An angry Vital Healthcare Property Trust investor has criticised performance and investment in Australia at New Zealand's expense and said unit holders were not being well-served by the board.
Tom Mullen, a trustee of three entities holding units in the listed landlord, told Vital's annual meeting in Auckland yesterday how he was surprised that although the board had a majority of independent directors, the business was pouring money into Australia but was selling assets here.
"We started it off here in New Zealand but all the expansion is going into Australia and we've not spent anything in New Zealand. In fact, we've sold here," he said.
Mullen noted how Vital director and NorthWest Value Partners founder Paul Dalla Lana from North America was not at the meeting, even though NorthWest owned Vital's management and a big stake in the trust. Dalla Lana sent an apology for non-attendance.
Graeme Horsley, Vital's chairman, pointed out that Bernard Crotty, a NorthWest trustee, was at the meeting from North America.
