Trans Tasman Properties executive chairman Don Fletcher doesn't like the word "embattled". It's trotted out regularly in articles about the Auckland-based property investor and Fletcher is tired of it. He maintains the firm is far from "embattled" and is just about where it wants to be.
Monday, August 16th 2004, 6:05AM
by The Landlord
A flurry of announcements to the stock exchange reinforces the impression. Since June Trans Tasman has sold more than $250 million worth of property and bought more than $100m worth. Sites are being developed and cornerstone tenants secured.
But the big question remains: will shareholders see their fortunes improve?
The firm is still embattled, even if it has "turned a corner". The board's fights with minority shareholders - the cause of much media interest at annual meetings - are almost legendary. And, just last week, Fletcher was in Wellington's Appeal Court for round two of the company's ongoing battle with 3% shareholder John Powell of Latimer Holdings.
