"You're setting the unitholders up to be screwed," said investor Peter Kammler in Auckland late last week.
Wednesday, February 2nd 2005, 11:30PM
by The Landlord
He was addressing the Australian managers of the $1.1 billion listed real estate investor Kiwi Income Property Trust and his vitriol was directed at their debt-increasing move.
Kammler was the first unitholder to speak at the meeting of about 100 people last Thursday and set the tone for what was to became an aggressive attack on the managers.
His feelings were shared by many others. But the directors of Kiwi's managers challenged the investors on all their points - except Kammler's final attack, just before the vote was taken to increase debt.
"Thank you for your comments, but I'll choose not to respond," replied Kiwi's new chairman, Sean Wareing, to the Warkworth-based investor.
