Join Me in Voting Against the KIWIIPT Carpetbagger

[Major von Tempsky]

Cap Properties was set up to offer a long term, sustainable reliable high yield investment for people planning their retirement. It concentrated on Government tenants and it had/has it's own excellent property administrators rather than paying some outsiders some inflated price to do the job.
Here we have KIPT, opportunists, carpetbaggers, fly-by-nighters who will sell their grandmother to the first overseas bidder, diving into CNZ at a price well below their value, and now attempting to veto the CNZ management so they can whip the management rights themselves, for nothing, from under the noses of the shareholders.
P.S. I also find it highly ironic, after years of being told by J B Were that they thought KIPT was a much better investment than CNZ, and J B Were's refusal to lend money for geared investment in CNZ, that their darling KIPT, which has always had much worse ratios and performance than CNZ, now invests in CNZ. Why? They wouldn't do it unless they thought it was more profitable than using the same amount of money in expanding KIPT. In other words KIPT thinks CNZ is a better investment than KIPT. Oh, the irony....

THE KING says you where told years ago CNZ was a DUD with this Chairman running the show he got KICKED out of tower and the same should be for CNZ.. [^][xx(]

[Major von Tempsky]

Have a look at CNZ's performance, tenancies, yields. Actions speak louder than words. I don't care who the figurehead at the top of the tree is as long the cash till rings.

[Halebop]

CNZ has certainly outperformed Kiwi and lets be realistic - management fees have a big affect on returns. The real irony is that Kiwi have confirmed this with an argument that selling the management rights will reduce returns to shareholders! Apparently whats good for the goose is not good for the gander.

Self managed trusts / companies are normally the way to go for higher returns - perhaps reflected in the pragmatic trend towards "stapled securities" where trust and management companies are jointly owned. Trans Tasman might be a clear exception to self determination bringing higher returns as it operates as a controlled entity with obvious disregard to minority interests.

If I were CNZ I wouldn't sell the management rights - I would create a new entity to own it and staple them to the old shares. At least the relative returns of management versus managed ownership becomes transparent. The additional costs of running two companies side by side would be small compared to the long term loss of returns to a new outside management company owner. The balance sheet of the management company would also reflect the goodwill value of the rights.

If Kiwi then manages a cheap takeover with values clearly exposed then they deserve the win.

THE KING says Well Major you figurehead who is not very good at running any thing just floged off 40,000 shares is that a RAT leaving a SHIP.. ?? [^][^]

[Major von Tempsky]

Do you mean you have just flogged off 40,000 CNZ before KIPT has been provoked into making a much better takeover offer and/or the CNZ has put in place the best way of benefitting shareholders such as the stapling suggested by the last commentator?
Or do you mean Beyer (the Chairman) has flogged off 40,000 CNZ? I didn't see that in either the SST or NBR. If he did presumably it's a marginal part of his total wealth he wants to buy a new car with.
An analogy might be the feller who proudly proclaimed a bit earlier this year he had sold off his CEN shares for $6.30.....at the time of writing they're going for $7.17.....

THE KING says Sorry about informing you,, it seems you are gross confused,, will not contact again please you do the SAME,,..[^]

[Major von Tempsky]

Finally....THE KING seems somewhat challenged on the communication front.....
Colin Beyer has sold 40,000 CNZ and has 187,000 odd left. CNZ announcement today. Presumably THE KING doesn't have any CNZ to sell. The thread was meant for CNZ holders.
Now, if we could get back to the thread somehow....

[basil]

quote:Posted - 20/02/2005 : 11:54:41 AM
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THE KING says you where told years ago CNZ was a DUD with this Chairman running the show he got KICKED out of tower and the same should be for CNZ..

... i thought it was bye bye from King Rat