The Hawke’s Bay-based Cushing family, through its H&G vehicle, has taken a 2.2% stake in PGG Wrightson and David Cushing becomes an independent director of the company.
It's deja vu for the Cushings, as David's father Sir Selwyn Cushing was also a director of the company from 2005 to 2012.
The Cushings retain a $32m stake in Skellerup, the world’s largest provider of rubber products.
Its majority-owned company Rural Equities has also recently sold two of its 22 farms for more than $9 million while continuing to eye outside investments.
Rural Equities reported its profit fell to $4.45 million in the year ended June 30 from $8.98 million a year earlier while operating earnings before interest and tax edged up to $5.03 million from $5 million.
Sir Selwyn’s son David, who heads that company, said the result was a “satisfactory operating result” considering the rural property market was “subdued with foreign investors being virtually excluded from the market and increasing environmental standards applied.”
The Cushings own more than two-thirds of the company, whose shares trade on Unlisted, and have consolidated their stake through share buybacks into a holding worth more than $100m.
Across the Tasman, the family is now a major investor in ASX-listed holiday and accommodation park owner and operator Aspen Group. The father and son own 6.87% of the company which has a market capitalisation of $A92m.
One of Hawke’s Bay’s most famous residents, Sir Selwyn has served at the highest level of New Zealand business, including spells as chairman of Air New Zealand, Brierley Investments, Carter Holt Harvey, the Electricity Corporation, Huttons Kiwi and Whitcoulls Group.
2018: $235 million