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

 


Investment Gains Deliver Strong Full Year Result

Investment Gains Deliver Strong Full Year Result For Rangatira

Wellington investment company Rangatira today announced a full year profit after tax of $39.4 million, compared with $8.5 million last year, following gains on the sale of investments of $32.1 million.

The $32.1 million contribution resulted from Rangatira selling its 50% holding in Contract Resources, its direct holding in Xero Limited, and its investment in Greenfield. Rangatira still retains an indirect holding in Xero through Valar Ventures.

Directors have assessed the asset backing of Rangatira’s shares to be $11.20 at 31 March 2014, compared to $10.63 last year.

A final fully imputed dividend of 26¢ has been declared making the total dividend for the year 46¢ (last year 42¢). The dividend will be paid on 30 June 2014 and the share register will close for dividend purposes on 20 June 2014.

Rangatira’s chairman David Pilkington said, “The total shareholder return of 9.5% is further endorsement of Rangatira’s long term investment strategy. The company’s average after tax return over the past ten years has been 10.9%, well ahead of most investment funds and the NZSX50 Index.”

New Investments
During the year Rangatira acquired a 12% stake in Magritek. Magritek is an advanced technology company founded by Sir Paul Callaghan that has become a world leading provider of compact, portable MRI and NMR systems. Rangatira also acquired a 35% holding in Wellington based Tuatara, one of New Zealand’s largest independent craft brewers. Rangatira has invested in two further technology companies including IkeGPS and Mesynthes. Rangatira has also invested in JAFCO, a US technology fund.

A number of Rangatira Group companies have being enhanced by strategic investments. These include Hellers’ acquisition of Goodman Fielder meats, Rainbows End’s new Stratosfear ride and Tuatara expanding its brewing capacity to meet strong customer demand.

Further investments sought
Rangatira currently has about $50 million of funds available for investment as opportunities become available.

Rangatira’s chief executive Ian Frame said, “We are actively looking to invest in well-managed New Zealand companies with strong growth potential that need additional capital to take them to the next stage.”

Rangatira has a longer investment timeframe than many private equity funds and prefers to be a cornerstone investor, co-investing with business owners and management. In some cases, it will do this alongside other like-minded investment companies and institutions.

“Rangatira’s investment strategy of ‘investing in business for growth’ has produced good and sustained returns over many years for its shareholders. This can be attributed to a diversified portfolio, conservative gearing and the active involvement of our directors and management in the governance of the companies in which we invest.” Ian Frame said.

David Pilkington said, “Rangatira has had a solid start to the new year, which is pleasing given the seasonal nature of the performance of many of our unlisted investments. Looking ahead, the company has a strong balance sheet and is well positioned to take advantage of market opportunities as they arise.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news