Rangatira

Tecpak Industries Limited (79.4% owned by Rangatira Limited) has entered into a conditional agreement to sell 100% of its assets to Tec Projects Limited, a subsidiary of Pact Group NZ Limited. Pact Group is an Australian based private business owned by the Geminder Family.

http://www.unlisted.co.nz/uPublic/un...cement_id=1775

Rangatira 2010 Interim Result

http://www.unlisted.co.nz/uPublic/un...cement_id=1803

Rangatira Ltd 2010 Half Year Report

http://www.unlisted.co.nz/uPublic/un...cement_id=1804

Aren't these guys the investment arm of the Mckenzie Trust ?

It seems they should be a good bet for a dividend stream with a low risk. But what's the difference between the A and B shares ?

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Originally Posted by GTM 3442

Aren't these guys the investment arm of the Mckenzie Trust ?

It seems they should be a good bet for a dividend stream with a low risk. But what's the difference between the A and B shares ?

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The As have voting rights,and the Bs do not. This way McKenzie Trust keeps control.I had these shares a few years ago ,thought they were well managed.

Thanks Percy.

Sale of Rangatira subsdiary Dunlop Living Limited
Attached media release - Sale of Dunlop Living Limited

http://www.unlisted.co.nz/uPublic/un...cement_id=1844

Sale of Rangatira associate company Te Kairanga Wines Limited
Attached media release - sale of Te Kairanga Wines Ltd

http://www.unlisted.co.nz/uPublic/un...cement_id=1846

Rangatira appoints two new directors

http://www.unlisted.co.nz/uPublic/un...cement_id=1849

Solid Result for Rangatira

http://www.unlisted.co.nz/uPublic/un...cement_id=1875

Skimming thru the thread recently, a main them at Rangatira seems to have been their cashing out of various investments.
What is their investment plan thought to be, looking forward?
Is their yield improving?
As one of our charitable trusts holds the B shares, hoping for reliable dividends, any comments would be appreciated.

Rantatira invests in fast growing services company Konnect Net

http://www.unlisted.co.nz/uPublic/un...cement_id=2101

Two new Non-Executive Directors will be joining Rangatira’s Board, Richard Wilks and Sophie Haslem.

http://www.unlisted.co.nz/uPublic/un...cement_id=2133

Rangatira Ltd Half Year Report to 30 September 2012

http://www.unlisted.co.nz/uPublic/un...cement_id=2138

Rangatira Interim Result News Release

http://www.unlisted.co.nz/uPublic/un...cement_id=2137

Rangatira agrees to sell 50% stake in Contract Resources

http://www.unlisted.co.nz/uPublic/un...cement_id=2151

Rangatira has provided a shareholder update:

http://www.unlisted.co.nz/uPublic/do...0-%20Final.pdf

Rangatira has announced an investment in Tuatara Brewery:

http://www.unlisted.co.nz/uPublic/un...cement_id=2210

Rangatira has provided a shareholder update on its annual results:

http://www.unlisted.co.nz/uPublic/un...cement_id=2212

Rangatira has annouced their annual results:

http://www.unlisted.co.nz/uPublic/un...cement_id=2215

Rangatira invests in Magritek:

http://www.unlisted.co.nz/uPublic/un...cement_id=2246

Chairman and CEO's addresses from the annual meeting:

http://www.unlisted.co.nz/uPublic/un...cement_id=2268

http://www.unlisted.co.nz/uPublic/un...cement_id=2269

Half year results announced:

http://www.unlisted.co.nz/uPublic/un...cement_id=2331

http://www.unlisted.co.nz/uPublic/un...cement_id=2329

Hellers to purchase Goodman Fielder's meats business.

Half year result to September 2013 announced.

Rangatira's CEO retires.

An updated issuer profile has been uploaded.

"Fwd: Press Release: Investment Gains Deliver Strong Half Year Result for Rangatira"

Some news to lighten the overcast weather just landed in my Inbox. (go to rangatira.co.nz)

(& also support our friend above, who seems to have been left unaided on this thread!)

I've always liked having a small interest in Rangatira & following their fortunes, because of what they do with the profits, socially.
They seem like very good people & we need more like them. There, that's my rave for the day.

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Originally Posted by sharer

"Fwd: Press Release: Investment Gains Deliver Strong Half Year Result for Rangatira"

Some news to lighten the overcast weather just landed in my Inbox. (go to rangatira.co.nz)

(& also support our friend above, who seems to have been left unaided on this thread!)

I've always liked having a small interest in Rangatira & following their fortunes, because of what they do with the profits, socially.
They seem like very good people & we need more like them. There, that's my rave for the day.

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Agree with you.!!!!

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Originally Posted by percy

Agree with you.!!!!

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Roy McKenzie was a really good bloke who kept the McKenzie Trust going plus a lot other things. Roy let me drive one of his horses around Hutt Park once.

That Keith Gibson who is a director of Rangatira married into the family and took over Roy's racing interests when Roy died.

Rangatira has those good old fashioned values and principles and has really strong Board

Ian Frame who is retiring as CEO had an excellent record with ChCh Hospital,and ChCh buses before that.
They seem to attract the best people.
Off course our EBO chairman came from Rangatira,and he told me he first met Mark Waller when Rangatira sold something to EBO.
I used to sell library books to the McKenzie Residential school. Been through the lovely old homestead in Yaldhurst road.

Roy basically built the Mary Potter Hospice in Lower Hutt.

The Mckenzie family were very down to earth people and never made much of all the good work they did

Anybody remember the old McKenzies department stores?

First half report and related media release.

Media release relating to second half performance.

Rangatira acquires majority stake in Bio-Strategy.

Chair and management addresses at annual shareholders' meeting.

The half year profit announcement and dividend announced yesterday was a good step forward. Rangatira_Investments_Half_Year_Result_to_30_Sept_ 2020.pdf (usx.co.nz)

RNG is missing a trading business producing high profit levels (as they had previously with Hellers). The change in the investment portfolio has lead to a lack of tax payments which has impacted on their ability to fully impute dividends, however as a big chunk of the company is owned by McKenzie charities I guess thus is less of a concern to them.

The listed investments disclosed at 31 March 2020 included sizeable holdings in IFT, MCY, MEL, FPH, CEN, MFT, EBO, GNE and TPW. In addition to the gain reported on public investments in the six months to 30 September, RNG will have continued their good run on these holdings in the 10 weeks since (assuming they still hold them).

Partners Life (5% owned by Rangatira) has agreed to purchase BNZ’s Life business for $290m:

http://nzx-prod-s7fsd7f98s.s3-websit...171/337583.pdf

Presumably this materially expands Partners Life business and helps build the scale to justify a NZX listing.

How have they performed for you Southern Lad.Very illiquid but with a 7% yield thats sustainable?

Share price has been flat the couple of years I have been in. As you point out dividend yield is better than average. Large charitable sector shareholding’s presumably encourages a steady dividend payout. Rangatira provides access to a range of smaller NZ trading businesses that not otherwise easily accessible via a listed vehicle. Good track record of capital uplift through their trading business investments.

Liquidity is an issue, but there is volume available from time to time. A case of moving quickly if you see them.

Business Description
RANGATIRA is a diversified investment company with assets over $200m. Established in 1937, Rangatira's portfolio is focused on middle-market private equity investments, complemented by investments in a range of publicly listed companies. Rangatira's private equity investments target established middle-market companies with good long-term growth potential. Rangatira has two types of shares, an A and a B, with B class voting rights restricted to matters directly affecting B share rights. Rangatira is 51% owned by the J R McKenzie Trust with other community and charitable organisations owning around another 15%. These holdings by charitable organisations consist mainly of B shares. Rangatira aims to add value to its private equity investments by actively contributing at management and board level, recognising the need to combine high standards of governance with sound management, effective capital allocation and a clear focus on growth and profitability. Rangatira's mission is to increase both the capital value of its shares and the dividends paid to shareholders.

Thanks guys.

There has been a seller of Rangatira A shares at $12.25 listed all day today and a few trades as the availability of this tightly held stock a price that is a the low end of the recent trading range has attracted a few buyers.

Interestingly there has been a buyer listed for Rangatira B shares quoted today also at $12.25. Given the only difference between the A and B shares is that the A shares carry voting rights whereas the B shares don’t, normally the A shares trade for 20 to 50 cents more than the B shares. One wonders why the B share buyer doesn’t change tack and pick up the A shares at the same price they are prepared to pay for the B shares.

The annual result for the year ended 31 March 2021 was pretty positive. The annual report released on Friday notes that the board are currently reviewing the capital structure. The report states:

"In 2020, we began a process to gauge the level of interest amongst shareholders to reviewing our Group structure, with the motivation of ensuring it is fit for purpose for all our shareholders and positions Rangatira for the future. Goals identified through this review are below:

i. To improve the tax efficiency for charitable shareholders, without compromising non-charitable shareholders, in light of charitable shareholders losing the benefit of any imputation credits.
ii. To be easy for investors to understand – we had received feedback that the A and B share structure was not well understood.
iii. To not compromise liquidity for any shareholder group.
iv. To allow for Rangatira to raise further capital in the future, should the supply of good investment opportunities increase. With shareholders requiring a consistent dividend flow, as Rangatira becomes fully invested, to grow Rangatira must recycle existing holdings for new investments, which may not always be in the long-term interest of the Group.
v. A structure that allows for Rangatira to easily move investments between listed, cash, fixed income and private company holdings.
vi. Preserve the intentions outlined in the current Constitution.

We will keep shareholders informed as we progress any proposals for change".

There are some big question here, and it will be interesting to see where the process ends up. Maybe some sort of PIE structure?

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Originally Posted by Southern Lad

The annual result for the year ended 31 March 2021 was pretty positive. The annual report released on Friday notes that the board are currently reviewing the capital structure. The report states:

"In 2020, we began a process to gauge the level of interest amongst shareholders to reviewing our Group structure, with the motivation of ensuring it is fit for purpose for all our shareholders and positions Rangatira for the future. Goals identified through this review are below:

i. To improve the tax efficiency for charitable shareholders, without compromising non-charitable shareholders, in light of charitable shareholders losing the benefit of any imputation credits.
ii. To be easy for investors to understand – we had received feedback that the A and B share structure was not well understood.
iii. To not compromise liquidity for any shareholder group.
iv. To allow for Rangatira to raise further capital in the future, should the supply of good investment opportunities increase. With shareholders requiring a consistent dividend flow, as Rangatira becomes fully invested, to grow Rangatira must recycle existing holdings for new investments, which may not always be in the long-term interest of the Group.
v. A structure that allows for Rangatira to easily move investments between listed, cash, fixed income and private company holdings.
vi. Preserve the intentions outlined in the current Constitution.

We will keep shareholders informed as we progress any proposals for change".

There are some big question here, and it will be interesting to see where the process ends up. Maybe some sort of PIE structure?

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Whats so hard to understand the difference between A and B shares? Anyone with half a brain can easily discover that ONLY the A shares can vote for appointment of directors. Otherwise they are pari passus. This system has served the company well over its many years. Its a sticking point no doubt with the wokes at NZX Compliance and the FMA , but none of them have run real companies.

New Zealand Listed and Unlisted portfolio.
2021
NZ$m
2020
NZ$m
Infratil 9.7 5.0
Mercury Energy 6.6 4.3
Meridian 4.0 3.8
Fisher & Paykel Healthcare 3.9 3.7
Contact Energy 3.6 2.7
Mainfreight 3.3 1.7
EBOS Group 2.0 1.5
Spark 1.8 -
Vector 1.6 1.3
Trustpower 1.6 1.4
Genesis Energy 1.5 1.5
Vital Healthcare Property 1.5 -
Ryman Healthcare 1.4 0.9
Arvida 1.1 0.9
Scales Corporation 1.1 1.1
Serko 1.0 0.2
Investore 0.9 -
Oceania Healthcare 0.9 0.4
ikeGPS 0.8 0.4
TIL Logistics 0.8 0.5
Pacific Edge 0.5 0.1
Pushpay 0.5 0.2
a2 Milk 0.3 -
Syft Technologies 0.2 0.1
Tower - 0.1
Total 50.6 31.7

Looking forward to following this company and reinvesting the divs along the way.

Rangatira_Investments_Half_Year_Result_to_30th_Sep tember_2021.pdf (usx.co.nz)

DL9_Corporate_Actions_Dec_2021_Interim_dividend_an nouncement_A.pdf (usx.co.nz)
DL9_Corporate_Actions_Dec_2021_Interim_dividend_an nouncement_B.pdf (usx.co.nz)

https://usx.co.nz/uploads/paperclip/...pdf?1652677870

Rangatira_Annual_Result___Dividend_Announcement_to _31_March_2022.pdf (usx.co.nz)

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Originally Posted by Sideshow Bob

Rangatira_Annual_Result___Dividend_Announcement_to _31_March_2022.pdf (usx.co.nz)

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I see they own 50% of Mrs Higgins .... that's good

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Originally Posted by winner69

I see they own 50% of Mrs Higgins .... that's good

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What does Mr Higgins think about that??

BusinessDesk and Stuff are reporting that Partners Life has been sold for $980m to Dai-ichi. Sale costs quoted as being $30m, so $950m net.

https://businessdesk.co.nz/article/f...chi-in-1b-deal

https://www.stuff.co.nz/business/ind...panese-insurer

According to the Companies Office Rangatira own 4.93% of Partners Life, so presumably a good pay day coming. I note an upward revaluation of the Partners Life investment was included in the June valuation update, so presumably most of the gain already reflected.

Coupled with the current capital raise of $35 to $50m, Rangatira will have a great war chest to chase some new investments.

Half Year & Dividend

https://www.usx.co.nz/uploads/paperc...pdf?1670360196

https://www.usx.co.nz/uploads/paperc...pdf?1670360662

Annual report

https://www.usx.co.nz/uploads/paperc...pdf?1688071050

Quote:

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Originally Posted by Sideshow Bob

What does Mr Higgins think about that??

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If inflationary pressures continue to mount, when he finds out he might want to sell out his half :)

How would Rangi and Tira feel about prospect of owning all of Mrs Higgins ? :)

Mr Higgins ain't going to be pleased.....

https://www.usx.co.nz/uploads/paperc...pdf?1690844557

https://prod-trade.usx.co.nz/api/fil...672eb5d76d.pdf

Interesting investment - don't think they have anything in this industry already??