The Street - a software company in which Dunedin City Holdings has invested more than $700,000 since 2005 - should be left to quietly get on with the job.
That's the opinion of DCHL chief executive Bevan Dodds when asked by the Otago Daily Times to talk about progress.
Mr Dodds, who is also a director of The Street, said DCHL invests $40 million a year.
‘‘It [The Street] is a very small investment that is attracting a disproportionate amount of attention and start-up companies need to have the opportunity to get their head down and get on with it.''
DCHL owns 1,233,334 of The Street's 3,266,669 shares.
The investment was criticised publicly by one ratepayer last year who believed DCHL had broken its own rules by investing in a company that was not returning a dividend.
The Street (thestreet.net) began as an Internet virtual shopping mall, but Mr Dodds said this was now ‘‘only a small part of it'' and it was now in the business of creating and selling software ‘‘platforms''.
‘‘It is something that can be used by people and customised for their individual purpose rather than something which is existing as an ongoing fully functional product right now.''
The Otago Daily Times was told by the company in January that a major development was in the offing. However, Mr Dodds would not discuss what had happened.
‘‘We were hopeful. We're still waiting. We don't want to come out and make a lot of bland statements. When we want to say something, when we've got something to say, we'll say it.''
Mr Dodds said shareholders had contributed another $100,000 recently as a ‘‘small convertible loan''.
Asked if he had lost faith in the company, Mr Dodds said: ‘‘Absolutely not''.
DCHL will present its six-monthly report in Dunedin today.
