TTP split doesn't set world alight

Minority shareholders in Singapore-based listed developer Trans Tasman Properties meet in Auckland tomorrow at a time when the company is not earning any fans with its latest proposal to split into two entities.

"It sounds like it is just another way of migrating New Zealand capital out of harm's way," said Shareholders Association chairman Bruce Shepherd.

Last month, the company announced a restructuring proposal to float a new entity holding its Asian developments.

Shareholder Michael Connor of Epsom sold out earlier this year and was pleased to do so.

"The whole performance just gets tedious and I have got my life to lead, " said Connor, who often challenged the board at general meetings.

Analyst Mark Lister, of ABN Amro Craigs, said the offer was extremely complicated and predicted many shareholders would simply disregard the offer document.

Few analysts would prepare research reports on the offer because none were that interested in following Trans Tasman.

"People have lost confidence in the company, which has a lot of cash and has not done badly in terms of earnings but pays no dividends," Lister said. But he praised the board for giving shareholders the opportunity to specify which area of the world they wanted to be in, saying most New Zealanders did not understand Asian development.

* Trans Tasman shareholders meet at 10am tomorrow at Alexandra Park's function centre in Auckland.