NZX-listed Property for Industry Ltd said on Friday it had settled the internalisation of the company’s management, which shareholders overwhelmingly approved at the annual meeting on 22 June.
Shareholders agreed at the annual meeting to pay the existing external management team $42 million (at a net after-tax cost to PFI of $30.3 million) for the contract. The company will employ the same team to run the business on internal contracts.
The company will release its interim results on Wednesday 9 August and said it would give more details about the changed management structure then.
23 June 2017: PFI vote strongly in favour of internalisation, and building sale settles
Attribution: Company release.