I enjoyed Richard Milsom's presentation this morning.
http://nzx-prod-s7fsd7f98s.s3-websit...572/403383.pdf
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I enjoyed Richard Milsom's presentation this morning.
http://nzx-prod-s7fsd7f98s.s3-websit...572/403383.pdf
https://www.nzx.com/announcements/421717
Change of Auditor
Quote:
With effect from today, New Zealand Rural Land Company Limited (NZX.NZL) has accepted the resignation of PwC as the Company’s statutory auditor and has appointed William Buck in its place.
The decision to change auditor was driven solely by a desire to reduce the cost of audit fees.
Aha, so toss Auditor overboard because NZL still want Royce Royce job done but at Cheaper Buck Lada Rates with smaller gorilla at wheel ;)
sure there wasn't something else that make the Board buck a bit over ? ;)
Perhaps PWC Beancounter started warning of focussing in on revaluation fancy footwerks and scratching around interest cover marks etched in the thick Taranaki muck ;)
I am presuming that with the news from NZL of the sale of 25%,the proceeds should allow the company to grow with more purchases.
If they do i hope they stay away from dairy farms and get into dry stock or even cropping properties.
Their difficulty is finding properties that can pay 5% land leases through phases of agriculture boom and bust. This sale is a result of such difficulty.
Craigs have increased their target price from $1.12 to $1.21. Rating "Overweight".
Found this interesting in their latest research;
We view this transaction positively since NZL is
effectively raising funds to finance further acquisitions at +40% premium to
the current share price.
https://www.nzx.com/announcements/431749
New Zealand Rural Land Company Limited (NZX:NZL) advises of its intention to make selective on-market purchases of ordinary NZL shares pursuant to NZX Listing Rule 4.14.1(a) on the terms outlined in NZL’s capital management policy.
The NZL Board considers that the current market price of NZL shares materially undervalues both the assets and the free cash flow profile of the business making shares purchased at this level attractive and accretive on an asset and free cash flow basis for shareholders.