Capital Properties rights row eases
The battle between Kiwi Income Property and Capital Properties appears to have lulled, with the two agreeing over the future sale of management rights.
Thursday, May 19th 2005, 7:21AM
by The Landlord
Capital's chief executive, Chris Gudgeon, said yesterday that Capital would seek to amend its constitution at the next annual meeting, to require 75 per cent shareholder approval before management rights could be sold.In return, 19.4 per cent shareholder Kiwi dropped its request for a special meeting and a pending court action.
The spat started when Capital threatened to split off and sell management rights worth $40 million to the highest bidder in response to a threatened takeover by Kiwi.
The sale process pushed up Capital's share price but annoyed Kiwi, which said the sale was sufficiently important that it should be put to shareholders. The sale process was halted last month.
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