It was a very interesting Radius AGM yesterday, with vigorous discussions on both sides and some interesting revelations coming out during the course of the meeting.

David Glenn seemed to have direct access to live share registry information because twice during the meeting he queried (more…)

Radius investors have received two alarming letters in the last few days, one from Radius titled “Radius Properties Limited – External Interference” and one from David Glenn titled “I Believe Your Investment in Radius Properties Limited is AT RISK.”

In short, David Glenn is concerned that the current managers and directors of Radius Properties Ltd are exhibiting a continuing pattern of poor judgement, seriously prejudicing your investment in Radius.

Radius investors Delwyn & Colin Trigg have made a shareholder proposal which, after much subterfuge and obfuscation by Radius, will be voted on at the short-notice AGM on Monday 28 September 2009.

VoV has investigated the allegations very carefully and will outline in this article the background to the allegations and why VoV will be voting in favour of Delwyn & Colin Trigg’s proposal… (more…)

A year ago when I interviewed Radius managing director Chris Holmes, we discussed the lack of liquidity in the shares and investors’ frustration at being “locked in” to an illiquid investment.

Chris explained that the Board, which is led by Tony Hannon, had been looking at the unlisted market as an option for introducing liquidity to the shares. Holmes said he wanted to see it given priority on the agenda at the following board meeting, and that would be his recommendation to the Board.

“The one thing I can see being a necessary problem to solve is getting some liquidity there for people that want to get out.”

They’ve had a good year to address this issue now, so how do you get your money out of Radius?

The short answer is… (more…)

It has been a year since I reported on my interview with Radius Properties’ managing director Chris Holmes, just prior to Radius’ AGM on 23 September 2008.

Here we are a year later, with Radius’ latest AGM scheduled for Monday 28 September 2009. Has anything changed in the past year?

Most definitely!

Unfortunately, they are not pretty changes.

Last year Chris Holmes explained that rather than pay dividends to investors, Radius preferred to spend the money on property developments. The idea was to create capital growth in the share price as opposed to paying direct income in the form of dividends.

Let’s see how they did… (more…)

OPI Pacific Finance, better known as MFS Pacific Finance, has this morning been put into receivership. This follows the Supreme Court of Queensland’s order to put Octaviar Ltd, OPI’s parent, into liquidation.

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A major factor in the demise of OPI Pacific Finance, and its sister company Vestar, was the extensive related party dealings within the wider Octaviar (previously MFS) group.

In 2003 MFS, which wanted to expand into New Zealand, bought Pacific Finance and renamed it MFS Pacific Finance.

In December 2006 MFS bought Northplan from its Ferrari-driving founder Kelvin Sims and renamed it Vestar.

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