By ANNE GIBSON
A group of objectors to Waltus Investments' $227 million merger of property syndicates has given up its battle, blaming "corporate New Zealand" for not backing it in trying to stop the deal.
The 57 investors, from throughout the country, were led by Whangarei accountant and investment adviser Brian Moyle, who said the mainly retired group could no longer afford to carry on the fight.
"Corporate New Zealand should have got behind us because it now boils down to the fact that the mob rules," he said yesterday.
He estimated that the group had spent $200,000, as the battle dragged through special meetings, the High Court at Wellington twice and then the Court of Appeal.
"But the dog who laughs last laughs longest," Mr Moyle said. "Events will show that what we were doing was for the protection of all investors and there is bound to be another episode like this come up again, probably by Waltus - more compulsory mergers."
Waltus founder John Hodge said this week: "This ridiculous battle by Brian Moyle and investors representing 3 per cent of the new company has been distressing for the rest of our investors and everyone is glad it's over."
Mr Moyle said he was not particularly worried about Waltus ridiculing him but he was concerned that various regulatory bodies, including the Securities Commission and the Commerce Commission, had not moved to stop Waltus.
"It will also be interesting to see if Parliament takes note of this and introduces some legislation with teeth and meaning."
The newly-merged entity, Waltus Property Investments, began trading last week on the Stock Exchange's secondary market, buying for 62c a share and selling at 70c.
Time to give up, decide Waltus merger dissenters
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