PLP – No revenue impact from COVID-19 alert level change
PLP – No direct revenue impact following COVID-19 alert level change
Booster Investment Management Limited as Manager of the Fund (the Manager) has assessed the impact
that the change in the New Zealand alert level for COVID-19 may have on the revenue of the Fund.
The change in alert level means that non-essential businesses must close to assist in preventing the
spread of the virus, however the position is different for PLP.
Whilst the largest portion of the cash earnings of PLPs’ business is derived from fixed price leases on its
land and property, a significant portion of its cash earnings (36%) is directly related to the sale of grapes
from its Marlborough based vineyards. The Marlborough vineyards are currently in process of being
harvested, with the last grapes expected to be harvested by mid April.
The vineyard operator has advised the Manager that the grape and wine industry (along with other food
and beverage producers) may continue to operate during COVID-19 level 3 and 4 alert levels as essential
businesses. This confirmation was provided by the Ministry of Primary Industries.
As a result of this, the harvesting effort will continue. The vineyard operator is following strict protocols
to protect the teams involved. As long as the harvest can continue uninterrupted, the Manager does not
expect any material adverse impact to the expected earnings of the Fund which are reflected in the net
asset value of the units.
Likewise, the Manager has no information that currently would lead it to believe there has been a
reduction in the underlying value of the land into which PLP invests.
For further information regarding the Private Land and Property Fund visit www.booster.co.nz/booster-
investments/private-land-and-property-fund
For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300
About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $3 billion on behalf of more than 120,000 New
Zealanders.
For more information, including a copy of the Product Disclosure Statement, please visit
www.booster.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- IPL — Investore Property Limited: Covid-19 Business Update2020-03-27
“25137519 27 March 2020 Investore Property Limited Covid-19 Business Update Following the announcement from the New Zealand Government that New Zealand will move to Covid- 19 Alert Level 4, Investore Property Limited (Investore) is providing the market with an update on it…”
- KPG — Kiwi Property: Kiwi Property business and dividend update2020-06-21
“NZX RELEASE 22 June 2020 Kiwi Property business and dividend update Kiwi Property is pleased to provide the following business and dividend update: Pedestrian count The number of visitors to Kiwi Property’s shopping centre portfolio has returned to pre- COVID-19 level…”
- APL — Asset Plus: ASSET PLUS UPDATE2020-04-15
“NZX RELEASE 16 April 2020 ASSET PLUS UPDATE Asset Plus wishes to provide the following update regarding 31 March 2020 valuations and the on-going impact of the Covid-19 lockdown. As noted in an announcement on 19 March 2020, valuation firms had advised that they would…”