Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rangatira boss Ian Frame to retire in June

Rangatira boss Ian Frame to retire in June

Rangatira chief executive Ian Frame will step from the top job of the Wellington-based investment firm at the end of June.

Frame will finish his 11-year tenure in charge of Rangatira on June 30, growing the firm’s assets to $187 million from $102 million when he started, and overseeing $70 million in dividends being paid to shareholders, chairman David Pilkington said in a statement.

The board has started looking for a replacement.

Rangatira has been on a buying spree in recent years, purchasing Rainbow’s End amusement park operator New Zealand Experience in 2012, and taking stakes in local beer maker Tuatara Brewing, magnetic resonance imaging and nuclear magnetic resonance device manufacturer Magritek, medical and insurance service provider Konnect Net and cloud-based accounting software maker Xero.

In January, meat producer Hellers, of which Rangatira owns half, bought Goodman Fielder’s New Zealand meats business.

Last year, the company said it planned to embark on a share buyback in early 2014, with the directors “concerned at the considerable discount in prices bid compared with our assessed asset backing and the low liquidity in Rangatira shares.”

Rangatira has two classes of shares that trade on the Unlisted platform, with 67 percent held as class ‘A’ shares and 33 percent held in class ‘B’ shares to differentiate between charitable and non-charitable shareholders. Both classes last traded at $8.50.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news