https://www.nzx.com/announcements/409019
NZ Rural Land Management Purchase Completion
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NZ Rural Land Management Purchase Completion
Allied Farmers Limited (ALF.NZX) is pleased to advise that it has today completed the purchase of the 50 percent of NZ Rural Land Management (NZRLM) that it does not already own.
NZRLM is now wholly owned and controlled by Allied Farmers.
The purchase price of $8.3 million was satisfied by payment to the vendors of $6.55 million of cash, and the transfer to the vendors of 1,800,227 million NZ Rural Land Company Limited (NZL:NZX) shares owned by Allied at their 20-day volume weighted average price prior to completion date of 0.9721 per share, being a total of $1.75 million.
Wonder how much Red Ink ALF wore on that 1.8 million NZL Shares shot out sideways as part of the deal ?
Note C2:
2022 Annual Report
http://nzx-prod-s7fsd7f98s.s3-websit...671/377579.pdf
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In December 2020 Allied Farmers Limited acquired 900,000 shares at an issue price of $1.25 per share in New Zealand Rural Land Company Limited ('NZRLC').
In September 2021, Allied Farmers Limited acquired 600,000 shares at an issue price of $1.10 at a total cost of $660,000.
In June 2022 Allied Farmers Limited acquired a further 783,057 shares at an issue price of $1.05 per share in NZRLC.
The total cost was $823,973.
A further 35,362 shares were issued under a dividend reinvestment plan.
A further 581,581 shares were issued under the performance fee arrangement referred to below.
This holding represents a 2.56% ownership in NZRLC as at 30 June 2022 (2021: 1.49%). These shares are equity investments quoted in the active market which the Group has elected to designate as a financial asset at fair value through other comprehensive income.
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Under the Management Agreement NZRLC is to pay NZRLM a performance fee which, subject to certain adjustments, is to be equal to 10% of the increase in net asset value of NZRLC in each financial year. The performance fee payable by NZRLC to NZRLM for the year ended 30 June 2022 comprised 2,499,247
(2021: 1,163,162) shares in NZRLC. Fifty percent of these shares were then distributed by NZRLM to Allied Farmers Limited in proportion to Allied's ownership of NZRLM.
These Performance Fee Shares must be the $1.65 a shot NZL jobs issued in Sep 2022 ;)
They really performed well in just 5 or 6 months, didn't they - only losing about 41% of their value ;)
Obviously no parachutes were thought necessary at the time to cushion things in case of
descending rapidly into the thick Taranaki muck below :)
Here are the pricey Muddy Boots jobs, as recorded in the NZL Announcements:
http://nzx-prod-s7fsd7f98s.s3-websit...145/378300.pdf
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2 September 2022
Issue of Performance Fee Shares
New Zealand Rural Land Company (NZL.NZX) confirms today it has issued 2,499,747 fully paid ordinary shares to satisfy the Performance Fee for FY22 at an issue price of NZ$ 1.6462.
Total number of shares on issue is now 115,601,570. An NZX capital change notice is attached to this announcement.
Rob Campbell
Independent Chair