Its losses have climbed from R1,6m in the six months to December 2002 to R2m in December 2003.  Management blames local authorities for delays in clearing the transfer of about R350m in property it has bought mainly from Fairvest and Bonatla. Those two companies are being wound up by ex-CEO Niki Vontas, who drove Alpina's purchase of their properties.

He has brought shareholders in the former companies into Alpina - many kicking and screaming, judging by talk in the passage at this week's AGM. Shareholders have seen little more than destruction of value in Bonatla, Fairvest and now Alpina.

  And they are not the only unhappy ones. Current management, led by CEO Bryan Smith, took on the leadership role in September.

This after a hiatus during which Vontas in effect ran the company, though he was technically a consultant (Vontas denies this; see Property February 6).

Smith's gripe is with the sale of 20% in Killarney Mall shopping centre, for less than NAV, because Gold Edge management couldn't contribute to renovations. Gold Edge was a shareholder alongside listed property loan stock Octodec, which had 80%. Octodec is run by the Wapnick family and was in charge of the renovation plans.  Money from the Killarney sale was lent to Fairvest instead of expunging Alpina debt, an issue discussed at the AGM.

But the real problem is that current management doesn't have the skills it needs , says former Gold Edge CEO Selwyn Smith, who ran the company until the deal with Vontas was done. Killarney was sold for less than R10m when it was worth at least R20m, according to numbers quoted at this week's AGM.  Vontas said at the AGM he had been forced to sell Killarney because Gold Edge was receiving no dividends to service its debt from the Killarney holding.

Controlling shareholder Octodec had not allowed any dividends to be declared. Current management has ended Vontas's consulting role.  While the pots and kettles squabble over who is blacker, Smith must dig Alpina out of its hole. His plan is to go into mortgage origination, bridging finance and property management.