Rural Land Co suspends dividend to buy back shares

The company says it gives New Zealanders a way of investing in land as an asset class. (Image: NZRLC)

Fri, 26 May 2023

The board of New Zealand Land Co says its current share price “materially undervalues” the company's assets and free cash flow. To counter this, the company has decided to suspend dividends for the current six-month period to June 30 in favour of a share buyback scheme. “Cash previously earmarked for dividends will be used to purchase shares on market and to repay the convertible note which was issued to support the recent forestry acquisition,” the company told the New Zealand stock exchange (NZX) today.Th...

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