1 00:00:02,080 --> 00:00:05,360 Speaker 1: The Rural Report on hither do to see Alan? Drive here? 2 00:00:05,400 --> 00:00:07,480 Speaker 2: I've had the misfortune to watch another TV one hatch 3 00:00:07,560 --> 00:00:10,560 Speaker 2: job on Erica Stanford's education curriculum changes. Got you the 4 00:00:10,760 --> 00:00:12,800 Speaker 2: Actually we were watching it too, got you the details. 5 00:00:12,800 --> 00:00:15,520 Speaker 2: I'll run you through it. Shortly. Seventeen pass six, Jamie 6 00:00:15,600 --> 00:00:19,040 Speaker 2: McKay hosted the Countries with me. Hello, Jamie, gooda Heather. 7 00:00:19,200 --> 00:00:21,160 Speaker 2: So how good is that big Lang Corp turnaround? 8 00:00:22,040 --> 00:00:24,280 Speaker 1: Oh? It's pretty good actually, And I'll give a bit 9 00:00:24,320 --> 00:00:26,160 Speaker 1: of credit to Mark Leslie. I've been one of their 10 00:00:26,200 --> 00:00:30,280 Speaker 1: critics in the past few years. I think he's moved 11 00:00:30,320 --> 00:00:33,199 Speaker 1: on from his predecessor, and I think they were a 12 00:00:33,200 --> 00:00:35,440 Speaker 1: bit guilty of being a wee bit woken going down 13 00:00:35,479 --> 00:00:39,400 Speaker 1: non traditional farming paths. He's got them back to their knitting. 14 00:00:40,040 --> 00:00:44,960 Speaker 1: Fifteen million dollar dividend to the crown, that's okay. But 15 00:00:45,520 --> 00:00:48,800 Speaker 1: you know this is I guess it's an organization with 16 00:00:48,920 --> 00:00:53,120 Speaker 1: I think about one point six billion dollars worth of property. 17 00:00:53,479 --> 00:00:56,720 Speaker 1: The return on equity is interestingly seven point three percent, 18 00:00:56,800 --> 00:01:00,800 Speaker 1: but the return on asset value total asset values less 19 00:01:00,840 --> 00:01:04,520 Speaker 1: than one percent. But look, they can't sell it. They 20 00:01:04,520 --> 00:01:07,120 Speaker 1: can't sell it wholes Bowldest because it would collapse the 21 00:01:07,200 --> 00:01:10,800 Speaker 1: landmarket and they wouldn't there wouldn't be buyers for it anyhow. 22 00:01:10,840 --> 00:01:14,039 Speaker 1: So I'm displeased to see Land Corp getting back to 23 00:01:14,080 --> 00:01:15,960 Speaker 1: it's knitting and getting good results. Now a lot of 24 00:01:16,000 --> 00:01:18,840 Speaker 1: you have to temper that, Heather, as Mark did when 25 00:01:18,840 --> 00:01:21,240 Speaker 1: he was chatting to you. You know, a good portion 26 00:01:21,360 --> 00:01:25,000 Speaker 1: of this is due to the upturn in commodity prices, 27 00:01:25,000 --> 00:01:27,839 Speaker 1: so they've had a big upswing, especially in their dairy 28 00:01:28,040 --> 00:01:31,480 Speaker 1: and their red meat. And I don't think he mentioned this, 29 00:01:31,560 --> 00:01:34,040 Speaker 1: but I was chatting to him on my show earlier 30 00:01:34,040 --> 00:01:37,200 Speaker 1: today and that what they're forecasting for the financial year 31 00:01:37,240 --> 00:01:40,360 Speaker 1: twenty six next year is even going to be better, 32 00:01:40,440 --> 00:01:44,000 Speaker 1: and that is off the back of obviously increase commodity 33 00:01:44,000 --> 00:01:47,200 Speaker 1: prices from their financial year twenty five and like the 34 00:01:47,240 --> 00:01:50,760 Speaker 1: rest of us who are in farming, probably considerably less 35 00:01:50,800 --> 00:01:53,280 Speaker 1: in terms of their interest payments. So you know, they're 36 00:01:53,280 --> 00:01:55,400 Speaker 1: heading in the right direction. Pat on the back for 37 00:01:55,480 --> 00:01:57,680 Speaker 1: that one. They're still not out of the woods yet, though, Heather, 38 00:01:58,080 --> 00:02:01,440 Speaker 1: because there's the issue of what they do with Molesworth, 39 00:02:01,520 --> 00:02:07,760 Speaker 1: New Zealand's biggest farm. It's owned by Doc Landcourt Palm 40 00:02:07,760 --> 00:02:10,520 Speaker 1: who's only the least sea there. I think that lease 41 00:02:10,720 --> 00:02:13,320 Speaker 1: is only confirmed up until twenty twenty six. There's a 42 00:02:13,360 --> 00:02:17,079 Speaker 1: lot of concern down at Molesworth and Marlborough there about 43 00:02:17,120 --> 00:02:20,400 Speaker 1: wilding pines or even the prospect of planting some of 44 00:02:20,440 --> 00:02:23,960 Speaker 1: that wonderful farm, and it is a very expensive farm 45 00:02:24,280 --> 00:02:27,040 Speaker 1: and pine trees for carbon farming. We had the sudden 46 00:02:27,080 --> 00:02:30,919 Speaker 1: resignation of the long standing manager, Jim Ward in July, 47 00:02:31,120 --> 00:02:32,880 Speaker 1: so you know, a bit to come out on the wash. 48 00:02:32,960 --> 00:02:35,799 Speaker 2: Yet why did that manager actually quit? Was it really 49 00:02:35,840 --> 00:02:36,360 Speaker 2: the pines? 50 00:02:38,400 --> 00:02:40,680 Speaker 1: Look, I don't know, to be perfectly honest, he's been 51 00:02:40,760 --> 00:02:43,920 Speaker 1: gagged we but I asked Mark about today on my 52 00:02:44,040 --> 00:02:46,440 Speaker 1: show and he sort of said, oh, no, well, we 53 00:02:46,600 --> 00:02:50,120 Speaker 1: change our managers quite regularly. Look, Jim Ward had been 54 00:02:50,160 --> 00:02:52,720 Speaker 1: there a long long time. From all accounts, he was 55 00:02:52,760 --> 00:02:55,720 Speaker 1: a popular manager, successful manager. They had a great beef 56 00:02:55,760 --> 00:02:59,600 Speaker 1: operation I think something like six thousand beef cattle there. 57 00:02:59,760 --> 00:03:02,080 Speaker 1: I know that he was not happy with the way 58 00:03:02,120 --> 00:03:05,000 Speaker 1: the wild and pines were being managed. That may not 59 00:03:05,080 --> 00:03:08,799 Speaker 1: even be a land corp issue. That's probably a dock issue. 60 00:03:08,840 --> 00:03:11,800 Speaker 1: And I just apparently Mark said to me today on 61 00:03:11,840 --> 00:03:14,440 Speaker 1: the show Mark Leslie that Doc is going to make 62 00:03:14,480 --> 00:03:17,160 Speaker 1: an announcement about what's going to happen to Molesworth station. 63 00:03:17,600 --> 00:03:20,320 Speaker 1: They haven't necessarily had the best track record on the 64 00:03:20,360 --> 00:03:23,800 Speaker 1: past Heather of taking over productive farmland, so I just 65 00:03:23,840 --> 00:03:26,400 Speaker 1: hope it doesn't go to rack and ruin and Gorse 66 00:03:26,400 --> 00:03:27,240 Speaker 1: and broom. Yeah. 67 00:03:27,240 --> 00:03:29,640 Speaker 2: Hey, thank you very much, Jamie. As always Jamie McKay, 68 00:03:29,720 --> 00:03:30,560 Speaker 2: Host of the Country. 69 00:03:31,160 --> 00:03:34,320 Speaker 1: For more from Heather Duplessy Allen Drive, listen live to 70 00:03:34,400 --> 00:03:37,440 Speaker 1: news talks. It'd be from four pm weekdays, or follow 71 00:03:37,480 --> 00:03:39,200 Speaker 1: the podcast on iHeartRadio.