Who owns fkp

It can well be argued, that Tim numbers amongst the best developers in Australia — no mean feat for someone still in their 30s. These events are designed to inspire as well as educate — enabling attendees to gain valuable insights into the life and mindset of highly successful people in business. But what does this really mean? Tim said his dad taught him from an early age, that while money will come and go, the only thing left behind will be your reputation.

They always expected us to work hard. Tim started his first business at the age of Everyone I know who has been successful in business, always worked harder, always worked longer, particularly in their 20s, like me, before kids. The harder you work, the luckier you will be. But little did I know, that growth had been building for the past years.

I just happened to get lucky with timing. I realised soon after that property investment is a long-term investment. Log in. If you wanted a poster child for the late s debt-fuelled property boom, FKP would be a fine choice. Reporting earnings that regularly outstripped cash flow and paying handsome distributions was an unsustainable equation.

More recently, FKP piqued our interest last year after a sweep through the much-maligned retirement sector, although we judged it too risky to recommend officially. FKP is split into three divisions — development, retirement and investment property — and we'll examine each of them separately. This is what remains of a larger property trust. This final asset remains for sale and proceeds will be used to further pay down debt or fund development activities.

Second is FKP's property development business. It develops residential land, apartments and industrial properties see Table 2. These developments are in various stages of completion, ranging from vacant land to complete apartments. Some of them, such as 'lifestyle' projects near Noosa as Mirvac and Stockland recently demonstrated , could suffer large write-downs.

Others, however, such as the Gasworks mixed-use development in Brisbane, or Luxe in Sydney, could prove very profitable. Gasworks in Brisbane, for example, has signed Bank of Queensland as a tenant, making profit from the project far more likely.

Finally, the company owns a host of retirement villages. These involve some quirky accounting, and in this Investor's College article we've explained the key concepts. FKP holds some of these assets directly on its own balance sheet, some in a listed vehicle Forest Place Group and some through a minority equity stake in unlisted RVG.

It's an unnecessarily complex arrangement and helps explain why investors have avoided the stock. Most of the value is in the 5, directly owned units, as detailed in Table 3. The other, indirectly owned, properties are harder to value, but we've made conservative estimates based on the information in the accounts of FKP, Forest Place and MetLifeCare. Debt has been a constant concern for this business, but recent asset sales have helped lower debt, and our fears. A review of FKP's structure is underway and may help to bridge this gap, with a plan to simplify the retirement assets, demerge the development business or both.

More information is due this year. A demerger would make the remaining retirement business a more attractive takeover target. Still, Stockland has recently appointed a new chief executive, and has flagged its own 'strategic review', which may mean a change of approach to the retirement sector.

Management has long been a concern for us. However, most of the board and several executives have been replaced since , including the chairman, chief executive and chief financial officer. Most particularly, former chief executive Peter Brown has been temporarily replaced by executive chairman Seng Huang Lee, a representative of key shareholder Mulpha. Longer term FKP remains on the hunt for a suitable chief executive. Nov Interest in nursing homes?

On 30th July they admitted to advertisements in the Courier Mail that gave incomplete and misleading information about a promoted Frequent Flyer Points carrot offered to those buying units from them. It appears that they also gave misleading information in regard to monthly payments in a negative gearing scheme. It was suggested that the figures on which this were based were excessively optimistic and not realistic. Forrester Kurts was required to recompense and cancel the contracts and inform all those likely to have acted on them.

It was also required to set in place a number of compliance procedures, and compliance staff for a period of three years. Chapter 4 of Ryder's book gives a detailed account of a seminar run by Forrester Kurts which Ryder clearly believes was deceptive and he indicates why. If the company behaved in the way suggested by these reports then there is clearly good reason for concern.

It operates retirement villages. Many of these retirees may be vulnerable older widows or people whose acuity as customers may be declining. Their life savings are limited and must carry them through a long retirement. As we know from other scams e. Westpoint and Citigroup they readily become victims in the money market. They and their relatives should be wary about the source of the record profits KFP is currently making.

Are these based on the standard of the contracts and the services they provide or on the sort of practices described in the material above?

For Updates:- A good way to check for recent developments in aged care is to go to the aged care crisis group's search page and enter the name of the company, nursing home or key words relating to any other matter in the search box. Most significant press reports are flagged there. The aged care crisis web site has recently been restructured and some of the older links used from this site may not work. June The deferred management fee.

Credit: Virginia Starr. The final stages of the overhaul were undertaken by new chief executive Geoff Grady, who said on Friday that after the asset sales and restructure, the group would seek shareholder approval to change its name from FKP Property to Aveo Group.

With the gradual recovery of the retirement sector, we are confident about the outlook for our business and are well progressed on delivering our strategy of becoming Australia's leading pure play retirement group,'' Mr Grady said. The likely buyers of the assets range from office-focused trusts to its largest shareholder, Malaysia's Mulpha, which has