Net profit climbs to $12.1 million in the six months ended September 30, from $8.2 million a year earlier.

DNZ chairman Tim Storey has described Bernard Whimp's latest unsolicited offer to DNZ shareholders as "predatory."

Property fund DNZ which listed on the NZX last week has referred formerly banned company director Terence Whimp’s trade of millions of its shares under value to the Securities Commission.

Through his limited partnership company Carrington Securities LP, Mr Whimp who was banned as a director for four years from 2006 acquired 2.2 million DNZ Property Fund shares from smaller shareholders at 60c a share.

This evening directors of DNZ Property Fund will know how manyshareholders took up the offer of shares in its $35 million capital raising.

Today the offer closed for existing shareholders in a priority pool to subscribe.

When NBR called it was too early to say how many had bought into the offer.

“I haven’t seen any final numbers yet,” chairman Tim Storey said.

“It’s only stage one, the offer to existing shareholders in the priority, that closes today then the institutional offers close and we have the book build next week.”