Lister said DNZ's shares had fallen because the company was raising money at a discount to its share price, while Kiwi Income had recently paid out a dividend.
There was also a perception that more of the property vehicles could raise capital, he said.
Lister said it made sense for the property groups to raise money at the moment as their share prices were trading higher than their asset backing - the underlying value of the assets they own.
The improvement in the economy also meant commercial property acquisitions were looking more attractive.
Lister said it was also possible people had sold property shares to put their money into other investments as there had been a range of initial public offers and capital raisings of late. DNZ closed up 0.5c at $1.625 yesterday.
PAY RISE
Shareholders in pharmaceutical distributor Ebos will vote today on its $1.1 billion acquisition of Symbion. Around 200 shareholders are expected to turn out for its meeting in Christchurch.
As well as approving the deal, investors have to vote on adding two new directors to its board and increasing the remuneration pool for non-executive directors from $525,000 to $975,000 per annum.
The Ebos board had five non-executive directors before the deal and will have seven afterwards.
The company states in its notice of meeting that the pay pool hasn't gone up since 2010 and the jump reflects the increased size and scale of the combined group after the transaction and the subsequent increase in workload for the directors.
Ebos' revenues will go from around $1.5 billion to over $6 billion if the transaction is approved.
"The proposed increase is based on advice received from independent third party consultants and is consistent with the remuneration being paid to non-executive directors in other similar sized NZX main board-listed companies with substantial Australian operations; and Ebos wishes to offer competitive fees in order to attract and retain the highest quality directors," the company stated in its notice of meeting.
"For these reasons, the board considers that the proposed increase in non-executive director remuneration is justified and appropriate."
It has yet to decide how much of the pool will actually be paid out to directors. In 2012 $437,500 of the $525,000 was paid.
Ebos shares closed up 12c at $9.55 yesterday.
IN THE FAMILY
Substantial shareholder notices for newly listed SLI Systems reveal the family of chief executive Shaun Ryan remain big backers of the Christchurch technology company.
Ryan directly owns 1.395 per cent but also has an interest via his immediate family trust of 4.185 per cent. Ryan is also a trustee of his brother Grant's family trust which owns 5.086 per cent and his parent's family trust which owns 1.294 per cent.
All up the family has interests of around 11.959 per cent putting it ahead of the company's largest single shareholder Pioneer Capital Management which has a 10.477 per cent stake.
If SLI is successful Ryan could be the next Sam Morgan - who helped his family make a bucketload of cash through Trade Me.
If things don't go so well, it could make for some awkward conversations around the Christmas dinner table.
SLI has also attracted some interesting international interest with a company linked with Silicon Valley venture capital investor Adrian Vanzyl taking a substantial shareholding.
Lynwood Holdings, for which Vanzyl is listed as the contact, has acquired 6.134 per cent.
Vanzyl's LinkedIn profile reveals he is currently chief executive of Ardent Capital - a firm specialising in early stage investments in technology companies across Southeast Asia and was previously a group manager at Microsoft in the US.
SLI listed on May 31 with an initial offer price of $1.50. It closed yesterday down 10c at $1.91.
BLOOMBERG BOTHER
The New Zealand Shareholders Association says it has complained to market data company Bloomberg about it dropping its free data information service for the New Zealand dollar and New Zealand equities.
The association claims Bloomberg removed the service last month and says it understands only the top 40 share-markets by market capitalisation are now included on the free list for stock and currency quotations. The information is still available to those who can pay but the option is likely to be too expensive for most small investors.
Chairman John Hawkins said the company's approach did not seem to take account of the fact that the New Zealand dollar was one of the 10 most traded currencies and it also penalised small but successful economies that punched above their weight.
"Despite the fact that our sharemarket has been one of the best performing over the past couple of years and our currency is widely traded, New Zealand retail shareholders and investors are again being treated as poor cousins."
