Rangatira Investments Annual Report 2021 - Report - Page 13
Ra n g a t i ra An n u a l Re p ort 2021
Preserve the intentions outlined in the current Constitution.
We will keep shareholders informed as we progress any proposals for change.
During the year, we welcomed two new members to the Rangatira team.
Matthew Olde joins us as an Auckland-based Investment Partner. Matt spent ten years at Mercury where, amongst other executive
roles, he was the Chief Executive of its metering business, Metrix, until its successful divestment in 2019. Prior to joining Mercury,
Matt was an investment banker at Deutsche Bank and ABN AMRO in Sydney, London and Auckland.
Anna Barker joins us as a Wellington-based Financial Accountant. Anna joins us from the Wellington City Council where she led work on
the City’s Annual and Long-Term Plans.
We believe our current team of five (across Wellington and Auckland) positions us well over the coming years. Our operating costs
remain well below 1.0 per cent of Net Asset Value.
Looking forward, although the economic outlook is more promising than this time last year, there are still question marks over when
borders will ultimately reopen, and to what extent the economic recovery is sustainable. Inflationary pressures are growing and there
is a real risk that interest rates will rise further this calendar year. The New Zealand economy is currently benefiting from high levels
of domestic spending and construction activity, fuelled in part by a boom in house prices. Other sectors such as travel and tourism
continue to struggle, particularly with the reduction in government financial support.
We are an investment company with a permanent capital base, that can hold investments long term through market cycles in
partnership with our co-investors. We continue to believe that this investment model positions Rangatira shareholders well. We have
confidence in both our existing portfolio and our capabilities to source new investments to provide strong returns to shareholders.
Looking forward to FY22 we would hope after the completion of a new investment later this year that we identify another new
company in which to invest, and identify acquisitions for some of our current portfolio businesses. This is easier with strong
management teams in the underlying investments and confidence in their future, making us more confident to invest further.
FY21 has not been a straightforward year, but it has been one that has proven the resilience of the Rangatira portfolio and the strength
of the management and staff in our portfolio companies. Our gratitude goes to them and their staff for the effort and skill they applied
this year which has positioned us well for FY22.
In closing, we would like to thank you for your support over what has been a trying year for many. We look forward to sharing with you
our progress at our Annual Meeting in July.
Chief Executive Officer