but look - those performance fees on NZL Farm acquisitions are just one-off Fee jobs, aren't they ?
Sure more farms may be bought for/by NZL next year, presumable a similar Buying fee applies
to just the new ones as well.
what's the management fee rate on the value or lease, what-have-you without the one off Acquisition fee jobs ?
the large performance fees on acquisitions are one off's for any increased acquisitions in the year
and wont recur on the same plots of dirt in relation to NZLM managing the buying of them for NZL..
Now halve the Net Management surplus - because ALF holds just 1/2 of the Management outfit - and that's
all that is attributable to ALF - more or less according to normalised run of the mill M'fees, excluding
non repeating one-off jobs. (but probably less if they decide to buy NZL shares - which will only gain in value
if NZL sees gains on farmland - that's increases in value,
ALF buying NZL shares out of revenues means less of the 1/2 cash coming across for distribution to ALF holders
(You'll see it - in book entries, but the cash has already gone, been applied into shares, so not there any more)
Now with ALF - take the half of the Management fee net surplus (ALF own half OF NZLM currently)
add any surplus etc from ALF's continuing operations . bear in mind ALF have pointed to
drought and poor Weaner trading in past, I seem to remember - so possibly less than in past - but who knows
Let's look at ALF - it's Issued Capital has more than doubled in the past year
So any ALF surplus is then divided by roughly twice as many shares = 1/2 of what was EPS per share before
because it is split across double the number of shares
Bear in mind that ALF don't own NZL wholely 100% or 50% even - but may only have parcels of shares in it, so any
NTA gain will only be indirect only in relation to that shareholding in NZL directly held by ALF, as a revaluation movement
on the NZL equities they actually hold etc.
I still dont see how you get to vast amounts of Surplus out of NZL being created for ALF, which you are parroting on about ..
Where is it coming from ?
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