The Board of NPT Limited (NZSE:NPT) met on October 27, 2016, to consider a number of proposals for the company. Subsequently, the Board has received a proposal from Augusta Capital Limited (NZSE:AUG) and also a notice under Section 121 of The Companies Act requesting a special meeting of shareholders. "Augusta Capital today advises it has tabled a proposal that would see it partner with NPT to create a $500 million property portfolio.

"The proposal, the details of which have been issued to NPT, would involve NPT acquiring property with an approximate value of $329 million, Augusta purchasing the management contract of NPT and then working with the company to grow its property portfolio over time to be a meaningful listed entity that generates greater returns than are currently being realized. A copy of the full proposal is included with this announcement," Augusta said.