Tainui Group Holdings
Annual Report
2013
11
One way of looking at it is the health
and wellbeing of a person, except here
we are talking about the health and
wellbeing of the tribe, and howwe can
improve it.
One of the first tangible results of
this closer collaboration has been our
Shareholder’s decision to convert the
$70 million loan it has had on our
books to capital. This will allow the
capital to be in one place, will drive
financial efficiency and should lead
to higher dividends being paid to the
tribe. Over the coming year we hope
that there will be further milestones
in what we intend will be a muchmore
integrated relationship.
Governance
I would like to thank all Board
members, the management team and
staff of TGH for their commitment
and achievements this year, and
particularly for their welcome and
support for me as the new Chairman.
I would like to pay special tribute to
John Spencer who retired as Chairman
on 30 June 2012, after almost a decade
on the Board. I have inherited the very
strong foundation he put into place,
and he also ensured the transition
between us was exceptionally smooth.
Sir Henry van der Heyden
Chairman
Outlook
We expect trading conditions to stay
steady over the coming 12months.
Returns will be on a par with the last
two years. Any uplift will depend on
the timing and size of investments that
flow fromour new strategy, but it will
be some time before that bears fruit.
I look forward to the ongoing
engagement with our Shareholder,
and to achieving the many important
objectives we have set for the year ahead.
In terms of specific projects, Ruakura
continues to be our major focus. The
vision for this project, led by our CEO,
Mike Pohio, is a tremendously exciting
opportunity forWaikato-Tainui and the
region generally to put itself on themap.
Over the coming
year we hope
that there will be
further milestones
in what we intend
will be a much
more integrated
relationship.
6 Bryce Street, Hamilton.
