NZL - NZ Rural Land Co IPO

[Aaron]

Oh look - a dual Frankfurter listing
https://www.nzx.com/announcements/407627

I know nothing about NZL but have never let ignorance stop me. I understand NZL was like a SPAC that said give us your money and we will invest it wisely for you in agriculture.

A Frankfurt listing would put them closer to the European industrial companies that might want (relatively) cheap NZ land to plant forests for carbon credits so they can use the credits to offset their emissions.

Wild speculation on my part but concerning if it has an ounce of truth. More likely to be true, the higher the value of carbon credits get on the global market. How do we check that?

Here is a start
https://www.investopedia.com/terms/c/carbon_credit.asp

New York-based Xpansive CBL or Singapore’s AirCarbon Exchange.

https://www.mynativeforest.com/carbo...SAAEgLetfD_BwE

According to this graph prices have increased roughly 200% over the last 3 years.

Frankfurt might be a smart move for someone willing to sell their mother for a quick buck.

[nztx]

Cap Raise seems to be going well @ a buck a shot plus some warrants thrown in

SP already sagging under the buck @ 0.98 at close 7/3

Will it slide further & what sort of shortfall this time ?

Guess the local Retail love for NZL in retreating markets hasn't improved on the past Cap Raise sentiments
and those $1.20 warrants may be deep under water

Perhaps rights for stakeholders to each name their portion of the magnificent specimens among the new blocks of trees should have been considered as part of the bargain

Will the next attempted Tree Acquisition project (if there is one) include a trip out to hug some tree specimens and certify NZL's anti-slash measures - even if the investors have sustained some degrees
of their investments being promptly slashed into smaller pieces, courtesy of the fundraising process ?

Will ALF be refunding a portion of their Performance fees, if performance goes south ?

How about returning some of those shares issued in Oct 22 @ 1.65 a pop back at the current
market rates to tidy things up ?

(They obviously can't be returned at above the current prevailing market prices now - can they ?)

[nztx]

https://www.nzx.com/announcements/408185

But wait .. Harbour Asset Management seem to like the smell of Trees and Needles

Could they be harvested for some more loose coin to save NZL's Cap Raising day ?

[nztx]

https://www.nzx.com/announcements/408183

MARKET UPDATE

CAPITAL CHANGE NOTICE

New Zealand Rural Land Company Limited (NZL) has completed the allotment of shares and warrants under the institutional offer component (Institutional Offer) of its accelerated renounceable entitlement offer. A total of $10.486 million was raised.
A capital change notice detailing these allotments was released to the NZX on 9 March 2023.

RETAIL OFFER

The retail offer opened on Monday, 6 March 2023, and is scheduled to close on Wednesday, 15 March 2023 at 5:00pm (NZT). As at 9 March 2023, approximately 14% of the shareholders have taken up their full entitlements and 30% of these shareholders have also applied for additional shares.

DIVIDEND REMINDER

A dividend of 2.03 cents per share for the six-month period ending 31 December 2022 was announced on Wednesday, 1 March 2023 and will be paid today, Friday, 10 March 2023. Holders of the new shares allotted under the institutional offer are not entitled to receive this dividend.

Time for a Ring Round to chase up all the Retail loose change yet ?

Just 86% of Retail hanging in the balance out there with just 3 working days to go ..

Perhaps they forgot or don't want to pass their wallets & purses across for a date with NZL ?


Wonder why ?

NZL $0.980
-$0.020 / -2.00%

[nztx]

When is announcement day for NZL to tell everyone how many pegs past the mark they got ?

The Most recent Success Rate for those opening their wallets is just (give or take a bit for over-subs):


14% of Retail


Obviously NZL's efforts on the % of Retail that stayed away appears to have seen considerably worse
this time than in previous Cap Raise which must have caused a few problems finding homes for all the
unwanted newly minted shares robustly rejected by more than just a few shareholders ..

[nztx]

NZL
$0.990 +$0.010 / + 1.02%



Someone must have miscounted .. or an extra 1.5% may have mysteriously arrived in over the weekend

[beetills]

Can we expect another update before closing time.

[nztx]

Can we expect another update before closing time.

https://www.nzx.com/announcements/408183

The retail offer opened on Monday, 6 March 2023, and is scheduled to close on Wednesday, 15 March 2023 at 5:00pm (NZT).

Closed on Wednesday - not even a squeak out of NZL since the 14% Retail Uptake "Market Update" made on 10 March

Wonder if there was much improvement on the 14% or no further traction ?

Can't have much worth writing home about for another update

[Ferg]

@nztx: I have had a morbid fascination with NZL since you and I put up our original analyses and I have watched your subsequent posts with interest. Have you taken a position in NZL? Or are you also a curious bystander? Do you have a price under which you would be tempted?

[nztx]

NZL $0.950

Interesting close


https://www.nzx.com/announcements/408495

Completion of Retail Offer

The Retail Offer closed on Wednesday, 15 March 2023 and raised gross proceeds of approximately NZD$7.9 million including those retail shareholders who applied for additional shares.

NZL has raised as follows from the Offer to date:

$10.5m from the Institutional Offer
$7.9m from the Retail Offer
$5.6m from Shortfall Subscriptions
$24.0m Total Raised

NZL now intends to place the balance of the shortfall ($14.5m).

Retail Offer looks like it was a Ripper of a Success Story

What % did they finally come in with for Retail Offering ?

Was it just 28% of Retail + Shortfall jobs ?


When just 48.2% all up of the Retail Slice gets taken - what does that say ?

When it is a repeat of an earlier Cap Raising effort - what does that say ?


Best of luck trying to lighten the wallets & purses of the foreign Frankfurter contingent
for some NZ Light (on Cash) bits, if that's where the remaining shortfall are to be tossed

Hopefully they wont also be short on Frankfurter coin, like the local contingent seem to be when NZL
came knocking trying for a rescue out of a slight Forests purchase tight spot



What will the 95.0c close look like after the full ravages of interest rates hikes near on doubled
for full reporting periods impact into the next period or two going forward ?


Will it be 75.0c or 60.0c or less ?


Will the Dividend be wiped if Higher Interest charges on increased Debt carried takes
a larger chomp out of NZL Lease Revenues ?


How Far north of 6.0% or 6.5% of Property values are the Leases positioned for Revenue ?


How far away are the Interest rates on Borrowings, once these are rolled to current rates ?


There might not be much left over by the time ALF grabs it's Fees out of the Job
and after issue of shares @ 1.65 for 2022 fees, which bit the Muddy Boots Management Company
badly on the backside in NZL Share price slide - they may not want shares in lieu of cash