Ngāi Tahu Capital

Ngāi Tahu Capital has a portfolio that comprises two distinct investments:

• Ryman Healthcare Ltd, listed on the NZX
• Venture capital investment, both direct and indirect

Ryman Healthcare Limited

Ngāi Tahu Capital has an 8.0% stake in Ryman Healthcare Limited and a co-investment agreement with Tainui Group Holdings in respect of their 4.5% holding giving. Together we have the advantage of controlling over 10% of Ryman. As at 30 June 2009, the value of the Ngāi Tahu Capital shareholding in Ryman was $63.2m. Ryman's share price of $1.58 at balance date was 1% up on the previous year. The Ryman investment continues to provide a stable dividend income stream with a dividend payout of $2.1m. Realised profits rose 5.0% in FY09 in addition to the capital growth of its asset base.

Over the last ten years, Ryman has proved to be one of Ngāi Tahu's leading investments having realised significant profits from its initial $7.4m investment in FY98.

Venture investments

Ngāi Tahu Capital has two venture investments:

Veritide Limited
Ngāi Tahu Capital has an $800,000 investment in Veritide, a company that designs and manufactures anthrax detection equipment. Other investors are Endeavour Capital, Canterprise and CDC.

Endeavour Capital
Ngāi Tahu Holdings Corporation has a $3m commitment to Endeavour Capital's I Cap Fund. The I Cap Fund is a venture investment fund with eight investments, including a separate investment in Veritide.