New Zealand Rural Land Company Limited (NZL) has announced an upgrade to their FY24 earnings guidance, suspension of their dividend and an on-market share buy-back programme.
The FY24 AFFO is now forecast to be in the range of 5.25 - 5.75cps, an increase from the 5.00 - 5.50cps guidance previously advised to the market.
The Board has suspended the dividend for the current six-month period and will use the cash previously earmarked for dividends to purchase shares on market and to repay the convertible note which was issued to support the recent forestry acquisition.
The on-market buyback programme will commence on 1 June 2023 and the total number of shares that may be bought back shall not exceed 5,350,000 shares.
See more
