Rangatira Annual Report 2025 - Flipbook - Page 16
Rangatira Investments
Share price and buyback program
General
We remain perplexed by the discount that our shares
trade at relative to the underlying value of the assets
we hold. The Net Asset Value (NAV) we release each
six months is now independently audited by KPMG.
With David stepping down in August, Sam Knowles
will replace him as Chair. Sam has been a long-time
director, and we thank him for taking on this role.
As at March the NAV is $19.80 per share. After paying
the dividend in July this will fall to $19.29 per share.
Despite this, the A and B Shares are trading at $14.00
and $14.50 per share respectively. It is usual for our
shares to trade at a discount, but not normally one
equal to 25% of NAV.
We expected that the increased transparency of
the portfolio assets and the independent assurance
process undertaken on the valuation, should help both
buyers and sellers of our shares better understand
a fair price for shares.
We will continue to buy shares from time to time, but
have limited windows that we can do this, as often
the board and management are conflicted as we have
information about the business that is commercially
sensitive and not public. For this reason, we are most
likely to buy shares around the full year and half year
results, in July and December each year.
David Pilkington
This year we will lose the services of David Pilkington
as our Chair.
He has been a director since 2006 and Chair since
2013. In this time, he has been the Chair of Contract
Resources, Tuatara and Hellers and a director of many
other companies we have invested in.
An advocate for the Rangatira approach and its values,
he has helped guide the team through the Global
Financial Crisis, Covid and the many ebbs and flows
we have faced over time. Always calm, confident and
clear he has made an incredible contribution to our
investments, the McKenzie Family, all our shareholders
and the many staff and directors over this period.
After serving six years on the board, David Gibson
is stepping down as a director to pursue other
governance roles. He has been an invaluable resource
to the board and management team, he was a member
of the Rangatira Audit Committee and a board member
of Bio-Strategy, assisting us in the sale of this business
in 2023.
We have progressed a process to replace David Gibson
and hope to be able to announce this later in the year.
Anna Barker is retiring, so unfortunately steps down
as the Finance Manager in July this year. She has
been with us since 2020 joining a week before Covid.
Since then, she made a significant contribution to the
reporting function of Rangatira, including simplifying
our reporting and leading the effort to change our
format to investment entity reporting. In addition to
this she has developed strong relationships across the
finance staff in our portfolio businesses.
To replace Anna, we have recruited Rowena Coleman
who has been the Finance Manager at Boulcott
Hospital for the last two years. She is an experienced
Finance Manager and having worked with her at
Boulcott, we think she will make a considerable
contribution to Rangatira. We welcome her to the
team in June.
In closing, we offer our sincere thanks to the
shareholders, our board, Rangatira staff and the
staff of all the businesses we are invested in for
their effort and support over the year.
While David has been on the board
• Net assets have risen by $286m to $414m.
• The portfolio has delivered a return of 10.7% pa.
• We have paid out $193m in dividends.
• With 65% of our shares owned by charities,
this has seen $125m distributed to our various
charitable shareholders.
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David Pilkington
Chair
Mark Dossor
Chief Executive Officer
