Don't call us embattled says Trans Tasman Properties chair
Monday 16 August 2004
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.
By The LandlordA 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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