AMP sweeps remaining independents out Capital door

Published 11 May 2006

Capital Properties NZ Ltd’s 2 independent directors have resigned after the company adopted a new constitution on 1 May which removed the requirement for independents. It also made some other board changes.

AMP Property Portfolio Investments Ltd announced on 30 March it had achieved 100% control after a takeover offer & compulsory acquisition of remaining minorities. Capital was delisted on 12 April. Only its 3 debt securities remain quoted on the NZDX.

The last independent directors to go were James Ogden & Mike Cashin on 2 May, following chief executive Chris Gudgeon’s departure on 27 April. Mr Gudgeon has moved to the job of property general manager at Auckland International Airport Ltd.

Stewart McRobie & Rob Morrison, appointed by AMP Property Portfolio Investments, have also resigned and have been replaced by Simon Urquhart-Hay of AMP Capital Investors (NZ) Ltd & Stephen Costley, of AMP Property Portfolio, who headed the takeover campaign.

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Attribution: Company release, story written by Bob Dey for this website.

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