Peculiar trading halt announcement this afternoon from Winton - material leadership announcement coming. Share price down by around one third this year.
https://www.nzx.com/announcements/474984 (https://www.nzx.com/announcements/474984)
Probably a "hands issue":
1. Hands off the tiller - yes the share price is down 30% but given the overall sector dynamics probably cant be pinned completely on the CEO. Also the Oligarcic managment style goes against this
2. Hand in the cookie jar - possible but unlikely - I'm sure the senior execs have all got their money safely hidden away in separate entities.
3. Hands somewhere else..... WIN hasn't got the greatest track record of staff relations (https://www.stuff.co.nz/business/360632166/ceo-falling-out-executive-assistant-over-bad-business-class-seat-costs-company-100000), but.....
https://api.nzx.com/public/announcement/475065/attachment/471369/475065-471369.pdf
Interesting announcement. Chris Meehan taking leave from CEO position for health reasons, coming during the concluding stages of a Board lead employment process with Mr Meehan.
No mention of taking leave from his Chair and Board role (for health reasons) but this role is presumably not subject to the employment process, but rather shareholder appointed directorship and board elected Chair. Will the Board have the courage to move to elect a new Chair or even an acting Chair?
Looks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now. Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.
Quote from: Basil on Jun 25, 2026, 10:12 PMLooks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now. Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.
The Meehans owned 55% off Winton last time I looked - dunno what to think about a Board led Employment Process - seems unwieldy yet oddly specific phrasing
hmmmmmm
Dipping his nib into the company ink, (so too speak) or gross misconduct in some other manner I reckon. Not surprised. Someone I know who has some experience with this suggested in quite diplomatic terms that you have to treat him with "kid gloves" at all times.
FB has just released a research note and have downgraded from $2.75 outperform to NZ$1.70 Neutral.
Never had any of this, due to the ludicrous valuation they managed to IPO at.
What made it a terrible investment in my eyes, was probably the most magnificent achievement of his CEO tenure: Simply choosing to do an IPO at the peak of the property frenzy.
The Board of Winton Land Limited advises that Steven Joyce and Guy Fergusson have both resigned as independent directors of the Company, effective 31 August 2026.
Mr Joyce is also resigning as Chair of the Board, and Mr Fergusson will cease to be the Chair of the Audit and Financial Risk Committee.
Dunno if you could find a biggger redder flag
The departures of Winton's chairman and another director follow the resignation of the company's chief executive and earlier chair.
The chairman of property development company Winton, Steven Joyce, and another director, Guy Fergusson, have today resigned, citing a "fundamental misalignment" with majority shareholder and former CEO Chris Meehan.
"Over recent months, it has become clear to us that there is a fundamental misalignment of expectations between ourselves and the company's majority shareholder with regards to matters relating to corporate governance," Joyce and fellow director Guy Fergusson said in a statement today.
"In an attempt to address this issue, amendments to the company's constitution were proposed to the majority shareholder to provide minority shareholders with a direct say in board representation and provide a mechanism for independent advocacy for the interests of the company and all its shareholders.
"The proposed amendments were not supported by the majority shareholder."
Whay would anyone want to be an investor in a company with that sort of attitude from the major shareholder?
Quote from: moose on Jun 25, 2026, 08:47 AMProbably a "hands issue":
1. Hands off the tiller - yes the share price is down 30% but given the overall sector dynamics probably cant be pinned completely on the CEO. Also the Oligarcic managment style goes against this
2. Hand in the cookie jar - possible but unlikely - I'm sure the senior execs have all got their money safely hidden away in separate entities.
3. Hands somewhere else..... WIN hasn't got the greatest track record of staff relations (https://www.stuff.co.nz/business/360632166/ceo-falling-out-executive-assistant-over-bad-business-class-seat-costs-company-100000), but.....
https://newsroom.co.nz/2026/08/28/women-tell-how-political-donor-chris-meehan-sexually-harassed-them/?utm_medium=Social&utm_source=Facebook&fbclid=IwdGRjcAT-vXFjbGNrBP69ZXBkb2YBZXh0bgNhZW0CMTEAc3J0YwZhcHBfaWQMMzUwNjg1NTMxNzI4AAEeN7chlQaI21Nk6hSjvqbvtA_43NspJk8h7NmbrAL292b6lLNPDaEIfNWzf_8_aem_Xr5wh0j-ekXyPYZEysCj4Q#Echobox=1787871033
"Octopus Hands" - 4x more of an issue than I thought!
Sounds like he needs to give up the drink for a start. Not a nice person either by the sounds of it.
Oh dear....and his hurried departure was for "health reasons". Do we know any more details about the intended changes to the benefit of minority shareholders?
I'd wager for every woman that's complained there would be at least 10 that haven't. "Octupus hands".
Quote from: Ferg on Aug 29, 2026, 09:03 AMOh dear....and his hurried departure was for "health reasons". Do we know any more details about the intended changes to the benefit of minority shareholders?
So if (when) the share price tumbles futher on this news will the NZX/ASX regulators ask for a "please explain" from the board as to why they misled investors about the reason for his departure? They obviously knew what was coming and its hard to see how they could justify misleading shareholders for something that is obviously price sensitive?
Quote from: moose on Aug 29, 2026, 03:23 PMSo if (when) the share price tumbles futher on this news will the NZX/ASX regulators ask for a "please explain" from the board as to why they misled investors about the reason for his departure? They obviously knew what was coming and its hard to see how they could justify misleading shareholders for something that is obviously price sensitive?
I think it gets suspended on Monday unless they find some new independent directors
Remaining
Chris Meehan (Non-Executive Director)Role: Co-founder, majority shareholder, and former CEO/Chair. He stepped down from his executive leadership roles following a board-led investigation into his workplace conduct but remains on the board to consult on major development projects.Background: He founded the Winton business in 2009. He has an extensive history in real estate valuation and property development. In his early life, he was a member of the Australian sailing team for four years.
2. Michaela Meehan (Non-Executive Director)Role: Co-founder and majority shareholder with Chris Meehan.Background: Holds an MSc in Economics and Business Administration from Copenhagen Business School with over 20 years of property and treasury experience. Formerly a Senior Product Manager at Carlsberg and an Olympian for the Danish Sailing Team.
3. Glen Tupuhi (Independent Director)Role: Sole remaining independent director after recent resignations.Background: Brings over 30 years in Māori development, health, education, and justice, alongside public service and iwi governance expertise
.4. James Kemp (Non-Executive Director)Role: Non-Independent Director representing cornerstone investor TC Akarua 2 Pty Limited (Macquarie Asset Management). Resigned from the nominations committee amid governance disputes.Background: Over 10 years in real estate private equity and investment banking across Australasia and the UK, serving as an Associate Director at Macquarie and on other property boards.
5. Josh Phillips (Alternate Non-Executive Director)Role: Alternate Director for James Kemp.Background: Associate Director in Macquarie's Real Estate Team focusing on residential sectors in Australasia and the UK, and a director for Local Residential.
So Meehans / Maccas and Glen left