Trustees hereby give notice of a Special General Meeting of Adult Registered Members of Ngāti Paoa Iwi Trust (“NPIT”) to be held on 7th November 2015 at 10am at Waiti Marae, Tahuna Rd, Ohinewai to vote in person on a special resolution.
That NPIT and/or its subsidiaries:
1. Acquire 16 properties from the Crown for purchase price of $12,711,230.00;
2. Entering into banking facility: (a) to effect acquisition in (1) above; (b) to discharge existing banking facility; involving the giving of security namely first registered mortgage over properties in (1) above and general security agreement over all assets of Ngāti Paoa Group Holdings Ltd with floating interest rate.
The Special Resolution is required pursuant to Clause 2.5 of the NPIT Trust Deed in order to proceed with the above transactions.
It is the Trustees’ view, and the view of the Mandated Iwi Negotiators, that the transactions should proceed because they are favourable to NPIT and form part of the Treaty settlement redress. Passing the resolution will allow the transaction to proceed, which will increase the net assets of NPIT. Voting will be in person at the meeting by Adult Registered Members of Ngāti Paoa. There will be no postal voting or voting by electronic means.