A struggle between two listed landlords who own real estate worth $1.6 billion hotted up yesterday. Insults flew over a $50 million management sale and a call went out for shareholder involvement.
Sunday, February 20th 2005, 7:11AM
by The Landlord
After being rejected by two regulators, predatory landlord Kiwi Income Property Trust tried to turn the management sale carrot into a stick.
Kiwi was knocked back by the regulatory arm of NZX, which refused to grant a ruling stopping the Capital Properties management sale. This came after the Takeovers Panel rejected Kiwi's complaint over the deal.
NZX found the Capital sale would not change the nature of the business and would not require shareholder approval under the listing rules.
This prompted an attack from Kiwi, which accused Capital's board of being high-handed and taking an unpredictable swerve.
