9 Jul 2010

DNZ investors give plan the big tick

8:02 pm on 9 July 2010

Investors in DNZ Property Trust have overwhelmingly approved plans to raise $35 million.

At DNZ's annual meeting on Thursday, 98% of those who voted agreed to pay the money to buy out the management contract, which is owned by chief executive Paul Duffy and director Alastair Hasell.

The property investor will now proceed with its share float, which it hopes to complete by the middle of August.

The company is proposing to run a $35 million pro rata offer for its existing 8000 shareholders, with a book build process for any shares not taken up.