St Laurence Equities has renewed its attempt to take its stake in unlisted rural manager Rural Equities from 15 per cent up to 19.9 per cent.
Rural Equities owns 41 per cent of the units in the unlisted NZ Rural Property Trust and manages the trust, which owns 30 farms
worth about $130 million.
St Laurence Equities general manager John Mallon has written to Rural Equities shareholders offering them $1.60 a share, which he said was a 7.8 per cent premium over the 60-day weighted average price.
St Laurence was earlier thwarted from gaining its 19.9 per cent stake by H&G, which matched St Laurence's offer.
Mallon said the offer would remain open for as long as it took to secure the stake.
He also highlighted Rural Equities' attempts to reduce the number of small shareholders. Shareholders are due to meet at Mt Maunganui tomorrow.
www.ruralequities.co.nz
