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Rangatira Ltd six month surplus after tax of $7.9m

Rangatira Limited has achieved a net surplus after tax of $7.9 million for the six months to 30 September 2003, $2.3m ahead of last year’s first half result of $5.6m.

Net Asset Value per Share (using the same valuations for unlisted investments and property as at 31 March 2003) increased during the period from $5.76 to $6.31.

Company Chairman Murray Gough said, “Sharemarkets in both New Zealand and Australia have recovered strongly and, Rangatira’s actively managed unlisted investments have generally performed well”. During the period Rangatira sold its shareholding in Kapiti Cheeses to United Milk. While Rangatira was confident of Kapiti Cheeses’ future, the offer by United Milk was conditional on obtaining 90% acceptance and was at a level which reflected the substantial synergy benefits Kapiti Cheeses could achieve with United Milk.

“Rangatira continues to seek opportunities to invest in unlisted businesses where it can actively contribute to ongoing performance improvement”, said Mr Gough.

An interim dividend of 15 cents with imputation credits of 4.1 cents has been declared and will be paid on 8 December 2003. Shares will trade ex-dividend from 1 December 2003.

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