Argosy Unit Holders and DNZ Property Fund are expected to hold Special Meeting of Argosy investors in order to vote on six of resolutions that will help investors review new proposals ahead of the next regularly scheduled Argosy annual general meeting.

The Special Meeting, which will be held as early as July 15 and no later than August 1, 2011, will allow investors including Argosy Unit Holders DNZ Property Fund Limited, Accident Compensation Corporation, Westpac Banking Corporation & BT Private Selection (a Unit Trust Managed by BT Funds Management (NZ) Limited, Superlife Trustees Nominees Limited and Albany Power Centre Limited, to consider Argosy’s future in a transparent manner.

According to DNZ Property Fund Chairman, Tim Storey, "The six resolutions to be considered at the Special Meeting ensure that Argosy unit-holders are given the opportunity to hear details about any and all alternatives that are available and ensure a truly independent review of those alternatives."

The resolutions that will be considered are broadly understood to be alternatives to a controversial merger proposal that will be discussed at the Argosy annual general meeting.

According to Mr. Storey, some institutional investors believe there is a potential conflict of interests between the Directors and the owners of the manager in pursuing the internalisation proposal.