By Suzanne Green
Friday 3rd October 2003
|Text too small?|
This involves its 32% stake in and contract to manage New Zealand Rural Property Trust.
It intends to distribute shares in Rural Equities, which will have as its principal assets the 32% NZRPT stake and the management contract, to individual shareholders on a pro rata basis.
"We have decided to separate our income-producing assets in the rural services business from the lower-yield NZRPT capital growth assets," chairman John Bayly said.
"This will result in W&K becoming a purely rural services company and Rural Equities will be clearly identified as a separate, land-based, capital growth company."
Both would then be able to focus on their core businesses rural services for W&K and rural property for Rural Equities.
NZRPT is an unlisted unit trust with net assets of $104 million, comprising a portfolio of 30 high-quality farms and a forest at Ngaruawahia. The total landholding is 18,290 ha.
Mr Bayly also announced a net profit after tax of $6.4 million for the year to July 2003, compared with last year's record result of $7.1 million and an increase in dividend from 23c a share to 24c a share.
The result was pleasing and after adjusting for non-recurring items was on par with last year.
"This has been achieved despite a more difficult year for the rural sector."
No comments yet
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes