Sale of Slipper Island

Today an article appeared in a Sunday newspaper and on Stuff regarding the apparent “sale” of Slipper Island to a Chinese “property developer” Wendy Wei Mei Wu.

http://www.stuff.co.nz/national/67699820/Family-fractured-by-sale-of-Slipper-Island

http://www.dailymail.co.uk/news/article-3039279/Secretive-Chinese-billionairess-splurges-7-million-private-New-Zealand-island-wants-use-toy-sale-divided-family-it.html

The family first learnt that the sale and purchase agreement had been signed only through the media today. The directors have refused to answer shareholders’ questions.

The agreement has been signed without authority.  The agreement is unlawful and is invalid.  The consent of 75% of the shareholders has not been given to the sale as required for a major transaction under Section 129 Companies Act.

The family asked for the “last right of refusal to purchase” but have been denied this by the two directors.

The family are seeking legal advice.

The directors have refused to attend meetings called by the shareholders. Under the Company’s Constitution “the board must call a shareholders’ meeting if requested by 20% of the shareholders.” Despite protests from the shareholders and requests to come to an agreement to retain the island in family ownership the directors would not talk. The third director was removed last year by the majority shareholder as he was voicing the concerns of the minority shareholders.

There is a conflict of interest as Hayes is the majority shareholder’s personal accountant and not the Company’s. He is running the sale. The rights of the minority shareholders are not protected. He has applied duress to the shareholders and has not obtained legal consents before proceeding. His actions are negligent with serious implications. The shareholders are making a complaint to the NZ Chartered Accountants society.

The Island being described as a “toy” for her mother by Wu’s real estate agent daughter Is upsetting.

Slipper Island is our family’s heritage and we consider this shows a lack of understanding to us and the Maori cultural heritage of the Island. Slipper Island has significant Maori cultural and historic value at a national level and plays an important part in the history of the Thames Coromandel district.  The Island is waahi tapu (sacred) to the Maori. Thirteen archaeological sites on the Island are listed with the NZ Archaeological Association, which include Maori burial sites and a large midden across the beach frontage of South Bay.  Storms have exposed human bones in the sand dunes of South Bay.

The three Maori pa sites on the headlands of Home Bay, Stingray Bay and South Bay on the West Coast are designated Historic Reserves and have conservation covenants.  The Heritage NZ Pouhere Taonga Act 2014 requires local Tangata Whenua, Ngati Hei and Nagti Maru Runga to be consulted over the sale of property with registered Maori burial sites. It is unlawful for any person to modify or destroy an archaeological site.  The adjacent Penguin, Rabbit and Shoe Islands are all in Maori ownership.  The owner of the Island must protect the Island’s significant historic Maori and landscape values.   The coastal landscape of the Island is classified as “outstanding”.

Slipper Island was purchased by our late parents forty five years ago. Our parents would be devastated by the actions of the directors.

Thanks to those that have commented with your thoughts. It is not easy having this exposed in the public domain, but we are left with no other recourse.

This post will be edited and further info will be added to this site soon…so please bookmark.

A copy of the dubious sale and purchase agreement for the island below.

Slipper Island Sale Agreement

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49 thoughts on “Sale of Slipper Island

  1. lucy

    Congratulations you are brave speaking out. At long last somebody in this family has the guts to stand up to two older siblings. When events took place at a meeting and it is recorded in the minutes and then it hasn’t been carried through there must be some comeback. How about changing from a Family Trust to a limited company. Nora would be so disappointed. Now you have started have the strength to show these directors up for what they are .

    Reply
    1. slippershareholders Post author

      Hi Lucy, You are obviously aware of the Slipper Island/Needham “troubles” over the years (like many in the Tairua/Pauanui/Coro community). Unfortunately left with no choice but to go “public” after the disgusting news paper article. Further info will be posted by myself and other shareholders relating to this “sale” and other issues at the appropriate time. Cheers

      Reply
  2. Sue

    As a bystander reading the comments on Stuff today I wish to congratulate you for speaking out. I can think of nothing worse than family member(s) who make gains at the expense of their own family – especially when some members appeared to have planned, plotted & bullied the rest of the family leaving them without any say. And now you are reduced to going public, to be heard. Surely there must be some comeback for a limited company that doesn’t listen or have meetings with their shareholders. Would it not be worth tracking down an experienced QC this week for an initial consultation while the sales agreement is still conditional – the shoddy treatment of shareholders is not ethical for a start – thats just criminal. It would be interesting to see the sales & purchase agreement …. If its filled in properly for a start.
    I hope you find some recourse for this terrible betrayal.

    Reply
    1. slippershareholders Post author

      Hi Sue, Thanks for your comments. Yes, this a bad situation and has been for many years with those “in charge” (present & past) hoping they would get away with their “questionable decisions” by turning family members against each other. Also relying on the hope that they wouldn’t get reported & investigated because we were all “family”. Hiding behind their lawyers with the knowledge that we had limited funds for legal fees to hold them to account. S&P contract will be posted asap. Cheers

      Reply
      1. Sue

        I have just read the last comment on Stuff by kiwi40 who has read the thoughts on this website by one of the shareholders & I agree with kiwi40 that company law has been blatantly disregarded. If the information provided is true and correct then the other shareholders need to seek an injunction to halt the sale proceedings until the situation is sorted. Surely if a Judge can issue an urgent injunction against two schoolboys (re the rowing fiasco) then one can be issued here. Maybe its time to get new legal representation. Just do it.

        Reply
  3. shane

    Register a caveat over the title ,
    Very simple process , seems a Mr Hayes has unfortunately steeped right over the mark on this one thats how he can afford to fly around the place on a retired miltary private Jet
    and sit on the board of the lotterys commission board
    let the truth Prevail

    Reply
    1. slippershareholders Post author

      Hi Shane, We were advised some time ago that a company shareholder could not register a caveat over “company land” but will look into it again asap with other shareholders. Yes…the “money-men” are involved and have been for sometime. Cheers

      Reply
  4. James

    Hi Slipper Shareholders,

    Were you made aware of an accepted offer to purchase the island in Feb 2014?

    Regards

    James

    Reply
    1. Christine

      I would be very interested to know the answer to James question. How can it be an accepted offer if the shareholders werent told and how much was it for. Maybe it was from the shareholders?? Why doesn’t liz have the decency to let the other shareholders buy. Are people aware that the directors have secured thenselves another piece of land on the island. So when this current sale goes through they can still go to Slipper island and have land there but the rest of their brothers and sisters can’t. Surely one of you will tell the truth about how those deals are done. that the minutes of a meeting were not carried through by the directors. Now you have made it public don’t lose momentum follow it through. There are a lot of us down here who have known the truth for a long time but have kept quiet because we thought that was what you all wanted. But when a bit more comes out you have been shafted well and truly.

      Reply
      1. slippershareholders Post author

        Hi Christine, What the “public knows” is only half the story. The rest will come out in the wash at the appropriate time. Concentrating on stopping this sale at the moment and holding these directors (and cronies) fully accountable for what they have done to our family and land.

        Reply
    2. slippershareholders Post author

      Hi James, Shareholders were made aware of a “offer” by the “Nga Tikanga Maori Law Society Inc Aotearoa” in 2014. Legal action was taken by a couple of us shareholders against the directors and the contract was not signed (as far as we are aware). Cheers

      Reply
  5. slippershareholders Post author

    The other post regarding the S & P agreement has been deleted after receiving legal advice.

    Comments from that post have been moved here. Thank you all for your advice. It is much appreciated and is being acted on as we speak.

    ===================================================================
    Sue
    April 14, 2015 at 12:08 pm

    Your best shot to save the island is now while its still conditional. That means it is imperative you seek expert opinion from a Barrister not your local solicitor. If what you say is true & correct then only proper legal representation will give you confidence to move forward. Forget about it being family. This is a company you are fighting that has blatantly disregarded company law and there are more shareholders than not who are on the same page as you. I suggest you scan your network of friends & colleagues to track down a good Barrister or experienced QC and pay the few hundred dollars to at least find where you stand. Public opinion will not save your island.
    I have been in a similar situation and retaining proper legal opinion was the best thing we ever did – but someone has got to get off their toush and make that first vital step. You don’t have to descend en masse at the Barrister’s office – just one or two of you is all it takes to empower you to learn what your position is and the options to deal with this situation.
    Avoid regret & get proper legal advice – you may be surprised there may be more avenues to tackle this than you think. It is the ONLY way to find recourse in this situation.
    ===================================================================
    Sue
    April 14, 2015 at 5:33 pm

    The sales & purchase agreement may end up as a contemporaneous arrangement – which means the sale may go through much sooner than you think for a more realistic price. If you’ve ever had a valuation done on the island then you can figure out the difference that the original purchaser will pocket. If you think its too difficult now to do anything about it then it will be 100 times more difficult after the fact, which is why dodgy directorships have got away with many unsavory dealings over the years. You cannot sit back and live in hope that those involved will be fully investigated & held accountable. That will not happen unless you make the move now to find a reputable Barrister or QC with the expertise to form an opinion on your situation so that you know exactly where you stand. Who do you think will investigate? Who do you think will hold them (directors) accountable? It’s the shareholders who are responsible for initiating proper legal advice. A letter from an informed Barrister or QC holds more clout than your lawyer down the road.
    Are you all willing to forsake your inheritance for the sake of a few hundred dollars? At least you will know where you stand and you owe that to your children.
    If there is no plaintiff there is no judge.
    =============================================================================
    gary
    April 14, 2015 at 9:15 pm

    another nz scam and one again no one seems to care ive been to asia they dont want our land investments keep them out of ours or we will all be sorry
    ============================================================================
    Christine
    April 14, 2015 at 10:00 pm

    You have been given some very sound advice it will be interesting to see if you take it. Your family are obviously not all in accord and from our experience you need to get legal advice i agree with Sue. You will regret it if you lose this island just because you don’t want people to know you have problem. Your directors have got you into this pickle for their own good. Get legal advice but not from the shonky ‘legal’ people the directors are using now. Don’t keep procrastinating and then be sorry for heavens sake get this deal stopped. They didn’t have authority to sign the listing form. I would like to thing Barfoot and Thompson have more integrity than this . lets see if they do.
    =====================================================================

    Reply
  6. anon

    If this sale goes through then there is something very wrong. How can they do this to there kids and abe and noras grandkids. One will never get a piece of paradise like slipper again for there children to enjoy. Family is family and thats that! We cant take money with us when we pass, but we can leave a family legacy behind.

    Reply
    1. slippershareholders Post author

      Hi Anon, Some people will do anything for a dime. These guys are experts at screwing family over. Been doing it for many years. If only our late mother Nora was here to tell her side of the story and what they did to her.

      Reply
  7. Christine

    I don’t understand what you mean about the S & P agreement not being put up because of legal advice. Since when have these been confidential . Why not let people see how poorly it is written and how much is missing from it. Some of us in Tairua have seen this document and we agree it is very very poorly written lines of info left out.. I would think it is a classic for the new Real Estate body to be shown. Did the shareholders ever get to see the valuation that the purchaser was legally required to have done. Did this very conveniently match the price offered. If so it would be good to ask the valuer how come the price is so different from a few years ago??
    this price doesn’t have to be what the family pay if they buy it surely they can go by the one accepted by the directors around the $7million dollar mark.

    Reply
    1. slippershareholders Post author

      Christine,

      A complaint has been made to the REAA regarding the contract and a response from them has been received and is being looked into. The contract is a disgrace. Not filled in correctly, many omissions of legally required info & no valuation done or supplied as is applicable when a real estate agent or related party purchases a property.

      It should also be noted that quite “conveniently”…”family members” (non shareholders – cashed out) currently live on Slipper part time and “run” the place for the directors…are both real estate agents for Barfoot & Thompson in Pukekohe. They tried to get the “listing” but were denied by shareholder actions due to the the very apparent conflict of interest.

      Reply
  8. shane

    Have another read of james comment as its dead set true and it was for 1 million more than what they have just signed it was a local Trust from the coromandel
    And on top of all that they were paid in full never paid the funds back and simply refused to move off the island after being paid
    So on top of this latest scam they have just pulled they are battling another major one behind the scenes

    Reply
    1. slippershareholders Post author

      Hi Shane, Please use the contact page on this site and contact us directly with further details.

      As far as shareholders are aware the “sale” to the “Nga Tikanga Maori Law Society Inc Aotearoa” in early 2014 was not signed after legal action was taken against directors by a couple of us shareholders putting them on notice that if they signed this contract they would be sued and held accountable for their actions.

      Reply
      1. Lucy

        Hi there Shane there seems to be something wrong with what you say or maybe I am misunderstanding. If the island was sold and Slipper Island Resort Ltd was paid in full how come the new owners aren’t registered on the Certificate of Title. No solicitor is going to hand over any money for a property let alone one for $8million without first having the ownership changed. Although as we are starting to see as more info emerges nothing is too low for these directors. We have looked at their company info on line and it makes interesting reading.

        Reply
        1. slippershareholders Post author

          Pretty sure shane is part of the maori organisation that tried to purchase the island last year. He was offered the opportunity to contact us directly with further info…but nothing received to date.

          Reply
  9. Shaun Seymour

    Whakahau Whenua.

    14/04/2015
    9:03 a.m.

    Tena Koutou katoa, Warm welcome to you all.

    Whakahau: Advice for Nga Rangatira (People).

    I had the privilege to go to Slipper Island about January last year. There we meet Liz, Diane and Peter, what wonderful down to earth people you can meet, the Island so beautiful its breath taking, a taonga, treasure in itself. Stories were shared of family life, and Maori customary and cultural values belonging to the Island.

    The purpose of our visit was to discuss the Future and Sale of Slipper Island. The “Nga Tikanga Maori Law Society (Inc)” is our Lawful and Legal Council. With lawful and legal procedures explained and assurance guaranteed. I could see Liz was very happy knowing Slipper Island will be cared forever.

    The Settlement finalised on the 31st of March 2014, to my knowledge the only “Legally Binding” Settlement, Treaty Settlement enacted in the history of Aotearoa, New Zealand, probably since Te Tiriti o Waitangi 1840. Any Queens Council would know this. Also todays Leaders should learn too.

    I personally would like to thank Liz for her contribution by participation in this very important historical event, future generations to come will benefit greatly.

    Unfortunately there are people who failed to follow lawful and legal procedure, another Breach to Te Tiriti o Waitangi 1840 Act?

    A healthy 8 million (NZ) offered and accepted by Slipper Island Developments, please keep to the lawful and legal procedure from the Court and receive your funds. Slipper, Whakahau Island Tittle will amend to “Maori Customary Tittle” being Native Tittle (Feudal/Sovereign Tittle). Protected forever from external and internal influences, and remain in the peoples ownership and governance.

    How can the Sale with NTMLSA Settlement benefit the family?

    What does the family want? Do they want to sell, If so what’s next? If not how can we help?

    As in the NTMLSA Settlement the entire Needham family then becomes Kaitiaki in their role to care for Slipper, Whakahau Island, remember this is your homestead part of your heritage. Be a part of NZ History.

    Untill now I never realised there were issues involving the Needham family over the NTMLSA Settlement and also the present Chinese Sale. The first Settlement is lawful and legal while the Second is Illegal. Red faces and apologies are going to be seen and heard from NZ Parliament. Another Treaty of Waitangi Breach the Government cannot afford. Queens Council definitely would know that.

    Here is an old Maori Karakia, Proverb,

    Ko nga uratanga me nga awhero o a tatou tamariki mokopuna Kei te Whakahau mai kia penei tatou.

    The needs and aspirations of our children and grandchildren demand this of us.

    Last but most important The Nga Tikanga Maori Law Society (Inc) of Aotearoa (NZ) is Crown & Maori Legislative Privy Council (NZ)(UK).

    The NZ Attorney-General, the principal law officer of the NZ Crown will know this.

    Pomarie , Peace and wellbeing for all.

    Shaun Seymour
    Native Inhabitant, Independent Sovereign.
    Kaitiaki Taiao.
    021 265 9462
    Whakahau@outlook.com

    Reply
    1. slippershareholders Post author

      Kia Ora Shaun,

      Not sure what was agreed to with the directors and the in-house “caretakers”…but shareholders were not involved in these discussions and we did not agree to any sale to any organisation…just like the latest apparent sale to Wendy WeiMei Wu.

      The sale is illegal and I’m sure you understand our position as shareholders.

      Reply
  10. Lucy

    Those comments are both very interesting and as a local resident it is enlightening to hear what Shaun has to say. It is nearly beyond belief that the other family members weren’t shown this offer in 2014.
    Is Maurice Hayes the accountant for all of the Slipper Island Resort Ltd or just the directors. I see he has been very quiet about this as well. If there is nothing to hide why are we not hearing from him he seems very quick to get back with officious emais to the shareholders setting time limits on when they must sign but not giving them all of the details of the agreement. Thanks Shaum for speaking out your comments and how about telling us if the settlement in 2014 was finalised who signed it for the Sipper Island Resort Limited? There can be no other Sale and Purchase signed if there is already one in place so either it is legal or not. Why does Liz not let the family know?

    Reply
  11. Lucy

    Very interesting I see in the Slipper Island Resort ltd company info that the accountant has changed over this weekend it seems Judy Radford has taken over from Maurice Hayes on paper anyway.
    http://www.business.govt.nz/companies/app/ui/pages/companies/112492/shareholdings?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2Fsearch%3Fmode%3Dstandard%26type%3Dentities%26q%3DSlipper%2520Island%2520Resort%2520Ltd

    Is Maurice Hayes trying to distance himself from Liz Needham/Parker before the proverbial hits the fan????

    Reply
    1. slippershareholders Post author

      Hi Lucy,

      You are onto it. Thank you.

      Registered office address was changed on Friday from the once family farm in Tuhimata Rd to a new accountancy firm DRK Chartered Accountants in Pukekohe. Looks like the previous company accountants (Rise Accountants) are “no longer involved”…which is “interesting”.

      Hayes is not the company accountant. He is the majority shareholders personal accountant and registered office address for Ardmore Flying School Ltd. He is still heavily involved in trying to push this sale through.

      Reply
  12. Anon

    As a colleague of Liz Needham’s at Air NZ, I am disgusted to read here about the sale of Slipper Island and the way other family members/shareholders are being treated.
    Rumours have persisted within the flying community for many years regarding the goings on at Slipper Is and the Needham family troubles. Elder children in charge of the island/company with their own mother forcibly removed from the Island with a trespass notice a number of years ago etc, etc.
    After reading this site I am guessing that everything heard and talked about over the years in hushed conversations has much merit.
    Hopefully you shareholders have some sort of recourse regarding this sale and the directors find it within themselves do do the right thing by you all.

    Best of luck.

    Reply
    1. slippershareholders Post author

      Hi Anon,

      Apparently it has been no secret within AirNZ & AFS that things are not as they appear.

      Easier to remain silent rather than speaking out.

      Those involved who think they are above the law will hopefully be held to account one way or another.

      Cheers

      Reply
  13. Lucy

    I am interested to know if you have made any progress. Have you heard back from the Real Estate Institute?
    Is the S & P with Wendy Wei unconditional?
    What is happening surely the directors cannot override what was agreed at meetings with the shareholders. Do let us know as we care.

    Reply
    1. slippershareholders Post author

      Hi Lucy,

      Would rather not comment in the public domain on what is going on in the background.

      No word whatsoever to shareholders on whether the contract is unconditional.

      Majority director and cronies will try to make sure us remaining family members get screwed financially in any deal. i.e…cheque in the mail for a $100. “Profits” probably sent to Macau, Singapore or Switzerland etc in this “inside “deal”. Only incompetent idiots would sell one of NZ’s few privately owned islands for 7.5M in this non-transparent way when we were promised a International Tender.

      As shareholders we asked for last right of refusal in any signed contract…meaning we would be given the opportunity to better any offer received…which we were denied.

      Not happy.

      Reply
  14. Lucy

    As a passenger of Air New Zealand I find the comments from Anon very interesting. I am surprised that somebody like Liz, who has serious financial problems, marital problems and the whole Slipper Island issue is still considered able to concentrate fully on flying for Air New Zealand. I wonder what it takes for them to take their pilots issues seriously. This seems to be talked about a lot but we notice she is still flying.

    Reply
    1. slippershareholders Post author

      Hi Lucy,

      You certainly sound like you know what is going on here…

      The only one that could answer your question would be the CEO of the airline.

      Not sure any of us would want to be in the back considering the circumstances.

      Hopefully not a issue though…fingers crossed.

      Cheers

      Reply
  15. GBDT

    We sure wish things didn’t turn out the way they have! Outside of the conflict we sense there is strong love and care among the family.
    We remember better days when the family were so close and fun together at Puke, with never a dull moment! Your generous hospitality and the adventures we shared at Tairua, Pauanui and Slipper were truly unique and unforgettable, thank you!

    Reply
    1. slippershareholders Post author

      Hi Rod,

      All fun and games in the old days wasn’t it.

      Not so for the past 20 years…as you should be aware.

      There is no “love or care” as you suggest.

      Take the blinders off and be honest here.

      Cheers

      Reply
  16. Sue

    I noticed today on the Sotheby Realty site for Slipper Island, that the word ‘sold’ was discretely written under the heading! I take this to mean that no one got anywhere to put an injunction on this sales & purchase agreement. So what happens now? Is it only unconditional with a settlement date? To serve an injunction now, means the buyers would probably sue the company but the courts are usually very fair in sorting real estate issues & at the least they’d get their deposit back plus interest (which should be in trust anyway until settlement – unless Liz has totally illegally dipped into already). Obviously Liz, or her accountant, feel very confident about the shares needed to push this deal through as you’ve said 75% of shares are needed to tick the box. So she’s managed to get a couple more on board with their 15%.

    Do you have a Barrister or QC? If so have they advised you with confidence what steps/options you can take or have your shoulders dropped with no confidence. If you like, contact me for the name of an excellent Barrister.

    Obviously, with the sold sign up, I take it the shareholders never got last right of refusal. There have been so many transgressions of company law it behoves me why a shareholder, on behalf of the company, can’t sue The Directors for breach of duty owed to you as shareholders. They have trampled over your rights. I looked up a few websites via google re: ‘shareholders rights in limited company’ & ‘breach of contract’. The information is applicable to yourselves & should give you knowledge & confidence to continue this battle.

    Did you ever approach the REINZ to point out the shoddiness of the agreement & was a valuation done? Salespersons have a moral duty to ensure vendors are bona fide. The whole thing sounds so dodgy. It seems you’ve been given no quarter to assert any of your rights. It makes being a shareholder a nonsense. Perhaps too little too late. It seems Liz has had quite a free rein with the company over the years & she has taken full advantage of it to the detriment of all the families.

    Have you looked up your company information online? It is available to anyone at no cost. It makes for very interesting reading and documents more than one hefty payment being taken out for a family member.

    Why is such a beautiful island being sold so cheaply?

    Cross fingers AirNZ does not regret the continued employment of a Pilot whose judgement may be compromised.

    Reply
    1. slippershareholders Post author

      Hi Sue,

      Notification from Maurice Hayes (E A Needhams personal accountant) was received last Friday that the “sale” is now unconditional.

      Multiple requests to Hayes & Directors for a copy of the Special Resolution with 75% shareholder consent for approval of any sale have been ignored to date. It is our understanding that no such consent exists and that this sale is illegal. i.e…they still don’t have the required numbers and and are continuing with this criminal act.

      As shareholders we were never given last right of refusal as requested.

      The majority shareholder is the companies main creditor, yet no loan agreements exist and nothing has ever been entered in the companies interest register. Requests over the years to view this document have been denied, probably due to it’s non existence. Requests for exact amounts owed to Liz & Ardmore Flying School have also been ignored, just like the yearly requests for a auditor to be appointed.

      This company has been very badly operated for years with shareholders concerns disregarded and ignored. Shareholders equity has been purposely eroded away with very questionable share purchases, section purchases & sales etc by a couple of directors along with many other “business decisions” only benefiting a “few”. A blatant disregard for company law, shareholders rights and NZ law in general. All the while hiding behind the company lawyer who we all pay for as shareholders.

      The only feasible reason for the Island being sold so cheaply is that we are not privy to what else has been “agreed” to “behind the scenes”. Requests for information from Sotherbys on a number of other offers that were received has been denied…due to the directors request that no info be given out to shareholders.

      Very sad state of affairs when you are taken advantage of by your own siblings.

      These “family members” are currently skating on very thin ice.

      Further info will be published in the next couple of days that may answer some of your other questions.

      Thanks for your support.

      Reply
  17. Sue

    I also noticed an acre of freehold land on Slipper Island was for sale with various Tairua realties in March 2015. Asking price $725,000. Seems everyone is bailing out…. Very sad.

    Reply
    1. slippershareholders Post author

      This section belongs to a member of the public that also owns another in the 10 lot subdivision on the island. This subdivision was originally given approval by the council on the grounds that it was for family members/shareholders.

      The same subdivision where directors “gave” themselves water front sections “cheap” while 3 of us current shareholders were denied the opportunity to purchase or trade our shares for a block!

      Reply
  18. Lucy

    I find the letter written after Sue’s questions very sad. Surely there is somebody amongst the 10 or so of you who is willing to fight for this island. It sounds as though you personally have spent a lot of money doing so in the past but it is no use the others back in NZ saying they haven’t had time to sort it out.

    Now is the time, act on the numerous issues you have raised in your reply. Hayes must be bound by an accountant’s institute talk to them. There must be channels you can follow. Get some advice.

    I thought that if any section came up for sale within 10 years they had to go back to the company? Maybe I read that incorrectly.

    I for one have started asking AirNZ who is in the cockpit of my plane. They won’t name the people but they will tell me if a Needham or a Parker is so that is good enough for me.

    Sue seemed to give you good advice and it sounds like it is from experience. Follow those leads.

    Reply
    1. slippershareholders Post author

      Hi Lucy,

      All advice has been much appreciated and is being acted upon.

      You are correct about the subdivided sections being offered back to shareholders if on-sold within 10 years.

      This didn’t happen. Another fraud/illegality in the long list by the current directors (and one past).

      This “sale” only benefits the ones that have already had more than their fair share of our late parents properties.

      Current shareholders/original family members have never ever received a single dime.

      This ain’t about the money, this is about retaining our island and making sure those responsible for this “con job” are held fully accountable for what they have done….or are trying to do.

      Cheers

      Reply
  19. Chris

    Hi there,

    I am a Farmer. I believe in NZ ownership and take the long term view of conservation of our land. I am willing and able to enter a equity partnership or make an outright purchase of the island.

    Please contact me on 021 (number removed for your privacy Chris)

    Reply
    1. slippershareholders Post author

      Hi Chris,

      Appreciate your comments and getting in touch.

      Problem is we as shareholders/original family members don’t want the property sold.

      Our “sister” the majority shareholder (due to very questionable share purchases) is trying to sell the island to “insiders” with a total disregard for the rest of us in a apparently fraudulent manner. No transparency or abiding by company law whatsoever,

      The proposed/apparent sale is a fraud.

      Reply
  20. Anon

    I have known the family a long time and I’m in disbelief. The Island was purchased by Abe and Nora forty five years ago. Liz and Martin did not have the right to refuse to structure a deal to retain the inherited Island when all the family wanted to do so. Why weren’t the same terms offered to the family that enabled Liz and Gordon to purchase additional shares and gain control of the company? The directors have abused the trust of their siblings. They have displayed the same traits as Gregory.

    The self interested actions of Liz, Gordon, Martin and Gregory have divided the family. These four took control and mismanaged the family properties. Liz and Gordon’s actions proved they had no consideration of the family as a whole. How could they issue Nora with a trespass notice when they acquired shares in the Island only through the generosity of their parents. Martin is incapable of making sound decisions because of substance dependencies.

    Liz is a shareholder in the Island only because her brothers gave half their shares to their sisters for no financial payment in the belief this was fair and ethical. How ironic she is now the one forcing the sale. Rumors of marital strife continue with Liz openly telling people she’s selling as she doesn’t want to leave her share to her stepson. Selling Slipper to buy a spitfire may not be the answer.

    It’s a very sad story spanning over thirty years. The siblings, extended family and old family friends have every reason to be ashamed of the few who have divided the family.

    Rest in peace Abe, Nora and Gordon. I have great memories of your hospitality on the Island.

    Reply
  21. Anon

    … Barbara, Gordon’s wife sold her shares with Liz and Marty making the needed 75%. Surprised she was left shares as B&G were divided and she had no positive interest in the island until it came to selling.
    That was Gordy, Abe & Nora’s Heaven you sold/gave away.

    Reply
  22. Anon

    Are these Directors of a sound mind?

    Were they capable of understanding the terms of the Sale & Purchase agreement and not under the influence of drugs or alcohol?

    Reply
  23. Lucy

    Hi there, just a few things that aren’t clear.

    1. If you (by you I assume this is the shareholders and not the directors) really believe that the sale was unlawful have you taken action.
    I know you say you have spent thousands but she has very crafty advisors go to the IRD at least.
    2. Why have you not taken Sue’s advice and looked into the responsibility of directors?
    There must be proof from minutes of the meetings or else proof of the shareholders objecting.
    3. Are you just letting the sale take it’s course or are you really going to do something.
    4. Are you the creator of this site acting alone or with the agreement of the other shareholders. I hope they have come on board otherwise they can never complain again.
    5. Does Liz really have should control and power over the family. I am concerned about her mental state is Air New Zealand aware she is a pilot with them.

    We wish you well but as time moves on it seems amazing to us all that nothing is happening to stop this farce. the actions of the directors is illegal Go public and get it sorted somebody will help you once this island is gone the only people who gain are the directors who have given themselves permanent land there.

    Reply
  24. Sue

    Are you making progress? In two months or less (nothing to stop an earlier settlement) Slipper Island will be sold and there will be no recourse. I get the impression nothing much has happened and this site is just being used to express disappointment and hurt. Unfortunately that won’t get your island back.
    Are your advisors experts? Are they taking you seriously? Do they understand what the island means to you? Have they analyzed what can or can’t be achieved? Have they offered alternatives like dispute resolution for all the company shareholders? or offered mediation or a case for arbitration which can speed up the process and give certainty on cost?
    I’m not in the legal profession but I’ve had my fair share of life experience and if I were in your position I’d be very very concerned about being stuck in the status quo. I cannot believe there’s no injunction or anything going on.
    What did the REINZ say about the dodgy sales & purchase agreement that had no certified valuation?
    I hope you made contact with Chris the farmer to discuss the merits of an equity partnership (should this sale be stopped). He’s offering you a golden opportunity and could assist you over these next two months. Seriously, I hope you have not closed the door on him.
    The last share update on your company was 20/04/2015. Barbara and her three daughters all share what were Gordon’s (3.2%, 2.5%, 2.5%, 2.5%). If Liz has their shares as has been suggested, there is no evidence of this as by law all share transactions are documented.
    It looks to me there are only two, at best three shareholders, trying to fight this. It must be very difficult for you.
    I don’t know if you’ve retained a legal adviser or expert in company law or just popped in for a one off appointment, but its very concerning that NOTHING seems to be happening to stop this sale or put it on hold. You said you don’t have the funds to fight this, that may be so, but you’ve been offered some opportunities like Chris the farmer making contact, you could go more public like Fair Go and maybe draw out advisors, but whatever you do you don’t have much time left and a one off visit to a Barrister will not achieve a result – someone needs to be retained if you’re serious about stopping this sale. Have you looked up online what Company Director’s duties are to their shareholders and what you can do as a shareholder when they are in breach? And thats just for starters….
    I can recommend a very good, very astute Barrister, well suited to your case who gives excellent counsel and offers all alternatives and scenarios but I’d rather privately pass on his name if you wish. Please email me asap.
    There is always a case to answer for any Director who, at the very least, breach their fiduciary duties to the shareholders. Tell that to your legal advisor or contact me for Barrister information.
    Good Luck.

    Reply
  25. Lucy

    Hi I see you have stopped publishing comments. Are you dealing with the issue privately? Which of course is fine. i just hope you haven’t given up hope. You have a very winnable argument with the directors don’t let them get away with it.

    Reply
    1. Jay

      Please let me know how the flight again this absurd and illegal sale is going. I am a deeply concerned New Zealander who is absolutely dismayed and disturbed about the whole thing. A gem of the South Pacific, of National importance as far as we are concerned. After this was exposed there has been a huge ground swell of support, particularly in social media, for the remaining family. This can’t be allowed to happen. Please let us know if there is anything we can do. Regards,

      Reply
  26. Lucy

    I am so sorry to hear about the fire. That is very scary stuff. Please let us know what is happening you have a lot of local support but September is getting very close.

    Reply

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