Shareholders Association chairman John Hawkins yesterday praised those involved in a successful $70.6 million deal to internalise Kiwi Income Property Trust's management, saying it was to investors' benefit.
"You're pretty used to me getting up and complaining and moaning but I have to congratulate you," said Hawkins who is also a unitholder in the $2.1 billion landlord which owns Sylvia Park, ASB North Wharf, the Vero Centre, Wellington's Majestic Centre and Northlands Shopping Centre in Christchurch.
"It's worth noting you managed to come up with a deal that was not easily gazumped by anyone else. We intend to vote in favour of it and told our members that," Hawkins told directors.
The next step would be for Kiwi to change from being a trust to a company, he told the meeting where directors also sought unitholder approval to increase the fee pool from $391,000 annually to $585,000.
That means chairman Mark Ford's pay rises from $130,000 to $150,000 and independent directors' pay goes from $60,000 to $80,000.
One institutional investor said afterwards he backed the pay rise because competent directors were needed on the board and it was time they got more money.
Commonwealth Bank of Australia is selling the management of Kiwi whose units yesterday closed up half a cent at $1.095.