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.
The Reserve Bank of New Zealand's (RBNZ) controversial involvement in the new owners of the Van Leeuwen Group dairy farms has been defended.
The Companies Office shows that NZ Central Securities Depository holds 45.41% of the New Zealand Rural Land Company (NZL) shares. Its sole director is RBNZ senior executive Stephen Gordon.
NZL Director Christopher Swasbrook says there is absolutely nothing sinister about NZ Central Securities Depository holding the shares in NZL.
“It’s simply a custodian of other people’s shares,” he told Rural News.
NZL recently announced the purchase of 14 dairy farms, owned by the Van Leeuwen Group, which went into receivership last month. Shareholders are set to vote next week (May 24th) on the deal.
The company purchased its first farm in March this year; a 456ha dairy property for $10.3 million. The farm has been leased to Fortuna Group with an annual rental of $515,000.
Swasbrook says NZL provides an opportunity for local and overseas investors to acquire an interest in high quality New Zealand rural land.
“We have seen how hard it is for locals to come up with the now sizeable amounts of capital and lay their hands on productive rural land,” he says.
“We provide all investors, irrespective of size, an opportunity to do that.”
He says NZL will always be majority New Zealand-owned as foreign investors are restricted to only holding 49.9% of the company.
The NZL board is chaired by Rob Campbell and includes former Fonterra executive Sarah Kennedy and Swasbrook, one of the founders of NZL.
NZ Rural Land Management, the external manager of NZL, has a board comprising Richard Milsom (also one of the co-founders of NZL), Fonterra’s first woman board member Marise James and independent chair Shelley Ruha. NZ Rural Land Management is 50% owned by Allied Farmers.
'A lot of interest and positive responses' appears to be the way farmers are viewing the Government's initiative to hold a series of woolshed meetings around the country.
A Southland farming leader wants the regional council to delay a proposed regional rates hike, much of which is intended to fund flood protection works.
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
A group set up to boost education and promotion of wool says it has made positive strides during the first year of its three-year strategy.
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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