Tuesday 22nd July 2008
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The trust, whose units trade on the Unlisted market, today said soaring prices for its dairy, livestock and arable farms has resulted in a 30% gain in the value of net assets.
"Values went up substantially," Cushing, the trust's chairman, said in a BusinessWire interview. "The revaluation was such as huge part of the P and L that we felt we should tell investors immediately."
The Cushing family's investment arm, H&G, owns about 9.3% of Rural Property Trust and also holds 50.8% of Rural Equities, which last year paid NZ$2.80 per unit to increase its stake in the trust to 62%.
"Lots of people were prepared to sell out at generous prices," Cushing said.
The units were last quoted at NZ$3.10 on Unlisted.
The trust's properties increased in value by NZ$48 million as at June 30, from a year earlier, it said in a statement today. Net assets rose to about NZ$210 million from NZ$162 million.
The net asset value per unit is expected to rise to about NZ$4.50 from NZ$3.46 in June 2007. The bulk of the trust's properties are in dairy, sheep and beef farms, mainly in Canterbury and the Waikato.
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