholders.NZ RegCo has said Precinct doesn't have to seek shareholder approval for the $215 million purchase of the company's management contract, which is currently owned by a joint venture between AMP and the Abu Dhabi Investment Authority, AMP Haumi Management (AHML).This is the first time New Zealand investors won't get to vote on a transaction of this nature.There is certainly an argument, and Precin...

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