Don't call us embattled says Trans Tasman Properties chair

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.

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