The National Property Trust asserted that the Cushing family had established that they supported the plan that had been unveiled to buy out the trust's manager.

A copy was received by the New Zealand Guardian Trust, the trustee of National Property Trust, on behalf of unit holders, holding 10.31% of the units for a meeting of unit holders to deem an unexpected resolution to remove the manager. The Cushing family was said to be a part of that move.

The Manager of The National Property Trust, The National Property Trust Ltd., is possessed by St Laurence Ltd., which was placed in receivership by its trustee, Perpetual Trust Ltd. on April 29.

Under a scheme announced this week, administration rights held by the manager will be abandoned for $2.5 million, 31.9 million units held by the manager will be repurchased at 51 cents each and a Company will be formed so that unit holders will replace their units in the trust for shares in a Company. The shares of the latest Company will list on NZX.

Support for the Restructure has been confirmed by H&G Ltd., the Cushing family investment vehicle that holds units in the National Property Trust, the National Property Trust said.

The Company said, "David Cushing advises that provided the restructuring proposal is implemented on the basis outlined in the release to the market by the manager on June 23, 2010, H&G Ltd in its capacity as a unit holder will be voting in favor of the proposal”.

The stipulate for a special meeting had been withdrawn, the National Property Trust added.