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

 

Rural Equities returns to profit, buys back investor's stock

Rural Equities returns to profit, buys back shares from overseas investor

Aug. 8 (BusinessDesk) - Rural Equities Ltd., the farming group controlled by Selwyn Cushing’s H&G Ltd., returned to profit in its latest year, ending a run of losses.

Net profit was about $2.8 million in the year ended June 30, from a loss of $4.5 million a year earlier, according to a statement on the Unlisted platform, where its stock trades.

The farm investor gave no details of its results. It plans to release its latest results in full by Aug. 31, it said. A revaluation of its rural property portfolio had resulted in “no material change” in the carrying value. Net asset value per share was $3.94.

The shares last traded at $3.20 on July 22 on the Unlisted platform, valuing the company at $134.9 million.

Rural Equities also said it has agreed to buy back a parcel of about 2million shares, or 4.8% of its stock, from an overseas investor. The shares would subsequently be cancelled it said. The investor wasn’t identified.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



SEA: Another First For Solar Energy In New Zealand

The Sustainable Energy Association NZ (SEANZ) congratulates Sunergise on the commissioning of the Sunergise Kapuni Solar Power Plant, the largest in the country... More>>

Accenture: More Boomers Than Zoomers Want To Work From Home

While often associated with tech savvy Gen Z or Zoomers, new global research from Accenture shows that the push for more flexible working environments is being led by Gen Xers and Baby Boomers... More>>


Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>


Banking: Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>