Press Release – Rangitira Ltd.
Wellington investment company Rangatira today announced that its chief executive, Ian Frame, has decided to retire at the end of June.
Chairman David Pilkington said, “Ian has been our chief executive for the past 11 years and has led the business through a period of strong growth and performance. Under his leadership, the value of Rangatira’s assessed asset backing has grown from $102 million to $187 million. In addition, over $70 million of dividends has been paid to shareholders.
“On behalf of the directors and shareholders, I want to acknowledge the very significant contribution Ian has made to the company’s success through a period of challenging economic circumstances including the aftermath of the global financial crisis. He will leave Rangatira with a very strong balance sheet and well positioned for future growth.
“The Rangatira Board has begun a process to recruit a replacement and an announcement regarding the outcome will be made in due course,” David Pilkington said.
About Rangatira Limited
Rangatira is a Wellington-based investment company with investment funds of around $200 million. Established in 1937, the Company is 51% owned by the JR McKenzie Trust with other community and charitable organisations owning another 15% of the shares. The balance of the shares is owned by private investors. Rangatira’s mission is to increase both the capital value of its shares and the dividends paid to its shareholders by investing creatively and competitively.
Rangatira has built a portfolio of local and international investments across a wide range of sectors. The Company has pursued a policy of investment in small to medium-sized unlisted New Zealand companies, complemented by holdings in a range of publicly listed New Zealand, Australian and international companies. All investments have been made taking a long-term position in companies that are well founded and well managed with good growth potential.
Rangatira is strictly commercial in its investment approach and benchmarks its performance against the wider investment community.
Rangatira will continue to explore investment opportunities across a range of business sectors. We aim to add value to our unlisted investments by actively contributing at management and board level, recognising the need to combine high standards of governance with sound management and a clear focus on growth and profitability.
Rangatira’s shares are listed and traded on the Unlisted market (www.unlisted.co.nz).