Fund manager survives
;PA Auckland ' Another attempt by unit- ! holders in Fund of New (.Zealand to terminate the (management of the fund by ! Fund of New Zealand Serv- ; ices, Ltd, failed in a poll at (the annual meeting. The (voting was 668,627 units for (the resolution and 1,593,385' 'against ; A similar move last year 'by unitholders was also unsuccessful.
The meeting attracted about 200 persons, who heard reports from the trustee, the New Zealand Insurance Co, Ltd, and Fund of New Zealand Services.
The manager said that since March 31, the ratio of money borrowed on mortgage to the fund assets had fallen from 20 per cent to 14.5 per cent.
Recommendations were made concerning future policy, including further reduction of indebtedness, emphasis on high-yield investments, realisations as market conditions dictated, and completion of development of the fund property in Flamilton, the Chartwell shopping centre.
Messrs T. R. Ellison and R. F. Gapes were re-elected to the management board as representatives of the unitholders.
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Press, 30 August 1977, Page 27
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164Fund manager survives Press, 30 August 1977, Page 27
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