Forum Archive Index - February 2002

[hugh webber <hugh.webber@clear.net.nz>]

Must admit to a gut reaction as a KIP shareholder on reading this, the market 
obviously didn't like
it at first, dropped 2 cents but recovered 1 cent today. However I see the two 
boyyos with the
expertise have stayed on as consultants.

Reminds me of the time when I heard that the insurance cover I had taken out 
with the bank had been
sold to some other extraneous party without so much as a by your leave/did I 
mind. Then straight
away they raised the premiums.
So I cancelled it immediately telling them why - basically I objected to being 
treated as so many
head of cattle without being consulted. 
So the silly pricks sent me reminders, then they wrote to my wife saying your 
husband has cancelled
your insurance policy (joint cover). So I tore it up and rubbish tinned it and 
they decided to give
up at that point.

I would have thought that the management contract for KIP actually belonged to 
or should belong to
the KIP shareholders not some other crowd and they should at least be consulted.
Particularly when it was being sold to a crowd of foreigners (Australians).
Do you mean to tell me that we in NZ don't have sufficient expertise to manage 
our own buildings,
following on from rental cars, hotels and other extremely basic functions? 
Thank God the farms are protected.

The other questions that logically occur are the conflicts of interest that now 
arise. 
Naturally the management contractors are more interested in maximising their 
own fees, commissions
or whatever than they are in maximising the return to KIP shareholders.
Secondly if a choice arises between taking up an investment opportunity in 
Australia or taking one
up in Australia - then they're going to take up the one in Australia aren't 
they. And its probably
only a matter of time before we see the HO and administration move to Sydney.

Pardon me but I'm starting to feel quite xenophobic at the moment. 
Maybe its a case for the NZ Shareholders Assoc and some uncomfortable questions 
and evasive
answers.


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