Suspension of Full Year Dividend

E: info@nzrlc.co.nz | T: +64 9 217 2905
www.nzrlc.co.nz
18 September 2023
Suspension of Full Year Dividend
New Zealand Rural Land Company Limited (NZX.NZL) advises that it will suspend its full-year dividend for the
period ending 31 December 2023. Instead, NZL will continue to apply cash to NZL’s share buyback programme and
repaying the convertible note that was drawn down to support NZL’s forest acquisition in April 2023.
The NZL Board considers that the current market price of NZL shares materially undervalues both the assets and
the free cash flow profile of the business. This makes NZL shares purchased at prevailing prices attractive and
accretive on an asset and free cashflow basis for shareholders. Accordingly, repurchasing shares and repaying
the convertible note are considered to be an allocation of capital that is of more benefit to the Company and
shareholders than paying a dividend at this time.
NZL’s long-term goal is to pay regular, predictable dividends. However, in prevailing market conditions, the Board’s
responsibility is to protect and advance shareholder value. The NZL Board will consider resuming dividends and
advise the market when full-year results are released in late February 2024.
For further information please contact:
Richard Milsom - Director, NZRLM
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
Christopher Swasbrook - Director, NZRLC
Mobile: 021 928 262
Email: chris@nzrlc.co.nz