About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, October 17th, 4:35PM
Check out GoodReturns TV now! Dismiss
rss
Latest Headlines

Waltus objectors bury hatchet

The annual meeting of property group Urbus (formerly Waltus)ends with an unexpected outcome.

Tuesday, September 18th 2001, 1:11AM

by Jenny Ruth

After close questioning of the annual accounts at a rather tense annual meeting yesterday, the objectors to last year’s merger of 27 Waltus property syndicates have offered to bury the hatchet.

At the conclusion to the meeting, Whangarei accountant Brian Moyle, who led the court battle against the merger, said it was time for everyone to put the dispute behind them.

"In all of my living days I will never be convinced (the merger) was the right thing to do," Moyle told the meeting.

"I have to say I congratulate your team on your very well prepared proposal and your very well prepared defence of the proposal. I’m not too small to acknowledge you guys beat us," he said.

Last week, the objectors lost the last part of their court battle, although they did win the right to reasonable costs.

"As far as I’m concerned, at the end of this meeting this dispute is at an end," Moyle said.

Earlier, chairman Denis Thom said the progress of the company, renamed Urbus Properties, "confirmed the wisdom of the scheme of arrangement."

The annual report shows the company exceeded many of the prospectus forecasts, including producing a net profit before property revaluations of $6.86 million for the five-month period ended 31 March compared with the forecast $6.065 million.

The bottom line was dragged down by a $3.946 million writedown of the properties. Thom said the writedown had no effect on cashflow.

Among the highlights were that the portfolio’s "over-renting" was reduced from 6.97% to 1.62% and the weighted average lease term increased from 5.56 years to 6.02 years, Thom said.

At one stage during the meeting Thom complained about the technical and negative nature of many of the questions and threatened to restrict the number of questions each person could ask. In the end though, the dissenters were able to make all the points they wished to.

When a shareholder who said he supported the merger suggested the dissenters were responsible for Urbus shares trading at a discount to net asset backing, Thom said "it would be unkind to blame the discount on the dissenters. Property shares are a bit all over the place."

Urbus shares, which began with a nominal net asset backing of $1 each have gone from trading below 60c shortly after the joined the stock exchange’s 'grey' market, to trading between 85c and 90c recently.

Thom said the company is considering listing on the stock exchange’s main board and that might help support the share price.

« Waltus merger objectors lose again but win costsSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • KiwiSaver fees: Paying for performance
    “ANZ just don’t give up do they….actually not surprising as there is little downside to fake news in the NZ finance scene....”
    4 days ago by Brent Sheather
  • Entity licensing 'boosts risk'
    “Pretty much the theory about entity responsibility in Australia in 2004, Baz. Results? EUs for just about every VIO. Remains...”
    5 days ago by dcwhyte
  • Insurance cover and suicide rates
    “Good on you Richard for raising awareness. From my perspective mental health is often (thought not necessarily always) a...”
    5 days ago by Paul J Burns
  • Advisers lack client files
    “Sounds like every "vertically integrated" business model. I am yet to see a client who got a report from the bank outlining...”
    5 days ago by Bikedude
  • 'Adviser cull' could hit NZ
    “Thanks, David, for the calming voice...as to the much touted 'drop in risk commissions' that is, I sincerely trust, going...”
    5 days ago by Majella
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 5.05 5.19 5.49
ANZ Special - 4.55 4.69 4.99
ASB Bank 5.80 4.75 4.99 5.29
ASB Bank Special - 4.39 4.69 4.99
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.69 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.75 4.99 5.29
HSBC Premier 5.79 4.19 4.29 4.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.15 5.59
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.55 4.65 5.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.19 5.59
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.59 4.69 5.09
Sovereign 5.90 4.75 4.99 5.29
Sovereign Special - 4.39 4.69 4.99
The Co-operative Bank - Owner Occ 5.75 4.55 4.69 4.99
The Co-operative Bank - Standard 5.75 5.05 5.19 5.49
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.69 4.99
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.19 ▼5.44
Westpac - Capped rates - 5.26 5.36 -
Westpac - Offset 5.95 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 4.59 4.74 ▼4.94
Median 5.82 4.78 4.99 5.29

Last updated: 13 October 2017 9:47am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com