fbpx
Print this page
Tuesday, 18 May 2021 06:55

Nothing sinister!

Written by  Sudesh Kissun
New Zealand Rural Land Company director Christopher Swasbrook says the company will always be majority New Zealand-owned. New Zealand Rural Land Company director Christopher Swasbrook says the company will always be majority New Zealand-owned.

The Reserve Bank of New Zealand's (RBNZ) controversial involvement in the new owners of the Van Leeuwen Group dairy farms has been defended.

The Companies Office shows that NZ Central Securities Depository holds 45.41% of the New Zealand Rural Land Company (NZL) shares. Its sole director is RBNZ senior executive Stephen Gordon.

NZL Director Christopher Swasbrook says there is absolutely nothing sinister about NZ Central Securities Depository holding the shares in NZL.

“It’s simply a custodian of other people’s shares,” he told Rural News.

NZL recently announced the purchase of 14 dairy farms, owned by the Van Leeuwen Group, which went into receivership last month. Shareholders are set to vote next week (May 24th) on the deal.

The company purchased its first farm in March this year; a 456ha dairy property for $10.3 million. The farm has been leased to Fortuna Group with an annual rental of $515,000.

Swasbrook says NZL provides an opportunity for local and overseas investors to acquire an interest in high quality New Zealand rural land.

“We have seen how hard it is for locals to come up with the now sizeable amounts of capital and lay their hands on productive rural land,” he says.

“We provide all investors, irrespective of size, an opportunity to do that.”

He says NZL will always be majority New Zealand-owned as foreign investors are restricted to only holding 49.9% of the company.

The NZL board is chaired by Rob Campbell and includes former Fonterra executive Sarah Kennedy and Swasbrook, one of the founders of NZL.

NZ Rural Land Management, the external manager of NZL, has a board comprising Richard Milsom (also one of the co-founders of NZL), Fonterra’s first woman board member Marise James and independent chair Shelley Ruha. NZ Rural Land Management is 50% owned by Allied Farmers.

More like this

VLG to continue milking

The Van Leeuwen family looks set to continue milking cows on their 14 South Island farms, despite them being placed into receivership last month.

VLG receivership causes dismay

Canterbury farmer and former Federated Farmers dairy leader Willy Leferink says farmers shouldn't let banks run their businesses.

Buyer for VLG assets

The New Zealand Rural Land Company (NZL) says it has entered conditional agreements to buy assets from the Van Leeuwen Group (VGL), which went into receivership last week.

Farm investment opportunity opens

Investors wanting a slice of farming action now have an opportunity to do so with the launch, last week, of the largest New Zealand IPO listing on the NZX Market.

National

Labour pains hurt grower

Despite struggling to find workers, fresh produce grower and trader T&G is still forging ahead with growth plans.

China demands, NZ delivers

Meat Industry Association chair John Loughlin says China is one of the most demanding export markets in the world.

Leaving on a jet plane - again!

Damien O'Connor is planning to head back to Europe again shortly to breathe oxygen into the free trade agreements that…

Machinery & Products

Helps tame the wind!

Amazone's recently released WindControl System automatically monitors and adjusts the spreading pattern to compensate for the effect of the wind…

First Claas patent hits a century

While Claas has registered more than 3,000 patents during its 108-year history, the company is currently celebrating the 100th anniversary…

JD invests in robotics

Global giant Deere and Co has acquired Silicon Valley start-up company Bear Flag Robotics, which specialises in autonomous driving technologies…