Shareholders in the three listed property index funds managed by Guardian Trust have voted to liquidate the companies.
The shareholders voted, at annual meetings today, to liquidate and delist the Property Leaders NZ, Property Leaders Australia and Property Leaders Australasia funds.
Laurence Chilcott and Peter Chatfield of Smith Chilcott were appointed as liquidators.
The directors of the three companies recommended that shareholders wind up the funds because they lacked investor support, and the Inland Revenue Department was unlikely to renew the binding rulings which exempted the companies from paying capital gains tax.
Directors said the best way of preserving current shareholder wealth was to liquidate the companies.
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