Yes Colin I think they are just under the radar.
YOU HEARD IT FIRST ON SHARE TRADER!... well I have't heard it anywhere else!
They do report on the NZX site as STL because of their capital notes.
They remind me of Capital Properties or Infratil having stock at a low price building up heaps of value leveraging off fixed interest notes which return more cash short term. Also KFL. All NZ investor focused. Nice mix of all sorts of commercial and subdivision property, rural property and finance with lots of freedom to move - in fact they keep cards close to their chest. I wouldn't be surprised to see more marketing from STL.
Maybe as they are not strictly stock SLPF capital gain is taxable? They didn't seem to get a boost off PIE / Budget.
There will be heaps of Capital Gain anyway - last year they were $1.20 so after another 30% gain $1.35 is not unreasonable and still 8% dividends.