The first 38% of this allocation of 104,972 NZU’s was made in October 2010. All of these NZU’s were sold shortly after at an average of $19.64 per NZU netting the Trust after costs of $2,040,078.00 in the 2010/2011 financial year.

The remaining 62% of 168,868 NZU’s will be made by the Crown at some point in time during 2013.  At the time of writing this report the price of one NZU was around $4.00 which if all of these NZU’s were sold would net around $675,472.00.  Just what the price will be of a NZU in 2013 is obviously unknown.                      

Kaiwae Harvesting Ltd Joint Venture

In November 2009 the Trust entered in to a 50:50 joint venture with Harvest Pro; a substantial forest harvesting Company.  This JV was named Kaiwae Harvesting Ltd.  This JV Company operates in the Ngati Hine Forestry Trust forest leased to TPL 4 (Hancock’s).

The Company Harvest Pro has recently been absorbed into a new Company called Kiwi Forestry International Ltd.  This Company also includes Smith and Davies together with Itochu; a large Japanese Company.

Kaiwae Harvesting crew together with a Kiwi Forestry International Ltd forestry crew are currently employing some twenty two local people.

While this JV has not as yet returned financial dividends it has provided Trustees valuable experience working with a JV partner and in a dynamic and operational environment.  It has also assisted the Trust to achieve the objective to provide employment to as many local people as possible.

The Trust’s two Directors on the JV Edward Beattie and Peeni Henare are in the process of implementing a comprehensive plan to ensure this Joint Venture becomes financially profitable over the next twelve months.     

Replanting – Second Rotation