http://www.sharechat.co.nz/article/4...overnance.html
Fees look odious to say the least and that's before we start talking about the inherent conflicts of interest !
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http://www.sharechat.co.nz/article/4...overnance.html
Fees look odious to say the least and that's before we start talking about the inherent conflicts of interest !
http://www.sharechat.co.nz/article/6...ravy-trainhtml
Rampant greed ! No wonder the Trustee doesn't want to do anything about it, they're on the rich gravy train too and collecting nearly half a million dollars for doing what exactly ? Certainly its hard to argue they're putting unit holders interests at the forefront. Do I get a whiff of this thing heading to Court with the Trustees being sued for gross negligence with a new Trustee and manager to be appointed ? No wonder institutions are upset ! I would think they're currently examining their legal options...
I don't own but find this sort of apparent corporate and trustee malfeasance very interesting.
I do own it, and am quite disheartened to hear about fee gouging at the management level. However they have a WALT of 18 years, against many other REIT's average closer to 5. Personally I prefer to pay higher fees for superior management though probably not this high. At present this tension hangs over the investment as a smelly cloud. This could give an opportunity for it to rise upon resolution. Returns (as per yield) arent too bad even with a leech so imagine what they might be?
Some would say there is a massive leech and a trustee effectively playing possum stuck in the headlights because they've got too fat eating the spoils to move.
Someone needs to apply the legal blowtorch to this debauchery if its not resolved satisfactorily.
http://www.sharechat.co.nz/article/2...-of-rightshtml
It goes from bad to even worse. I couldn't accept not even having basic listed checks and balances applicable to normal listed companies so this is on my BANNED list.
I've been a holder for several years now but bailed today.
I really like the proposition that VHP has -- i.e. health-related properties with stable long term tenants. But unitholders are being milked at present by the managers (NorthWest Healthcare Properties Management Limited).
As a small shareholder I know that individually have little control over the companies I invest in. But with VHP I have become increasingly uncomfortable that my interests and the interests of the management company have diverged and that their interests are in the driving seat. The votes at the annual meeting in December show that MOST unitholders have concerns. I see little prospect that the management company are going to kill the golden goose and significantly change their control over VHP.
The Trustee is supposed to be there to ensure unitholders positions are protected but is clearly asleep at the wheel, intoxicated from excess fees perhaps ?
If the share price was tanking I think unitholders would have an excellent case for a class action against the Trustee for negligence.
given the ructions in management issues the price has actually held up not too bad so I've dropped my holding this morning. at a small profit and had a couple of divvies. As said I love the WALT and dont mind high fees to an extent but something is starting to smell here so prefer not to be supporting questionable behaviour. And in other news its a good time to have some extra cash.
There seems to be some love for VHP on the market recently. SP creeping up over the last week or so (i.e. after I sold out).