CDL sweetens Millennium & Copthorne offer to $2.80
The original offer at $2.25 a share – made on January 20, for the 24.14%
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NZ Herald
2 days ago
- NZ Herald
Up for sale: The unusual way NZX-listed T&G Global found out its major shareholder was selling up
'Their disclosures have gotten better over the last three or four years, and that's commendable, but it is certainly not the most engaging of companies listed on the NZX from a shareholders' perspective. 'If I were an independent director, I would be asking a few questions as to why it did not come up earlier.' Like many in the horticulture sector, T&G Global took a hit from Cyclone Gabrielle. In its latest result, T&G Global said high demand for T&G Global's premium Envy and Jazz-branded apples, coupled with higher pricing in global markets, helped it bounce back from the impact of the cyclone. For the year ending December 2024, the company recorded a loss before tax of $6.8 million, compared with a pre-tax loss of $64.2m in 2023, and an operating profit of $12.7m (the previous year's loss was $45.6m). In response to an open letter to shareholders circulating on social media platform X that was critical of the company's performance, T&G Global chairman Benedikt Mangold said the board was confident in the company's strategy 'and we continue to be pleased with our financial progress'. 'We are fully aligned with management on the company's outlook, and we look forward to updating the market and shareholders on August 8 with our half-year results,' he said in an email to the Herald. Mangold said if shareholders had any concerns, they had not been raised at the company's annual meeting in May. Strategic options T&G Global, which sells fresh produce to more than 60 countries, is itself going through a process to consider its strategic options and has engaged Craigs Investment Partners to advise it. Late in 2021, the company announced it would spend $100m on a new state-of-the-art packhouse adjacent to its Whakatu site in Hawke's Bay. As well as improving productivity, the new facility would allow T&G to accommodate increasing volumes of Envy and other apple varieties. AFR's Street Talk said Australian fund manager ROC Partners 'likes the look' of T&G Global. The paper also said T&G Global would be a logical bolt-on for Macquarie Asset Management. In BayWa's annual report, new chief executive Frank Hiller said the company was embarking on a 'fundamental transformation' bringing an end to its debt-financed expansion. BayWa, which has interests ranging from food to construction and energy, first made its play for the then Turners and Growers in 2011, with the intention of a complete takeover. A pre-bid agreement with shareholder Guinness Peat Group meant it already had 63.5% of the shares locked up. The offer was for all shares in NZX-listed Turners & Growers at $1.85 a share, valuing the company at $216.5m. But rather than go to 100%, BayWa was persuaded to remain a majority owner, allowing minority shareholders to stay on the register and for Turners and Growers to retain its NZX listing. Meanwhile, speculation over T&G Global's future has not done its share price any harm. The stock now trades at around $2.05 – its highest point since October 2023. Port of Tauranga upgrade Brokers Forsyth Barr say the favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from September 1. 'Its vehicle booking system charge will rise by more than 100%, which we estimate will contribute incremental annualised revenue of $9m, assuming no volume offset,' the broker said. 'Pricing remains POT's key lever in lifting its return on invested capital above its 7% target by 2028, particularly given: (1) container terminal capacity constraints; and (2) the pricing behaviour of key competitor, Port of Auckland.' Forsyth Barr has raised its net profit forecast for 2026 by 3% to $146m and has left its 2027 forecast unchanged at $168m. Encouraging Ryman Forsyth Barr has welcomed Ryman Healthcare's (RYM) latest first-quarter sales update. Encouragingly, forward-looking contracted sales continued to recover, it said. 'One swallow does not make a summer, but we view this as an important step in de-risking the investment case,' the broker said. 'The key risk since RYM's pricing strategy change and dramatic drop-off in sales has been that it would build resales inventory at a high rate, forcing RYM to buy back units – creating a meaningful cash flow drag. 'Current resales levels remain insufficient to halt inventory build, but this update is a clear step in the right direction and should materially reduce the rate of inventory build.' Powering down Jarden has released its analysis of Meridian and Mercury's operating stats for June. It said Meridian's figures imply 2025 earnings before interest, tax, depreciation and amortisation (ebitda) of $612m, down from $905m in 2024. Mercury's update implies 2025 ebitda of $768m, down from $877m reported in 2024. 'We retain our $7.40 target price for Mercury and reaffirm our overweight rating, reflecting discounted valuation.' Listing the potential risks for Mercury, Jarden cited regulatory changes, transmission pricing methodology adjustments, wholesale spot price fluctuations and higher-than-historical inflows into its hydro generation from Lake Taupō down the Waikato River chain. The firm maintains a neutral rating on Meridian, with an unchanged target price of $6.47. Among the risks, Jarden again listed regulatory changes for Meridian. Annual results from Mercury are due on August 19 and August 27 for Meridian. Meanwhile, the High Court this week approved a scheme of arrangement under which Meridian will acquire all of the shares in NZ Windfarms. Provided the remaining customary conditions are satisfied or waived, implementation of the scheme will occur on July 30, Meridian said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
Scoop
5 days ago
- Scoop
New Property Fund Targets $1bn, Acquires High-Tech Agri Asset
The first asset in the Erskine Owen Veritas Property Fund is set to be a $24 million smart logistics facility operated by Mr Apple, one of the countrys largest vertically integrated apple exporters and a subsidiary of NZX-listed Scales Corporation. A new wholesale property investment fund aiming to build a $1 billion portfolio of commercial assets by 2030 is acquiring a flagship coolstore in Hawke's Bay that is transforming the way New Zealand apples are prepared for export. The first asset in the Erskine Owen Veritas Property Fund is set to be a $24 million smart logistics facility operated by Mr Apple, one of the country's largest vertically integrated apple exporters and a subsidiary of NZX-listed Scales Corporation. The 7,000m² coolstore will serve as the Fund's cornerstone investment, under a 20-year triple net lease. Alan Henderson, director at Erskine Owen, says the facility is a strong example of the export-aligned infrastructure the Fund will focus on. 'We chose this site as the fund's foundation because it ticks all the boxes. It is a core industrial logistics facility, under a long-term lease to a globally competitive exporter, located in a region that is vital to New Zealand's agri-economy. 'We're focused on assets that help drive New Zealand's global competitiveness and that perform well in both stable and volatile markets. These are the kinds of buildings that don't go out of fashion, that provide reliable income and that help sectors like horticulture and agribusiness perform at the highest level,' he says The PIE Fund aims to diversify across infrastructure, healthcare, manufacturing, office and retail sectors, with a goal of reaching $1 billion in holdings within five years. Henderson says the capital raise for the Groome Place coolstore is already underway. 'This is a Fund with a long-term growth and diversification strategy, which is intended to spread investment risk across sectors and locations. We are aiming to have $200 million in assets within 12 to 18 months and increase that to a billion dollars within four years after that. 'The asset quality here speaks for itself. There's clear investor appetite for export-aligned infrastructure backed by strong tenant covenants,' he says. The Groome Place site itself is a leap forward for post-harvest logistics. It incorporates advanced design, automation and environmental controls to optimise throughput and quality, allowing Mr Apple to process around 3,000 bins of apples daily. Michael Caccioppoli, head of coolstores, logistics and engineering at Mr Apple, says the new system has cut the time between orchard and packhouse by 25 percent. 'This turnaround speed directly supports export quality, and by shortening the time from picking to cooling, we're able to preserve internal fruit integrity. 'That means apples are fresher when they hit the ships. It improves shelf life, reduces quality complaints and lifts the eating experience for millions of consumers around the world, which is critical as we establish markets for new varieties,' he says. In 2024, 72 percent of Mr Apple's exports were premium varieties like Dazzle, Posy and NZ Queen. The company aims to grow that figure to 75–80 percent by 2027. The new facility supports that ambition with optimised workflows, precision-controlled storage and lower environmental impact, using 15 to 20 percent less CO2 than older sites to slow fruit respiration and delay ripening. Despite its scale, the coolstore is operated by just eight staff thanks to automation and system integration, enabling tight control over environmental variables. The layout has been designed to reduce handling and labour costs while accelerating the flow of fruit through to export. Caccioppoli says the benefits go beyond product quality. 'The system helps protect margin and reduce risk in a volatile global freight market,' he says. Henderson says investors are increasingly seeking assets with reliable returns, and with features that align with environmental, social, and governance (ESG) considerations and export relevance. 'It reinforces our view that there is real demand for high-quality, income-generating assets in this sector. 'The coolstore reflects the kind of high-performance infrastructure we're targeting – efficient, export-driven and future-ready,' he says. The Erskine Owen Veritas Property Fund is now open to wholesale investors, offering access to income-producing infrastructure assets.1 Notes: 1 Important: The Erskine Owen Veritas Property Fund is open only to wholesale investors under the Financial Markets Conduct Act 2013. The Fund is not suitable for retail investors, and there is no product disclosure statement. This above is not an offer or invitation to invest in the Fund. It does not consider any investor's personal circumstances and is general in nature. No guarantees are made as to the performance of the Fund or any repayment of capital or income. Past performance is not indicative of future performance. Investors should obtain independent advice before investing.
Scoop
5 days ago
- Scoop
New Property Fund Targets $1bn, Acquires High-Tech Agri Asset
A new wholesale property investment fund aiming to build a $1 billion portfolio of commercial assets by 2030 is acquiring a flagship coolstore in Hawke's Bay that is transforming the way New Zealand apples are prepared for export. The first asset in the Erskine Owen Veritas Property Fund is set to be a $24 million smart logistics facility operated by Mr Apple, one of the country's largest vertically integrated apple exporters and a subsidiary of NZX-listed Scales Corporation. The 7,000m² coolstore will serve as the Fund's cornerstone investment, under a 20-year triple net lease. Alan Henderson, director at Erskine Owen, says the facility is a strong example of the export-aligned infrastructure the Fund will focus on. 'We chose this site as the fund's foundation because it ticks all the boxes. It is a core industrial logistics facility, under a long-term lease to a globally competitive exporter, located in a region that is vital to New Zealand's agri-economy. 'We're focused on assets that help drive New Zealand's global competitiveness and that perform well in both stable and volatile markets. These are the kinds of buildings that don't go out of fashion, that provide reliable income and that help sectors like horticulture and agribusiness perform at the highest level,' he says The PIE Fund aims to diversify across infrastructure, healthcare, manufacturing, office and retail sectors, with a goal of reaching $1 billion in holdings within five years. Henderson says the capital raise for the Groome Place coolstore is already underway. 'This is a Fund with a long-term growth and diversification strategy, which is intended to spread investment risk across sectors and locations. We are aiming to have $200 million in assets within 12 to 18 months and increase that to a billion dollars within four years after that. 'The asset quality here speaks for itself. There's clear investor appetite for export-aligned infrastructure backed by strong tenant covenants,' he says. The Groome Place site itself is a leap forward for post-harvest logistics. It incorporates advanced design, automation and environmental controls to optimise throughput and quality, allowing Mr Apple to process around 3,000 bins of apples daily. Michael Caccioppoli, head of coolstores, logistics and engineering at Mr Apple, says the new system has cut the time between orchard and packhouse by 25 percent. 'This turnaround speed directly supports export quality, and by shortening the time from picking to cooling, we're able to preserve internal fruit integrity. 'That means apples are fresher when they hit the ships. It improves shelf life, reduces quality complaints and lifts the eating experience for millions of consumers around the world, which is critical as we establish markets for new varieties,' he says. In 2024, 72 percent of Mr Apple's exports were premium varieties like Dazzle, Posy and NZ Queen. The company aims to grow that figure to 75–80 percent by 2027. The new facility supports that ambition with optimised workflows, precision-controlled storage and lower environmental impact, using 15 to 20 percent less CO2 than older sites to slow fruit respiration and delay ripening. Despite its scale, the coolstore is operated by just eight staff thanks to automation and system integration, enabling tight control over environmental variables. The layout has been designed to reduce handling and labour costs while accelerating the flow of fruit through to export. Caccioppoli says the benefits go beyond product quality. 'The system helps protect margin and reduce risk in a volatile global freight market,' he says. Henderson says investors are increasingly seeking assets with reliable returns, and with features that align with environmental, social, and governance (ESG) considerations and export relevance. 'It reinforces our view that there is real demand for high-quality, income-generating assets in this sector. 'The coolstore reflects the kind of high-performance infrastructure we're targeting - efficient, export-driven and future-ready,' he says. The Erskine Owen Veritas Property Fund is now open to wholesale investors, offering access to income-producing infrastructure assets.1 Notes: 1 Important: The Erskine Owen Veritas Property Fund is open only to wholesale investors under the Financial Markets Conduct Act 2013. The Fund is not suitable for retail investors, and there is no product disclosure statement. This above is not an offer or invitation to invest in the Fund. It does not consider any investor's personal circumstances and is general in nature. No guarantees are made as to the performance of the Fund or any repayment of capital or income. Past performance is not indicative of future performance. Investors should obtain independent advice before investing.
