The Manager of The National Property Trust has announced the unconditional sale of the shares in the management company (The National Property Trust Limited) to St Laurence Holdings Ltd.

The announced sale, for completion settlement on 30 November 2005, follows substantial deliberations by the directors and shareholders of the management company and expressions of interest from numerous property investment entities.

Peter Rae is a director of the management company and Peter Rae Industries Ltd has a 10% shareholding in the management company.

The Kurow leasehold property was sold in August 2000 in conjunction with the sale of the Waitaki Transport livestock and rural division to the Owens Transport group.

In April 2001 the Company made an offer to all shareholders to repurchase a maximum total of 200,000 shares, with preference given to holders of less than 10,000 shares wishing to sell their total shareholding. Conditional acceptances were received from some 55 shareholders for a total of 290,080 shares, and a subsequent approval process and offer resulted in the total of 290,080 shares being repurchased by the Company.