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  1. #16
    percy
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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.

  2. #17
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    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]

  3. #18
    percy
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    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.

  4. #19
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    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.

  5. #20
    percy
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    Quote Originally Posted by 1leon View Post
    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.
    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.

  6. #21
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    Share Buyback at $3.55 per share.

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

  7. #22
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    Results of the share buyback have been posted:

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

  8. #23
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    Rural Equities announces the retirement of two directors:

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

  9. #24
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    Rural Equities provides an update on their portfolio:

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

  10. #25
    percy
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    Quote Originally Posted by Armillary Private Capital View Post
    Rural Equities provides an update on their portfolio:

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

    Management certainly being proactive.Very positive.

  11. #26
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    Quote Originally Posted by percy View Post
    Management certainly being proactive.Very positive.
    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?

  12. #27
    percy
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    Quote Originally Posted by 1leon View Post
    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?
    Yes it certainly will be interesting to see what they do with the $9mil

  13. #28
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    Quote Originally Posted by percy View Post
    Yes it certainly will be interesting to see what they do with the $9mil
    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

  14. #29
    percy
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    Quote Originally Posted by Options View Post
    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
    Thanks for the link.
    Welcome to sharetrader.
    TAN looks an interesting company.

  15. #30
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    Quote Originally Posted by percy View Post
    Thanks for the link.
    Welcome to sharetrader.
    TAN looks an interesting company.
    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.

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