Panel clears AMP's push to sell shares

The Takeovers Panel has ruled out taking action against a senior AMP executive in the battle for listed Wellington-based landlord Capital Properties.

Kerry Morrell, the panel's senior executive officer, said Capital Properties' shareholders had laid two complaints about statements from Stephen Costley, general manager of the unlisted AMP Property Portfolio, Capital's majority owner.

Marion Hemphill, the panel's lawyer, told Ellerslie complainant Claude Moffat, who has 4000 Capital shares, no action would be taken.

"Although we understand your concerns ... in the current circumstances the statements made by [AMP] ... do not appear to constitute a breach of a provision of the code," Hemphill said.

Costley said he was merely being clear about AMP's intentions towards Capital.

NZX reprimanded Costley on Monday for pointing to the possible de-listing of Capital. The exchange said any de-listing would be at NZX's behest.

Moffat, who also owns shares in Trans Tasman Properties and was a St Lukes Group shareholder, said AMP had aggressively tried to persuade shareholders to sell.

"I wish to remain a shareholder but I fear that many others have sold out because they are afraid of losing their dividends if they hang in there," he told the panel. "We have seen the problems over management contracts with other property investments and have reason to fear the worst once AMP gets control ... This kind of takeover merely removes another excellent investment from our reach."

Moffat is disillusioned with property shares, saying he was unimpressed by Trans Tasman Properties' performance, particularly since it moved overseas. He also said the price he got for his stake in St Lukes Group when it was sold to Australia's Westfield was too low.

He called for the panel to insist that offer presentations remove all implications that favour the aggressor and disadvantage shareholders.

"AMP has crossed the line in fairness and appropriate behaviour and should forfeit their takeover. I am tired of their relentless letters pushing me to sell into their offer.

"If we want New Zealanders to invest in New Zealand companies then we had better protect those investments so we can have a vibrant stockmarket. Up till now, all I have seen is the cream bought out too cheaply by foreigners."

Property interests

AMP's real estate interests include:

* The unlisted AMP Property Portfolio.

* A 70 per cent stake in listed company Capital Properties.

* Management of the listed AMP Property Trust.

* Management of the listed Property For Industry.

* Property management for the NZ Superannuation fund, through AMP Property Portfolio.