CDL & CDI ... Another Great Result

[Southern Lad]

In some ways it doesn’t matter in regards to cash flow as the majority shareholder whom holds about 70% of the company usually uses the dividend reinvestment option.

If you review the NZX notices issued in May each year for the increase in shares on issue as a result of the DRP, it looks like in the last half dozen years that it was only 2021 that MCK participated in the DRP scheme, the other years they have taken cash. From memory, 2021 was the year that CDI was acquiring the Havelock North land and MCK decided that they would support CDI by not taking a cash dividend.

[Sideshow Bob]

https://www.nzx.com/announcements/416397

NZX-listed residential property developer CDL Investments New Zealand Limited and its wholly owned subsidiary CDL Land New Zealand Limited are both happy that the Court of Appeal has dismissed the appeal brought by Winton Property Investments Limited of the High Court decision handed down last year.

In a decision issued earlier today, the Court of Appeal agreed with the High Court that none of Winton’s grounds of challenge to the consent decision could be made out and affirmed that the application for judicial review was correctly dismissed.

CDI’s Managing Director Jason Adams said that he was hopeful that this meant the end of this protracted litigation.

“We’re pleased that the Court of Appeal has made it very clear where things stand on these issues”, he said. “The judgment states that there has not been any prejudice to Winton, there was no error of law and that CDL Land and the Lowe family interests both acted in good faith”.

“We can now focus is on creating much needed residential sections and housing in areas where they are needed, not fighting pointless battles in court and this decision allows us to get on with and deliver our Iona development as well as our other projects in the Hawkes Bay”.
-ENDS-

[Not too Flash]

Interestingly Winton don't appear to consider this is worthy of an announcement to NZX ......

[blackcap]

Interestingly Winton don't appear to consider this is worthy of an announcement to NZX ......

Possibly material to CDI, but not material to WIN?

[percy]

The land at Worsleys Road,Cashmere Hills owned by Turners' Oxford Finance Ltd has been sold to CDL Land [a CDL company]
for $5.53 mil.
The land is likely to be divided into 60 sections.

[WAIKEN]

Great spotting Percy

[beetills]

Results can't be far away.Another 3.5c perhaps?

[ratkin]

The land at Worsleys Road,Cashmere Hills owned by Turners' Oxford Finance Ltd has been sold to CDL Land [a CDL company]
for $5.53 mil.
The land is likely to be divided into 60 sections.

Worsley road is fire central. Residents allowed back in today but when there a fire on the hills Worsley rd verty vulnerable

[Grimy]

CDI seem to be in free fall this week.

[beetills]

Another 3.5c coming our way.