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Rangatira Ltd. Reports Surplus After Tax Of $9.6m

RANGATIRA LIMITED

PRESS RELEASE


EMBARGOED UNTIL 9.00 AM, TUESDAY 4 JUNE 2002


Mr Norman Geary, Chairman of Rangatira Limited, the Wellington-based investment company, announced a net surplus after taxes of $9.628 million, up 59% on the previous year’s result of $6.064 million.

Norman Geary said that the Company has had an excellent year with its substantial listed equity portfolios in Australia and New Zealand which grew by 8% and 19% respectively.

Unlisted equity investments also performed well with notable contributors being Polynesian Spa, Rotorua, and Auckland Packaging Company.

During the year Rangatira increased its investment in the premium food and beverages sector by acquiring a 28% shareholding in Te Kairanga Wines. This complements its recently acquired 40% shareholding in Kapiti Cheeses.

Rangatira also purchased a 50% stake in the substantial and successful New Zealand company, Vita NZ in April 2002. It is now in partnership with joint owners/managers, Mike Sexton and Richard Adams. Vita is New Zealand’s largest producer and processor of polyurethane foam, polyester fibres and polystyrene bean products. It is also a major supplier of consumer goods to the New Zealand retail market. Vita has three large manufacturing and distribution facilities in Auckland, Wellington and Christchurch. Annual sales exceed $45 million.

The Directors of Rangatira have declared a final dividend of 19 cents which is fully imputed making the total ordinary dividend for the year 30 cents per share (previous year 26 cents). In addition, the Board has declared a special dividend of 5 cents per share which is not imputed. The final and special dividends will be paid on 24 June 2002, to registered shareholders as at 14 June 2002.

Norman Geary said the special dividend reflected the particularly strong result for the year which included the sale of the Company’s 30% interest in Danaflex Packaging Corporation and a small part of its holding in Tru-Test. Both sales were made on favourable terms.

He added that the Directors had reviewed the underlying value of the Company’s investments in unlisted equities and subsidiaries. In the Directors’ opinion, these investments were likely to be worth between $16 million and $25 million more than the carrying value in the accounts.

Commenting on the outlook, Norman Geary said that the Company had a positive view of the New Zealand and Australian economies, although rising interest rates, a strengthening New Zealand dollar, and ongoing uncertainties in many of the major economies in the World could have an adverse impact on performance. He noted however that the Company’s performance was expected to be sound and would benefit from new investments.

Ends


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