Radius is an unlisted public company that invests in health care sector property assets. It owns real assets that generate a real income.

The company also has opportunities to add value to some of its properties which have development potential. Radius managing director Chris Holmes says this is the reason shareholders’ dividend income is down. Rather than pay dividends for the past couple of quarters, Radius has spent the money on getting development sites through the resource consent process.

“In the last two weeks we’ve had the Bute Road [Browns Bay, Auckland] site resource consent come through and that’s taken a little over 18 months. Bute Road is a nice site. We’ve nearly got double the value we paid for that particular site.”

The benefit of that ultimately flows through to shareholders, but Holmes acknowledges shareholders may differ in opinion over (more…)

Life’s too short to get depressed for long, so here’s some good financial humour to get you smiling again…

• Thanks to the clowns at Vestar, a lot of our money is tainted. ‘Taint yours, and ‘taint mine.
• As a result, you will be stuck with your debt if you can’t budge it.
• And if you are into estate planning, just remember that a will is a dead giveaway.

Feel free to add to the humour by leaving a comment below…

Two legal cases are underway, one based in New Plymouth and one in Auckland…

New Plymouth
Dennis King Law is preparing a case for Taranaki investors. They have recruited (more…)

Some interesting stuff has been written about Donal Curtin this week. Two in particular are worth reading…

• New Zealand Herald: Tamsyn Parker wrote a very good article titled “Curtin call brings very little response“
• Good Returns: Phil’s Blog carries an excellent article titled “Curtin enquiry arse covering“. Recommended reading.

Have a good weekend!
Verne

All that time and stress involved in deciding which way to vote, and whether to take the measly cash payout or remain in moratorium, may have been in vain. Fortress Credit Corp called in the receivers at Octaviar yesterday.

The full implications of this move are not yet known and will play out over the next couple of weeks. Here’s a brief background… (more…)

Vestar pumped a disproportionate amount of investors’ funds into two unlikely “investments” – Radius Properties and Clendon Shopping Centre.

One $400,000 “conservative” portfolio we viewed had 15% of the portfolio allocated to New Zealand Property, which on the face of it seems okay. But well over two thirds of this was in Radius and Clendon. [Why such a disproportionate amount in these two? Is there more to this relationship than meets the eye? If you know anything, leave a comment below or email victims@vov.co.nz in confidence.]

The next biggest allocation was MINT Australia New Zealand Real Estate Investment Trust, an entity associated with the chairman of Vestar’s investment committee, Donal Curtin. A conflict of interest, surely? (more…)

Donal Curtin, deputy chairman of the Commerce Commission, has been suspended pending a disclosure of interests enquiry.

The Commerce Commission has appointed Hugh Rennie, QC, to investigate its own deputy chairman – Donal Curtin – just six weeks after he was appointed. The issue Mr Rennie will investigate is whether (more…)

Cash Consideration Offer
Octaviar advised last night that they have agreed to extend the closing date for their Cash Consideration Offer to 4:00pm on Tuesday 30 September 2008.

Octaviar said (more…)