NZIT a go
New Zealand Investment Trust shareholders have voted for the continuance of the company at the annual meeting held in London.
Monday, April 17th 2000, 12:00AM
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The move gives the UK listed investment trust a stay of execution until the next continuance vote, to be held in five years' time. NZIT directors had been concerned that shareholders would vote to wind up the fund, a poor performer in recent times, and changed investment advisers to help prevent this happening.
Just seven weeks ago, NZIT's managers, English-based Exeter Asset Management, sacked Coronet Asset Management as its advisers and appointed BT Funds Management to advise on most of the portfolio and Fisher Funds Management on about 25 per cent (mostly on smaller New Zealand companies).
NZIT director Brian Gaynor said the continuance vote gave a "pretty strong mandate" to continue with the trust, with only one or two shareholders dissenting.
"The new investment advisers really effectively start straight away," he said.
However, Fisher Funds Management's manager Carmel Fisher has already been getting stuck in on the assumption that NZIT would continue. She said yesterday that she already had 90 per cent of her portfolio recommendations in front of the Exeter board, including recommendations to sell out of or down-weight a number of existing holdings.
Fisher said her suggestions for NZIT had more of a growth orientation (as does her own portfolio) than the value-oriented stocks she inherited.
Earlier stories:NZIT under threat of wind-up
NZIT and Coronet part company