RYM - Ryman Healthcare

[Toranaman]

That was a story from August last year. It will be interesting to see if Summerset actually delivers on its forecast from back then.

Looks like they did

https://www.thepress.co.nz/business/...-record-profit

[nztx]

Meanwhile in Ryman Land:


https://www.nzherald.co.nz/business/...KMQVHKAWJOZP4/

Ryman Healthcare pausing $120 million plans for Takapuna construction site


[NZH Article Paywalllled for those who need to get a licence to view]

[Mr Slothbear]

Meanwhile in Ryman Land:


https://www.nzherald.co.nz/business/...KMQVHKAWJOZP4/

Ryman Healthcare pausing $120 million plans for Takapuna construction site


[NZH Article Paywalllled for those who need to get a licence to view]

would appreciate if anyone is able to give cliffnotes

[Newman]

NZ Herald: "Ryman would be selling two sites and deferring work on another three" : Land at Kohimarama and in Newtown (Wellington) for sale, and pausing work at Takapuna, Ringwood East village (Melbourne), and Murray Halberg Village in Lynfield.

[Newman]

NZ Herald: Summerset Group boss Scott Scoullar explains why profit rose https://www.nzherald.co.nz/business/...D34VY4R27W2V4/

Q: Your revaluations went up, why when other listed are down?

A: Obviously, part of that is driven by us and our investment in building new products. We’ve added so much to the stock in the 2023 year (a $160m valuation uplift).

[whatsup]

Sale today circa $4-55 C R a year ago $5-00 not the greatest investment for S Hers !!

[Toranaman]

Sale today circa $4-55 C R a year ago $5-00 not the greatest investment for S Hers !!

Since CEO change in late 2021 Ryman has lost roughly 70% of its value ($3b+ off market cap) and turnaround plan launched early 2023 has not done anything for SP. Now trading 20% below NTA consistently. Value erosion has been extraordinary in this once stellar company.

[winner69]

Since CEO change in late 2021 Ryman has lost roughly 70% of its value ($3b+ off market cap) and turnaround plan launched early 2023 has not done anything for SP. Now trading 20% below NTA consistently. Value erosion has been extraordinary in this once stellar company.

Poor Mr Umbers …..bad luck / ill fortune seems to follow him around …or he never seems to get lucky

But he’s well paid so he’s probably not worried

[Sideshow Bob]

Poor Mr Umbers …..bad luck / ill fortune seems to follow him around …or he never seems to get lucky

But he’s well paid so he’s probably not worried

https://www.nzx.com/announcements/429876

Ryman Healthcare has announced that Richard Umbers has resigned his position as Group CEO and will be leaving the company. Chair Dean Hamilton will act as Executive Chair and a search for the next Group CEO will commence.

Mr Hamilton said “Richard has led the company through an unprecedented time during the COVID pandemic, maintaining Ryman’s commitment to outstanding care, at the same time as progressing a number of significant changes. On behalf of the Board, I would like to thank Richard for his contribution and commitment to the company and wish him well for the future.”

Ryman is reaffirming its earnings guidance issued on 19 February 2024.

Mr Hamilton said, “Ryman is a proud company with a strong purpose. Kevin Hickman co-founded the company on two fundamental and important objectives that remain relevant to this day – to deliver great care for our residents, and to provide great returns for our shareholders.

“Ryman continues to set the benchmark for retirement living and quality of care for our residents. However, in terms of returns to shareholders we have fallen considerably short in recent years. I look forward to working with the team, and eventually the new Group CEO, as we focus intently on restoring our financial performance and with that our returns to shareholders.”

“We will be providing an update on progress with the full year results announcement on 27 May 2024” Mr Hamilton said.

The Board of Ryman has determined that Mr Hamilton will be a non-independent director whilst he is the Executive Chair. A sub-committee of the Board will oversee the performance of the Executive Chair function during the period, and that committee will comprise independent directors Paula Jeffs (chair and lead independent director), Anthony Leighs and James Miller. Mr Hamilton will be paid a salary to be determined by the Board in coming weeks. He will not participate in any incentive schemes. To create capacity to take up this interim role, Mr Hamilton will temporarily reduce his duties as a director of Auckland International Airport.

Mr Umbers is leaving Ryman in accordance with his contractual terms.

[winner69]

Funny if Brent from Oceania ended up there eh