CHH gets ticking off by investors

Carter Holt Harvey was taken to task by shareholders yesterday at a special meeting that approved a $480 million return of capital.

Shareholders criticised Carter Holt's share price performance, major stakeholder International Paper, the method of returning capital - and told the company it was not selling itself well enough to Australian investors.

"I think we've had a very full discussion," said chairman John Maasland.

He rejected the suggestion that International Paper controlled the board: "I can assure you that this company is New Zealand-managed." Veteran shareholders Max Gunn again criticised the sale of the tissue business but accepted that "you have a new spirit" and described Carter Holt as earnest.

One shareholder said he was happy to see the share price revive to the amount he paid 19 years ago.

"It has been an abysmal performance."