GMT Trust Deed Amended | New Zealand
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GMT Trust Deed Amended

Thursday, 28 May 2020

Goodman (NZ) Limited, Manager of Goodman Property Trust (“GMT”) is pleased to advise that GMT’s Trust Deed has been amended to address inconsistencies relating to the performance fee calculation. 

The Trustee and Supervisor, Covenant Trustee Services Limited, has approved the amendments to the Trust Deed on the basis that the amendments are not prejudicial to unitholders. 

The changes were independently reviewed on behalf of the Manager and Supervisor by Deloitte.

The changes relate to:

  • ensuring the Manager cannot receive a performance fee if unitholders’ returns are negative for the relevant year; and
  • ensuring that unitholders’ returns and the benchmark index are calculated on the same basis (including the treatment of imputation credits).

The Supplemental Trust Deed, a copy of which is attached to this announcement, incorporates these amendments. It is also available on the Trust’s website and the Disclose Register (accessible through the Companies Office online portal).

The effective date of the changes is 1 April 2019.

For further information please contact:

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316