2 investors in the property trust Dorchester Pacific Ltd (now Turners Ltd) created 5 years ago as part of its exit from a moratorium failed in their bid to oust the trust’s manager on Friday.
But the sale of the Goldridge Resort Queenstown – agreed a fortnight ago just after the meeting date was set – will have gone some way toward winding down of the trust.
LET Securities Ltd (Deepak Gupta & John Southworth) forced the 29 May meeting, but the current managers countered by offering to accelerate sale of the trust’s remaining properties with an exit target of 31 July 2016, so the trust could be wound up by 30 November 2016.
Mr Gupta & Mr Southworth wanted Dorchester Hotel Property Trust Management Ltd’s contract as manager terminated, and for their company to take over.
That resolution failed but the Dorchester acceleration one was passed.
20 May 2015: Dorchester trust secures Goldridge sale
15 May 2015: 2 investors turn heat up on Dorchester property trust manager
Attribution: Company release.