Investore Property Ltd’s board has proposed adding a third independent director, thus outnumbering the 2 appointed by the company’s manager, Stride Investment Management Ltd.
Stride said on Thursday the Investore board had proposed rebalancing the board – “for the benefit of shareholders & the company” – following discussions with Stride. The 2 parties had to get NZX approval to work their way around related party & associated person rules to change the board structure.
The proposal will go to the vote at Investore’s annual meeting on Friday 8 September.
Investore owns a portfolio of 39 large format stores. Stride Property Group owns 19.9% of Investore as well as its own property portfolio & the management business.
29 May 2017: Investore outperforms listing forecast
30 September 2016: Investore completes acquisition of 14 Countdown supermarkets
13 July 2016: Stride stapled securities & Investore start trading
13 June 2016: Stride unveils stapled structure & Investore IPO
Attribution: NZX documents.