Stiassny noted the number of directors who resigned earlier this year, citing a fundamental misalignment with the majority shareholder.
Chris Meehan at Ayrburn. Photo / Vaughan Brookfield
Former Winton chair Steven Joyce, who also chairs Herald owner NZME, and Guy Fergusson both resigned as independent directors at the end of August.
They were joined by Julian Cook, who resigned as executive director and director of retirement of Winton, citing “a fundamental misalignment of expectations between himself and the company’s majority shareholder, including as to the role of the board and approach to corporate governance of a listed company”.
Chris Meehan also resigned from the board last month.
He did not appear at today’s AGM, which only ran for 37 minutes.
Stiassny noted how trading in shares was suspended because Winton fell short of the exchange’s board composition requirements.
Michael Stiassny, independent chairman of Winton Land.
“The past few months have been terribly difficult for this company, compounding the macro pressures already affecting New Zealand’s property development sector,” Stiassny admitted.
Questions were asked about Chris and Michaela Meehan being the majority shareholders and legal mechanisms around that but Stiassny said every shareholder had bought into Winton knowing there was a majority shareholder.
Michael Stiassny chairing the Winton Land AGM. Photo / Anne Gibson
The company was being run “in the interests of all shareholders. We’ve been through the worst”.
Stiassny cited other shareholders seeking reassurance, “where they have lost significant value in their shares. All directors and even the major shareholders agree that no one is comfortable with the share price and what has gone on”.
Chris and Michaela Meehan at Bravo at Cracker Bay in February.
“But we have reached the turning point. We are moving forward. Hopefully you’ll see an improvement in this company’s performance and value,” Stiassny told the meeting.
Since the start of September moves had been made to shore up Winton by restoring a compliant and credible board, ending the trading suspension and rebuilding the leadership team, he said.
During that time Stiassny has also bought more than 245,000 Winton shares.
Stiassny said the company was a business with genuine strength, as its FY26 results showed.
Winton made revenue of $188.8 million, up 21.5% from $155.4m in FY25.
Chris Meehan last year at Ayrburn. Photo / Jason Dorday
The portfolio of masterplanned communities, including South Auckland’s Sunfield, retirement and commercial interests, and the Ayrburn precinct, were real or consented, he said.
It was well-located and capable of delivering value for years to come.
“This is not a broken business. It is a sound business that has been badly let down by weaknesses in its governance, and that is what we are fixing,” he told the meeting.
Winton was a company with real assets, real momentum in its operations, and a future worth fighting for. What it has lacked recently is trust – in its governance, in its culture, and in the treatment of all of its owners.
“Trust is not restored by speeches. It is restored by actions, repeated consistently over time, until they become the culture of the place,” Stiassny concluded.
The only other speaker was Duncan Elly, general manager of project delivery. He cited progress at various projects, including Ayrburn’s screen hub fast-tracking.
Winton has only four board members: Stiassny, Michaela Meehan, Glen Tupuhi and James Kemp.
Stiassny said dividends remained suspended to bring financial discipline while market conditions remained soft.
Winton shares fell from $2.40 last September to trade today around $1.14.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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