NZL to reinstate dividends
New Zealand Rural Land Co (NZL) has announced its intention to reinstate the company’s dividend and amend its dividend policy.
New Zealand Rural Land Company (NZL) has completed the acquisition of a forestry estate located in the Manawatu-Whanganui region.
The estate comprises five individual properties with a total area of approximately 2,400ha, and was purchased at an acquisition cost of approximately $63 million.
The entire estate has been leased to New Zealand Forestry Leasing (NZFL) for a period of 20 years, with the first year’s payment being approximately $5m.
Co-founder and New Zealand Rural Land Management director Richard Milsom says the purchase was funded using a combination of debt and equity.
Debt was provided through an increase in borrowings from Rabobank of $25.2m.
“The equity component has been funded from the proceeds of NZL’s recent capital raise offer and from the proceeds of a $12m convertible note issued to an entity associated with NZFL.
“This forestry estate acquisition means NZL now owns 141,101ha of rural land with a 12.1 year weighted average lease term (by value), and 100% occupancy across eight tenants. It adds materially to the scale and diversity of NZL’s asset and tenant base,” says Milsom.
Rabobank regional head of sustainable finance for Australia & New Zealand Jurre Smits says the Rabobank green loan was provided to support NZL’s forestry acquisition and established a Green Financing Framework that will set out the eligible asset classes and how the proceeds from the loan will be used, managed and reported on, in line with the Asia Pacific Loan Market Association’s Green Loan Principles.
“Rabobank is proud to have partnered with NZL on this transaction as it contributes to climate change mitigation by protection and conservation of forestland, and therefore preserves the CO2 sequestering capability of the land,” Smits says.
“In addition, the green loan also supports improved biodiversity of the assets,” he says.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
OPINION: The new government has clearly signalled big cuts across the public service.
OPINION: Your canine crusader is not surprised by the recent news that New Zealand plant-based ‘fake meat’ business is in…