Published 2 October 2009
St John Balanced Property Fund Ltd joined the Unlisted securities trading facility yesterday.
The St John fund owns 3 commercial properties – Canterbury Arcade, between Queen & High Sts in Auckland, & 2 in Whangarei. It produced a $311,234 profit before tax & asset revaluations for the March year.
Fund management company managing director Kevin Podmore said: “We are pleased to deliver to shareholders a transparent and arms-length secondary market trading mechanism. The directors are in no doubt that our shareholders will benefit greatly from having access to a visible secondary market which will provide the means for a more liquid market in those shares to develop.”
St Laurence Ltd (Mr Podmore & Mike O’Sullivan) acquired the management contracts for the fund company from syndicators Ross & Dallas Pendergrast in 2007, after NZDX-listed St Laurence Property & Finance Ltd took majority control of the fund itself.
2 October 2007: St Laurence takes over St John management contract
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.