Rural Equities Limited (REL)

RURAL EQUITIES LIMITED RESULT FOR THE YEAR ENDED 30 JUNE 2010

http://www.unlisted.co.nz/uPublic/un...cement_id=1761

RURAL EQUITIES LIMITED - 2010 ANNUAL REPORT

The Rural Equities Limited 2010 Annual Report, containing the Group’s financial statements for the year ended 30 June 2010, will be sent to shareholders on 7 October 2010.

A copy of the 2010 Annual Report can be viewed on the Company’s website http://www.ruralequities.co.nz or a hard copy can be requested from the Company by email (enquiries@ruralequities.co.nz).

James Wright – Chief Operating Officer – 06-870 4672

RURAL EQUITIES LIMITED “REL”

We have been advised that a limited number of REL Shareholders have received offer letters to purchase their REL shares at a price of $2.60 per share. This offer is at a significant discount to the current market price which is in excess of $3.00 per share. The Board strongly recommend that Shareholders consult their financial advisers before taking any action with respect to this offer.

Issued by James Wright, Chief Operating Officer, Rural Equities Limited
Phone – 06 - 870 4672


http://www.unlisted.co.nz/uPublic/un...cement_id=1784

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Originally Posted by Armillary Private Capital

RURAL EQUITIES LIMITED RESULT FOR THE YEAR ENDED 30 JUNE 2010

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So that's another year of losses, which are being supported by:
- sale of assets (Fox's Peak in Sth Island)
- current low debt to asset ratio (12.5%).

All this despite a high milk price. What is REL going to do to get to profitability?

Quote:

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Originally Posted by JayPe

So that's another year of losses, which are being supported by:
- sale of assets (Fox's Peak in Sth Island)
- current low debt to asset ratio (12.5%).

All this despite a high milk price. What is REL going to do to get to profitability?

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I have just read the annual report.I thought it was very good.The statement of cash flow was very positive,and I feel this is more important than the asset value right downs.The improvements they are making to farms and the improving out look for farms, make this a sound company to invest in.The NTA is shown at $3.82 and with last share sale at $3.11 there looks to be a good safety margin.

RURAL EQUITIES LIMITED - ANNUAL MEETING

Copy of the address made by Sir Selwyn Cushing to the Rural Equities Limited Annual Meeting in Hastings on 26 November 2010.

Issued by James Wright, Chief operating Officer Rural Equities Limited

http://www.unlisted.co.nz/uPublic/un...cement_id=1808

RURAL EQUITIES LIMITED - MARKET UPDATE

Christchurch earthquake

The Directors and management of Rural Equities Limited (REL) express their deepest sympathies to all those affected by the devastating earthquake in Christchurch on 22 February 2011 - in particular to the many REL shareholders who live in Christchurch and the surrounding area.

The Group’s properties within the region suffered only minimal damage. At this stage it appears damage was limited to minor structural damage to houses at Barry’s Bay (Banks Peninsula) and the Rocklea dairy farm (near Methven). A full inspection of all the improvements on the Group’s properties in the affected area will be completed over the coming month and claims submitted where necessary. All buildings are fully insured and eligible for cover from the Earthquake Commission.

There were no injuries or disruption to business on the Group’s properties.

Annandale homestead fire

On 7 February 2011 the Annandale homestead (near Hamilton) was destroyed by fire. The fire is thought to have started as a result of an electrical fault in a water pump. No one was injured in the fire.

The homestead was surplus to requirements at the Annandale property and has been leased to external tenants since the Group took over direct management of the property in 2009.

The homestead was insured for full replacement value.

Dividends

Following the merger of the New Zealand Rural Property Trust and REL a special dividend of 5.5 cents per share was paid to shareholders on 29 January 2010. That dividend utilised the majority of the Group’s imputation credits.

The Group has significant tax losses available to offset future profits. These losses will be sufficient to offset the Group taxation liabilities with respect to the financial year ending 30 June 2011. At this stage it is anticipated that tax losses will be available to materially offset taxation liabilities in the financial year ending 30 June 2012.

The Group continues its capital development programme investing in its existing properties to create value. The Rocklea irrigation conversion project will be completed during the winter and the substantial capital development programme on the Waikato properties is continuing.

As a consequence of the funds that will be required for the Group’s ongoing capital expenditure programme and insufficient imputation credits being available, the Directors advise that no dividend will be paid for the financial year ending 30 June 2011.


Issued by : James Wright – Chief Operating Officer - 06-870 4672

http://www.unlisted.co.nz/uPublic/un...cement_id=1828

RURAL EQUITIES LIMITED - General Announcement

The Directors of RotoruaTrust Perpetual Capital Fund Limited advise that theyhave sold 1,000,000 shares in Rural Equities Limited at $3.27, for a total consideration of $3,270,000.00.

This transaction results in RotoruaTrust Perpetual Capital Fund Limited holding 1,515,677 shares in Rural Equities Limited representing 4.05% of the shares on issue.

RotoruaTrust Perpetual Capital Fund Limited beneficially holds these shares on behalf of the Rotorua Energy Charitable Trust.

RURAL EQUITIES LIMITED - Update

Repurchase of shares

The repurchase by the Company of 1,000,000 shares held on behalf of Rotorua Energy Charitable Trust, as detailed in a letter to shareholders dated 9 March 2012, was settled on 4 October 2012. The 1,000,000 shares were acquired for $3.27 per share and have now been cancelled. As a consequence of the transaction the Company now has 37,407,824 shares on issue.

This follows the earlier repurchase of 1,725,000 shares held on behalf of Rotorua Energy Charitable Trust that was settled on 30 March 2012.

Property portfolio

Settlement of the sale of the Trust’s South Canterbury property Ernsdale was completed as scheduled on 1 October 2012.

Gee Whiz they'ave done it again!!!!!!
Today's announcement that they are to buy back more shares at $3.55 and cancell them makes me happy that I brought some a few weeks ago.
A buy/back cancellation is better than a bonus issue.NTA increases as fewer shares on issue.Boring old farm owning company is turning out exciting already.!!!!

It seems to me that what they have done again is enhanced the majority position of the Cushing interests. The more shares they succeed in cancelling the higher the proportion Cushings own. I expect we are really funding their ultimate takeover. As I recall they have previously made an offer well under nta and suspect that will be the minority shareholders ultimate fate.

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Originally Posted by 1leon

It seems to me that what they have done again is enhanced the majority position of the Cushing interests. The more shares they succeed in cancelling the higher the proportion Cushings own. I expect we are really funding their ultimate takeover. As I recall they have previously made an offer well under nta and suspect that will be the minority shareholders ultimate fate.

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It is possible,then again we are all getting a bigger slice of the cake.

[QUOTE=percy;395837] ...we are all getting a bigger slice of the cake.
But will it be fair and when will we get it. I have owned my shares way back through NZ Rural Property Trust. I doubt anyone has been able to realise their true value and certainly the company shows it has no interest in seeing that. If you look at the history of REL since it merged with NZProperty Trust in Dec 2009 it has successively bought back/cancelled in excess of 2,000,000 each year. Cushing company H&G has advanced from 50.01% to 54.92% and if shareholders succumb to the latest offer it will advance to 58.25% It could easily attain two thirds within 3 years obtaining shares in this way at a 20% plus discount instead of paying a premium for increaed control. Frankly I think the larger slice you relish is going to cost you your voting power.
Incidentally Skyline which I also hold with only slightly less shares on issue manages to trade at a premium to asset backing but then it also pays a dividend, doesn't cancel shares and does not suffer the major shareholder stranglehold to the same extent. Liquidity, share trades, seem on par with REL. Skyline has major landholdings in Queenstown as well as property elsewhere.
Shareholder numbers of REL have moved down from 1550 to 1474 over the last 3 years- I note there are no sellers and hope modest trading reflects a preparedness to hold.

[QUOTE=1leon;396255]

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Originally Posted by percy

...we are all getting a bigger slice of the cake.
But will it be fair and when will we get it. I have owned my shares way back through NZ Rural Property Trust. I doubt anyone has been able to realise their true value and certainly the company shows it has no interest in seeing that. If you look at the history of REL since it merged with NZProperty Trust in Dec 2009 it has successively bought back/cancelled in excess of 2,000,000 each year. Cushing company H&G has advanced from 50.01% to 54.92% and if shareholders succumb to the latest offer it will advance to 58.25% It could easily attain two thirds within 3 years obtaining shares in this way at a 20% plus discount instead of paying a premium for increaed control. Frankly I think the larger slice you relish is going to cost you your voting power.
Incidentally Skyline which I also hold with only slightly less shares on issue manages to trade at a premium to asset backing but then it also pays a dividend, doesn't cancel shares and does not suffer the major shareholder stranglehold to the same extent. Liquidity, share trades, seem on par with REL. Skyline has major landholdings in Queenstown as well as property elsewhere.
Shareholder numbers of REL have moved down from 1550 to 1474 over the last 3 years- I note there are no sellers and hope modest trading reflects a preparedness to hold.

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I think you will find/are finding David Cushing and the other fella are moving the company along very well.I think what they are doing is adding wealth for all shareholders. Any one owning 30% of a company really has control,so voting power well gone.
I do not hold [unfortunately] Skyline shares.

You might be correct that 30% is control but I think that is largely reliant on general shareholder inertia. There are still significant legal prerequisites/abilities hinging around the percentage held.What I am really talking about is a steady progression to compulsory accquisition.
Cushings previously controlled the management company of NZ Rural Property Trust so there is nothing new about management.If you think extracting over $3,500,000 from exiting shareholders is the way to create wealth for all shareholders I am considerably less sanguine about that. It may be that having recently bought at a discount you will be equally happy to exit at a significant discount. I am already a long term holder. What I would consider creating wealth for shareholders would be an oportunity to realise the real value of the shares.Cushing interests previously mopped up the Property Trust units at a discount. Now with the company structure they are able to to advance the same objective with the company's resources.
St John proprty Fund is another Unlisted with a major shareholder, there approaching 75%. Shareholders have been exiting at $1.20 to $1.50 against an asset backing of $2.43. . Is that wealth for all shareholders?
[QUOTE=percy;396337]

Quote:

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Originally Posted by 1leon

I think you will find/are finding David Cushing and the other fella are moving the company along very well.I think what they are doing is adding wealth for all shareholders. Any one owning 30% of a company really has control,so voting power well gone.
I do not hold [unfortunately] Skyline shares.

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[QUOTE=1leon;396564]You might be correct that 30% is control but I think that is largely reliant on general shareholder inertia. There are still significant legal prerequisites/abilities hinging around the percentage held.What I am really talking about is a steady progression to compulsory accquisition.
Cushings previously controlled the management company of NZ Rural Property Trust so there is nothing new about management.If you think extracting over $3,500,000 from exiting shareholders is the way to create wealth for all shareholders I am considerably less sanguine about that. It may be that having recently bought at a discount you will be equally happy to exit at a significant discount. I am already a long term holder. What I would consider creating wealth for shareholders would be an oportunity to realise the real value of the shares.Cushing interests previously mopped up the Property Trust units at a discount. Now with the company structure they are able to to advance the same objective with the company's resources.
St John proprty Fund is another Unlisted with a major shareholder, there approaching 75%. Shareholders have been exiting at $1.20 to $1.50 against an asset backing of $2.43. . Is that wealth for all shareholders?
What you have posted is correct.I never went near the company for the reasons you have given.
However,with David Cushing driving the company,share buy back,selling some farms,putting the capital into improvements,we should see the NTA improve,and further dividends.A lot more proactive management.
Whether or not Cushing takes us out,or lists it on the main board,we should see the share price move more towards the NTA.

There never have been dividends so I don't know where you get "more" dividends idea from.
It would be rather hard to see how the nta could not improve when there are no dividends and departing shareholders have to leave so much on the floor.
Just why do you think the price will move nearer nta as Cushing interests get a greater per centage? Why would they possibly want that? They are buyers not sellers.



[
What you have posted is correct.I never went near the company for the reasons you have given.
However,with David Cushing driving the company,share buy back,selling some farms,putting the capital into improvements,we should see the NTA improve,and further dividends.A lot more proactive management.
Whether or not Cushing takes us out,or lists it on the main board,we should see the share price move more towards the NTA.[/QUOTE]

5cents dividend paid on Wednesday 28th November 2012.
David Cushing as I pointed out is taking a much more proactive roll.
I also think he will give the company a much higher profile,which should lead to a higher share price.
Should he move the listing to the main board,the fun will start.
I believe he is putting the company before his own interests.

Sorry temporary (I hope) amnesia on that dividend.Perhaps Cushings needed the odd $m cash to see them through Xmas.
If the buy backs are at a less agressive discount I might even catch a scintilla of your enthusiasm. We might have to agree to differ on the fairness of that so I'll leave the forum to you.

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Originally Posted by 1leon

Sorry temporary (I hope) amnesia on that dividend.Perhaps Cushings needed the odd $m cash to see them through Xmas.
If the buy backs are at a less agressive discount I might even catch a scintilla of your enthusiasm. We might have to agree to differ on the fairness of that so I'll leave the forum to you.

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Please don't do that.
You must realise I have only recently brought my shares,after humming and harring over them for last 18months to two years.I found it a lot different a company from the likes of Ebos,skellerup etc I am more used to.Statement of cash flow and balance sheet I struggled with.A friend advised me to look at them,as he was impressed with David Cushing ,whom he had met.David lives in ChCh, having married Cookie Time's owner Michael Mayell's sister.Rodger Finlay [also an ex investment banker] also impressed him.My friend told me they were getting rid of some poor farms and increasing investment in good farms.He said they owned the best farms in NZ.
Last year my core stocks RYM,EBO,POT went ,up 60%. I took a little off the top and brought a few REL so I would have a wider spread of shares.
I can see where you are coming from,and I think we will be able to judge direction of the company more correctly over the next year or two.

Share Buyback at $3.55 per share.

http://www.unlisted.co.nz/uPublic/un...cement_id=2181

Results of the share buyback have been posted:

http://www.unlisted.co.nz/uPublic/un...cement_id=2196

Rural Equities announces the retirement of two directors:

http://www.unlisted.co.nz/uPublic/un...cement_id=2204

Rural Equities provides an update on their portfolio:

http://www.unlisted.co.nz/uPublic/un...cement_id=2211

Quote:

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Originally Posted by Armillary Private Capital

Rural Equities provides an update on their portfolio:

http://www.unlisted.co.nz/uPublic/un...cement_id=2211

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Management certainly being proactive.Very positive.

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Originally Posted by percy

Management certainly being proactive.Very positive.

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More interesting would be innformation on what they propose to do with the money. REL has had money to burn buying out shareholders (under value) and now has another $9.4m to play with. Given the last buy buy back fell short of maximum it can hardly claim shareholders are still asking it to buy back at substantial discount! Equally interesting was the ODT report of this classifying REL as " the Cushing family's farming group Rural Equities Ltd "! Of the same vein NZ Herald reported the Synlait float under the heading "Chinese dairy float for NZX " What about other shareholders' interests?

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Originally Posted by 1leon

More interesting would be innformation on what they propose to do with the money. REL has had money to burn buying out shareholders (under value) and now has another $9.4m to play with. Given the last buy buy back fell short of maximum it can hardly claim shareholders are still asking it to buy back at substantial discount! Equally interesting was the ODT report of this classifying REL as " the Cushing family's farming group Rural Equities Ltd "! Of the same vein NZ Herald reported the Synlait float under the heading "Chinese dairy float for NZX " What about other shareholders' interests?

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Yes it certainly will be interesting to see what they do with the $9mil

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Originally Posted by percy

Yes it certainly will be interesting to see what they do with the $9mil

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http://www.asx.com.au/asx/research/c...de&asxCode=TAN

The above link show a ssh notice on becoming a substantial security holder on the 5th July. Looks like REL has invested in TAN.AX

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Originally Posted by Options

http://www.asx.com.au/asx/research/c...de&asxCode=TAN

The above link show a ssh notice on becoming a substantial security holder on the 5th July. Looks like REL has invested in TAN.AX

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Thanks for the link.
Welcome to sharetrader.
TAN looks an interesting company.

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Originally Posted by percy

Thanks for the link.
Welcome to sharetrader.
TAN looks an interesting company.

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Yes it is, and well worth a look o invest in. If you are a holder of REL you would for certain like the same multiples and fundamentals that TAN trades on. It is likely to be able to generate more cash due to its water trading business also. Interesting the GPG was a large holder of this before selling down. Surely Sir Ron B and the cushings know a good long term opportunity. However with the chinese likely to enter this area it may not be a long term hold to generate a reasonable return.

Looks like REL has increased their stake in Tandou. REL owning 11% and H & G about 6.5%. Gives them 17.5%. Would think at that level of holding you would see some kind of board seat offered to D Cushing. Try and close the gap with the Tandou share price and the nta. Average price around 43c. Current price around 48 getting up to 51 the other day. Still a wider discount to nta than REL. probably not bad buying up to 50 - 55 cents.

Full announcement here:

http://www.unlisted.co.nz/uPublic/un...cement_id=2255

Result is out.
NTA $4.77 6cents per share to be paid2/10/2013.
"With a quality portfolio of farms in NZ,some interesting growth opportunities,and a strong balance sheet,REL is well positioned."
Reassuring knowing we are "well positioned."

Annual report posted now:

http://www.unlisted.co.nz/uPublic/un...cement_id=2281

Updated issuer profile:

http://www.unlisted.co.nz/uPublic/un...cement_id=2285

22,318 shares traded yesterday @ $4.30 for consideration of $95,967.40 means the share price upward trejactory remains intact.

Annual results have been announced.

Quote:

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Originally Posted by Armillary Private Capital

Annual results have been announced.

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What a cracker.and anincreased dividend.I note the 8202 for sale at $4.40 got brought pretty quickly.No sellers at present.NTA has increased from $4.77 to $5.37 and the out look for sheep and beef is strong.Dairying out look is weaker.
Would be near the top of anyone's "boring " list and,as such I expect it to "outperform." .

Annual report now out.

Update to property portfolio announced.

Now that's incredible.
Farm property sold for 20% more than June 2014 valuation.

Really ?Have you seen the way beef prices have lifted ?
S & B properties have been static for 7 + yrs
Due for a lift now ?
But was quite a lift !


http://www.sella.co.nz/property/rura...rming/169ql9q/
Sheep & Beef finisher so brought for converting to dairy,dairy support or subdivision ?
If take off value of stock $100/SU then $6.5 m & $13000/ha may have been reasonable buying?
I,ve had an order in for REL shares for 6 months but very illiquid & tightly held.Price has lifted considerably & way off the mark on my bid now !

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Originally Posted by percy

Now that's incredible.
Farm property sold for 20% more than June 2014 valuation.

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Looks like REL has made some good gains with their Tandou shareholding. A scrip takeover has pushed Tandou's share price up from around 44c to be now close to 60c. I think REL own just over 6% of Tandou??

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Originally Posted by Options

Looks like REL has made some good gains with their Tandou shareholding. A scrip takeover has pushed Tandou's share price up from around 44c to be now close to 60c. I think REL own just over 6% of Tandou??

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Yes certainly a great investment.
I see the buyers are still lined up ,after taking all the sellers out yesterday.

REL resolves to accept offer for Tandou shares.

Yesterday's announcement that REL will be buying back [and cancelling] 1,515,677 [4.23%] shares at $4.20 from The Rotorua Energy Charitable Trust on the 20th January is positive for shareholders, as it will improve NTA, and give us a bit bigger slice of the cake,or in this case, of the farms.

It is in fact depressing the realty that REL shares cannot be disposed of by shareholders except at an enormous discount to asset backing- 24.5% discount to $5.57 according to last annual report of 30 June. And the buy back will continue the creep of the Cushing interests ever closer to extinguishing small shareholders . I see it was in March 2013 that I pointed out that Cushings could advance to 2/3 ownership in 3 years if buy backs continued. Yet again I see little prospect for shareholders other than that Cushings will ultimately take out the whole company at a gross discount to value. It a pity Unlisted has been allowed to survive. This company as a listed public company would be a totally different story and future.
QUOTE=percy;595652]Yesterday's announcement that REL will be buying back [and cancelling] 1,515,677 [4.23%] shares at $4.20 from The Rotorua Energy Charitable Trust on the 20th January is positive for shareholders, as it will improve NTA, and give us a bit bigger slice of the cake,or in this case, of the farms.[/QUOTE]

sorry duplicated.

I have just received REL letter to shareholders calculating the asset backing of $5.57 is a premium of 33% to the purchase at $4.20 rather than the discount I had mentioned. Curiously it makes no mention of the fact that the purchase will advance the per centage of the company held by Cushing interests and is disproportionately in their interests.

Another reason to dislike buybacks. Give me the money anytime.

Hmm "food for thought" Percy! Attached article suggests the farm might not be the only source of meat in the more distant future... still I doubt the senior Cushing - Selwyn will not be worried! :

https://farmersweekly.co.nz/article/...five-years?p=1

Quote:

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Originally Posted by malus

Hmm "food for thought" Percy! Attached article suggests the farm might not be the only source of meat in the more distant future... still I doubt the senior Cushing - Selwyn will be worried! :

https://farmersweekly.co.nz/article/...five-years?p=1

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Thanks for the link.
I don't know whether I would eat it.
Can't even buy a decent tomato now days.!
I recently sold my REL.Did well with them,but I have been a lot more aggressive this year.Getting pleasing results ,so will continue with selling poor performers and adding to my good performers.

Quote:

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Originally Posted by percy

Thanks for the link.
I don't know whether I would eat it.
Can't even buy a decent tomato now days.!
I recently sold my REL.Did well with them,but I have been a lot more aggressive this year.Getting pleasing results ,so will continue with selling poor performers and adding to my good performers.

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Clearly not for our generation Percy... but who knows what future generations will eat if they listen to the marketing... seems a target would the animal rights brigade!!

Interesting you have seen brighter lights elsewhere and moved on from this, I have never held but always interested in what Mr Cushing is up to.

lol.
I am till with Mr.Cushing,as I brought SKL..

After the buyback of 1,515,677 [4.23%] shares at $4.20 from The Rotorua Energy Charitable Trust next January, Cushing family and the directors of REL together would hold about 70% of REL, and there would be nobody else holding a significant percentage of shares.

What would Cushing do from there? Further buyback from more than 1000 small shareholders? Would they get the 90% threshold before a compulsory acquition of the rest?

REL has been successful in selling farms and Fonterra shares at very good price and improving farms. With little debt would it buy farms when price is down?

Quote:

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Originally Posted by percy

lol.
I am till with Mr.Cushing,as I brought SKL..

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Now those I do have!!

Dairy Farm Price Index has dropped 21% in 12 months.
http://www.interest.co.nz/rural-news...d-21-12-months

The share price seems following the same trend. It would be interesting to see how land value would be recorded when annual report comes out.

The Directors of Hawke's Bay based Rural Equities Limited (REL) are pleased to announce that its audited Total Comprehensive Income for the year ended 30 June 2020 was $3.080 million.
REL’s operating earnings before interest and tax was $4.985 million, a slight increase on the $4.931 million recorded last year.
During the year property revaluation losses and a loss on the sale of a property amounted to $5.712 million. This was partially offset by gains in the Group’s equity investments of $4.831 million.
REL’s net asset value per share (NAV) as at 30 June 2020 was $5.60 which is a six cent per share gain on last year’s NAV of $5.54.
REL’s Executive Chairman David Cushing commented “This is a satisfactory operating result and it is pleasing to record a small increase in NAV in a declining rural property market. The market continues to be subdued due to increasing environmental costs, a lack of foreign investors, tighter bank lending criteria and the disruption caused by Covid-19”.

A fully imputed dividend of three cents per share will be paid with respect to the financial year ended 30 June 2020, the same dividend as last year. The dividend will be paid to shareholders recorded on REL’s share register at 5.00 pm on Thursday 22 October 2020. The dividend will be paid on Tuesday 3 November 2020.
As part of REL’s capital management strategy and to provide liquidity, the Company intends to make an offer to all shareholders to repurchase up to 750,000 REL shares at a price of $4.70 per share. This is a $0.40 premium to the current market price.
Given that REL shares trade infrequently, Directors consider the offer will provide shareholders who are contemplating exiting their investment an ability to realise their shareholding at a premium to market and without paying brokerage fees. It is expected the offer will open on 11 September 2020 and close on 6 October 2020.
REL continues to assess long term investment opportunities in alternative asset classes. Directors have taken a cautious approach due to elevated asset prices and significant uncertainty caused by the current global pandemic.

REL’s net asset value per share (NAV) as at 30 June 2020 was $5.60 [snip] offer to all shareholders to repurchase up to 750,000 REL shares at a price of $4.70

Thanks, but no thanks.

S02

June 2020
"During the year property revaluation losses and a loss on the sale of a property amounted to $5.712 million."
Very unlikely to happen again
https://www.agweb.com/news/business/...armland-prices
https://www.scoop.co.nz/stories/BU21...rt-to-2021.htm

Forestry & Carbon Farming pushing up prices in marginal S & B farms

Over the years I have occasionally looked at REL and passed it up as a closed shop, too tightly held and thoroughly controlled by the Cushing's.

But still I am occasionally tempted by the share price generally having a significant buffer against underlying assets.

Imagine my surprise when wading though the 200 page Sanford annual report I see that Rural Equities Limited is in the Top 20 shareholders of Sanford. They have 1,257,575 shares at a current face value of $4.89, that's over $6 million dollars worth of Sanford but nothing in the REL 2021 annual report.

Is REL now just a closed investment vehicle for the Cushing's? If so they should just be done with the sham and take it entirely private.

Or should I just sell my currently growing stake in Sanford and buy a whack of REL if they are investing in the same stuff as me?

Quote:

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Originally Posted by Waikaka

Over the years I have occasionally looked at REL and passed it up as a closed shop, too tightly held and thoroughly controlled by the Cushing's.

But still I am occasionally tempted by the share price generally having a significant buffer against underlying assets.

Imagine my surprise when wading though the 200 page Sanford annual report I see that Rural Equities Limited is in the Top 20 shareholders of Sanford. They have 1,257,575 shares at a current face value of $4.89, that's over $6 million dollars worth of Sanford but nothing in the REL 2021 annual report.

Is REL now just a closed investment vehicle for the Cushing's? If so they should just be done with the sham and take it entirely private.

Or should I just sell my currently growing stake in Sanford and buy a whack of REL if they are investing in the same stuff as me?

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Buying a wack of REL makes a lot of sense. The Cushings 76% gives them good incentive to look after the Co. Farm prices have increased a lot lately so good tail winds & NO debt

Over the years you would have noticed REL have been very successful with their share market investments.
Can't remember the name of the Aussie rural company they bought into, however it was taken over by Websters,and REL had a good holding in Websters,which was in turn taken over.REL did very well.Cushings and REL also did well with their PGW holdings,although they would have done better by holding..
However I have my doubts about SAN and Cushings holding in SVR.

Yes REL did very well from Tandou Limited (“Tandou”).
https://www.ruralequities.co.nz/imag...Investment.pdf

Looks like not much came out of the AGM yesterday.....

Marketplaces (usx.co.nz)

REL’s Annual Meeting of Shareholders was held in Christchurch yesterday, 18 November 2021. The three resolutions considered by Shareholders were passed as follows:The resolution to reappoint Rodger Finlay as a REL Director was approved with a 97% majority.The resolution to increase the Directors’ fee pool from $275,000 to $445,000 was approved with a 97% majority.The resolution to authorise the Directors to approve the remuneration of the Auditor was approved with a 100% majority.

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Originally Posted by kiora

Buying a wack of REL makes a lot of sense. The Cushings 76% gives them good incentive to look after the Co. Farm prices have increased a lot lately so good tail winds & NO debt

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The Cushings through their various companies and trusts actual own at least 82.4%. Has also been bumped with share by backs and cancelations.

Shame as I would like to invest but just too tightly held for me.

Based on the shareholder listings available through the NZX subscription service, I see Rural Equities Ltd held the following shareholdings as at 10 December 2021:

2,250,000 shares in Tower Limited
1,346,726 shares in Sanford Limited

Quote:

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Originally Posted by Southern Lad

Based on the shareholder listings available through the NZX subscription service, I see Rural Equities Ltd held the following shareholdings as at 10 December 2021:

2,250,000 shares in Tower Limited
1,346,726 shares in Sanford Limited

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I note H&G Ltd 80.06% holder of Rural Equities hold 14.6% of SVR Savor .
The Cushings are very successful investors.
Yet TWR,SAN and SAV seem odd choices to me.

Cushings trying to get more.....

https://www.usx.co.nz/uploads/paperc...pdf?1662669416

Although last trade and any on offer are higher than $6.35, albeit very small volumes.

Quote:

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Originally Posted by Sideshow Bob

Cushings trying to get more.....

https://www.usx.co.nz/uploads/paperc...pdf?1662669416

Although last trade and any on offer are higher than $6.35, albeit very small volumes.

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Out of idle curiosity, why haven't the Cushings taken it private?

I used to be a shareholder years ago, but gave it away when it became apparent that it was turning into a family business.