Continuous Disclosure

While other property unit and share prices soar, abysmal performer Trans Tasman Properties (TTP) remains in the doldrums.

Market hopes for a special dividend after the sale of property in Sydney from subsidiary Australian Growth Properties were dashed in February when the company said it would hang on to the money.

That, and worries about intentions to invest in foreign property, appeared to be the catalyst for a share price fall to 37c.

Interest sparked up when majority shareholder Jesse Lu, of SEA Holdings, made his takeover offer in May - but it was soon found to be unreasonable and far too cheap.

Shares shot over 40c as the market guessed the takeover offer at 45c or 50c. When confirmed at 40c per share, only about 1 per cent of shareholders sold into it, most considering it a rough deal.

In recent months, the share price has moved little other than in small steps upwards and sideways between 38c and 41c.

A 14 per cent to 16 per cent price rise in many of the 11 listed property vehicles during the past six months seems to have overlooked the Dorchester-tower headquartered TTP.

Smaller investors, who plead for dividends to buy golf balls and gin, are increasingly shunned.

In the new year, TTP will move its head office to Singapore, turning its back on New Zealand, having sold most of its property here. This week, and after three aborted attempts, it continued the trend, finally selling Auckland's Finance Centre in two deals worth a total of $100 million.

Little wonder the price isn't moving north, perhaps?