Market Update – Full Year Results / Audited Net Asset Value

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
NEW ZEALAND Rural Land Co
WWW.NZRLC.CO.NZ
NZX Release
26 August 2021
Market Update – Full Year Results + Audited Net Asset Value
New Zealand Rural Land Company (NZL.NZX) can advise the market that it will be releasing its audited FY21 full year results
on Monday, 30 August 2021.

Further to the market announcement of 2 August 2021, NZL can also advise of a positive adjustment to its net asset value. Through
the audit process further valuation work has been undertaken on NZL’s rural land portfolio, this work has taken further account of
the value of NZL’s lease revenue from the portfolio.

As a result:
• NZL expects its audited net asset value to be approximately $110.25million as at 30 June 2021.
• This translates to an audited net asset value per share of approximately $1.3968 as at 30 June 2021. The previously advised
un-audited net asset value per share was $1.3351.
• The performance fee payable to NZL’s manager is now expected to be approximately $1.625 million and satisfied in new
NZL shares at approximately $1.3968 per share.
The figures above do not take account of the Makikihi Farm acquisition that occurred at the beginning of August and subsequent
to balance date.
ENDS
For further information please contact:
Christopher Swasbrook
Mobile: 021 928 262
Email: chris@nzrlc.co.nz