Agribusiness-focused investment holding company Zeder Investments is expected to report a decline in its full-year net asset value (NAV) per share, the company said on Thursday.
The group said in a statement that its NAV per share at end-February was expected to be between R1.73 and R1.82, between 26.6% and 30.2% lower than the R2.48 per share it reported a year ago. The decrease is mainly a result of the special dividends of 61c per share paid from disposals during the year and to a lesser extent the downward adjustments in the valuation of Zeder’s remaining unlisted investments during the financial year ended February, it said.
The key benchmark used by Zeder to measure performance is its sum-of-the-parts value per share.
During the year, Zeder, through its indirect subsidiaries Pome Investments and Capespan Agri, sold the two farming production units of TWK and the large deciduous fruit producer Applethwaite, as well as the Novo fruit packhouse operation.
The total disposal consideration for the transactions was R713m, with Zeder’s 87.17% accounting for R621m.
In December the group paid a special dividend of 11c per share after the disposal of Novo Fruit Packers.
Zeder will release its results on April 24.
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