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Thread: Rangatira

  1. #41
    IMO
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    Thanks guys.

  2. #42
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    There has been a seller of Rangatira A shares at $12.25 listed all day today and a few trades as the availability of this tightly held stock a price that is a the low end of the recent trading range has attracted a few buyers.

    Interestingly there has been a buyer listed for Rangatira B shares quoted today also at $12.25. Given the only difference between the A and B shares is that the A shares carry voting rights whereas the B shares don’t, normally the A shares trade for 20 to 50 cents more than the B shares. One wonders why the B share buyer doesn’t change tack and pick up the A shares at the same price they are prepared to pay for the B shares.

  3. #43
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    The annual result for the year ended 31 March 2021 was pretty positive. The annual report released on Friday notes that the board are currently reviewing the capital structure. The report states:

    "In 2020, we began a process to gauge the level of interest amongst shareholders to reviewing our Group structure, with the motivation of ensuring it is fit for purpose for all our shareholders and positions Rangatira for the future. Goals identified through this review are below:

    i. To improve the tax efficiency for charitable shareholders, without compromising non-charitable shareholders, in light of charitable shareholders losing the benefit of any imputation credits.
    ii. To be easy for investors to understand – we had received feedback that the A and B share structure was not well understood.
    iii. To not compromise liquidity for any shareholder group.
    iv. To allow for Rangatira to raise further capital in the future, should the supply of good investment opportunities increase. With shareholders requiring a consistent dividend flow, as Rangatira becomes fully invested, to grow Rangatira must recycle existing holdings for new investments, which may not always be in the long-term interest of the Group.
    v. A structure that allows for Rangatira to easily move investments between listed, cash, fixed income and private company holdings.
    vi. Preserve the intentions outlined in the current Constitution.

    We will keep shareholders informed as we progress any proposals for change".

    There are some big question here, and it will be interesting to see where the process ends up. Maybe some sort of PIE structure?
    Last edited by Southern Lad; 27-06-2021 at 11:20 AM.

  4. #44
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    Quote Originally Posted by Southern Lad View Post
    The annual result for the year ended 31 March 2021 was pretty positive. The annual report released on Friday notes that the board are currently reviewing the capital structure. The report states:

    "In 2020, we began a process to gauge the level of interest amongst shareholders to reviewing our Group structure, with the motivation of ensuring it is fit for purpose for all our shareholders and positions Rangatira for the future. Goals identified through this review are below:

    i. To improve the tax efficiency for charitable shareholders, without compromising non-charitable shareholders, in light of charitable shareholders losing the benefit of any imputation credits.
    ii. To be easy for investors to understand – we had received feedback that the A and B share structure was not well understood.
    iii. To not compromise liquidity for any shareholder group.
    iv. To allow for Rangatira to raise further capital in the future, should the supply of good investment opportunities increase. With shareholders requiring a consistent dividend flow, as Rangatira becomes fully invested, to grow Rangatira must recycle existing holdings for new investments, which may not always be in the long-term interest of the Group.
    v. A structure that allows for Rangatira to easily move investments between listed, cash, fixed income and private company holdings.
    vi. Preserve the intentions outlined in the current Constitution.

    We will keep shareholders informed as we progress any proposals for change".

    There are some big question here, and it will be interesting to see where the process ends up. Maybe some sort of PIE structure?
    Whats so hard to understand the difference between A and B shares? Anyone with half a brain can easily discover that ONLY the A shares can vote for appointment of directors. Otherwise they are pari passus. This system has served the company well over its many years. Its a sticking point no doubt with the wokes at NZX Compliance and the FMA , but none of them have run real companies.

  5. #45
    percy
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    New Zealand Listed and Unlisted portfolio.
    2021
    NZ$m
    2020
    NZ$m
    Infratil 9.7 5.0
    Mercury Energy 6.6 4.3
    Meridian 4.0 3.8
    Fisher & Paykel Healthcare 3.9 3.7
    Contact Energy 3.6 2.7
    Mainfreight 3.3 1.7
    EBOS Group 2.0 1.5
    Spark 1.8 -
    Vector 1.6 1.3
    Trustpower 1.6 1.4
    Genesis Energy 1.5 1.5
    Vital Healthcare Property 1.5 -
    Ryman Healthcare 1.4 0.9
    Arvida 1.1 0.9
    Scales Corporation 1.1 1.1
    Serko 1.0 0.2
    Investore 0.9 -
    Oceania Healthcare 0.9 0.4
    ikeGPS 0.8 0.4
    TIL Logistics 0.8 0.5
    Pacific Edge 0.5 0.1
    Pushpay 0.5 0.2
    a2 Milk 0.3 -
    Syft Technologies 0.2 0.1
    Tower - 0.1
    Total 50.6 31.7
    Last edited by percy; 06-07-2021 at 10:11 AM.

  6. #46
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    Looking forward to following this company and reinvesting the divs along the way.

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  8. #48
    percy
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  10. #50
    Speedy Az winner69's Avatar
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    I see they own 50% of Mrs Higgins .... that's good
    ”When investors are euphoric, they are incapable of recognising euphoria itself “

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