Chris Lee & Partners Ltd

Market News 24 February 2025

Johnny Lee writes:

THEY just keep coming.

New Zealand Windfarms is the latest to announce that it has received notice of a takeover offer, with Meridian Energy bidding 25 cents per share for the balance of the company’s shares it does not already hold. Meridian currently holds 19.99% of New Zealand Windfarms.

The shares were trading around 12 cents prior to the announcement and had been trading in the low teens for several years.

The offer has the approval of the board and the largest shareholders. The 19.99% shareholding, combined with the exclusivity agreements included in the offer, make it very unlikely that a rival bidder emerges. 

Meridian acquired its 19.99% shareholding in October 2023, when it entered a joint venture with New Zealand Windfarms to expand and modernise its Te Rere Hau Wind Farm. Meridian also agreed to purchase the electricity generated by the project, giving NWF guaranteed demand.

Now, Meridian wants the rest of the company. Clearly, it likes the economics of the project and sees the acquisition as an efficient way to grow its renewable portfolio.

For those keeping track, this marks the third takeover offer of the year, after Millennium and Copthorne and ikeGPS each made announcements earlier in the year.

Last year saw off-market offers announced for many of our companies, including Manawa, Arvida, Vital, The Warehouse, and Comvita. Arvida concluded successfully, while Manawa remains ongoing. 

We also saw Cannasouth, Geneva Finance, Marlborough Wine Estates and New Zealand Oil and Gas delist from the exchange.

The bid for New Zealand Windfarms is subject to shareholder approval. A shareholder meeting is expected to be called for May 2025.

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ON the other side of the ledger, Fonterra has provided an update to the market regarding its retail business.

Fonterra has created a corporate brand for the business – Mainland Group – and begun to separate out leadership for the business ahead of a potential Initial Public Offering. 

The company has not yet determined if the business will be publicly listed or sold privately to a third party. Fonterra’s obligations are to its shareholders, and the group will be seeking to maximise value from the sale. 

Mainland Group will be a name familiar to every New Zealander and includes retail brands like Anchor and Western Star and, of course, Mainland. 

By having a tender process, there will be some price tension between trade buyers and brokers to determine a valuation of the sale. A successful sale, regardless of process, will likely result in a large distribution to shareholders of Fonterra.

While it is too early to begin analysing the business, a new, large listing for investors to consider would be most welcome. 

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HEARTLAND has published a pre-announcement to the market ahead of its half-year results due on 27 February. The share price fell sharply following the announcement.

Heartland has substantially increased its provision for loan impairments, with nearly $50 million added as an expense. This includes more than $20 million in write-offs of arrears. 

This additional expense has led to the bank now guiding profit for the half to be in the low millions. The bank still expects to pay a dividend, although this will not be formalised until Thursday’s result.

The bank blamed the economic downturn, citing rising unemployment and overall economic contraction.

During the market briefing shortly after the announcement, Heartland elaborated further that while it had anticipated both of these factors in its forecasting, the decline had been particularly pronounced within the construction and manufacturing sectors. Heartland’s legacy lending portfolio has a larger weighting to these sectors.

Most of the loans included in these provisions were made prior to the 2020 lending strategy change. The Reverse Mortgage and Livestock portfolios continue to perform well. The Australian division is unimpacted.

In response, Heartland has instituted several new policies to address these issues. This includes new write-off policies, and a more proactive approach to dealing with arrears earlier.

The result this Thursday will provide further colour regarding the conditions it is seeing, and the outlook ahead. 

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HEALTHCARE and animal care operator EBOS Group has revealed its half-year result, showing a sharp decrease in revenue after the loss of the Chemist Warehouse contract last year. The company included both its headline results, and its results excluding the lost contract.

Headline revenue fell 9% and rose 10% excluding the contract loss. The underlying business going forward is continuing to grow.

EBOS maintained the dividend at 57 cents but intends to continue growing the dividend going forward. The company chose to maintain the dividend despite the reduction in earnings, anticipating a stronger second half of the year and continued momentum moving forward.

Healthcare saw growth across all segments, with pharmacies, institutional and logistics all stronger.

Animal care also saw growth, particularly across pet food. New product lines from Black Hawk and Vitapet have led to greater sales.

CEO John Cullity also announced his intention to stand down after 16 years with the company. Mr Cullity moved from CFO to CEO in 2018, and the company has enjoyed strong growth during his tenure. Adam Hall will take the reins in July of this year.

The share price opened lower following the announcement, ending what had been an impressive run earlier this year. EBOS’s share price climbed more than 10% to start the year but fell after the announcement. 

Outlook remains for modest growth over the short-term, with the company guiding for a 5% – 10% increase in earnings for the full year result in August. Future results will not include any one-off impact from the contract loss, allowing a more meaningful comparison to prior periods.

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ONE result that should surprise no one was that of Fletcher Building, which was issued to market last Wednesday.

Virtually every metric was in the red. Revenue and earnings both fell, and the steep loss from 2024 steepened further. The dividend remains suspended, and the loss widened from $120 million last February to $134 million this half.

The company’s highlights focused instead on its safety record and its efforts to reduce carbon emissions. Fletchers also highlighted its efforts to reduce debt throughout the year, following its large capital raising and asset sales last year. 

The year was clearly a difficult one for the construction sector, and the market was broadly anticipating the declines. The share price rose after the announcement, and demand for its listed bonds re-emerged in the market.

Every division saw declines, but New Zealand residential and the Australian market were particularly weak.

The company is hopeful for better macroeconomic conditions in the near term. Lower interest rates may re-invigorate the residential housing market, and the company’s size and balance sheet should provide a distinct advantage compared to its competitors in the short-term, should difficult conditions persist.

It will be a disappointing result for income investors, who have now seen three successive reporting periods without a dividend declared. Lower interest rates should result in higher confidence and greater construction activity, and the Reserve Bank’s decision last week should aid this effort.

Indeed, the Reserve Bank later confirmed the widely anticipated 50-point cut to the Official Cash Rate, moving it to 3.75%.

Importantly, the Reserve Bank also stated that “if economic conditions continue to evolve as projected, the Committee has scope to lower the OCR further through 2025”. Investors should be under no illusions regarding the expected track – rates are expected to continue declining this year.

The market is now expecting further cuts, and earlier cuts than expected. The next two meetings are 9 April and 28 May, with a distinct possibility that rates are cut at both meetings. Some economists are even predicting a third cut at the 9 July meeting.

The Reserve Bank seems confident that inflation is well placed for the long term and that rates can be safely cut without overstimulating the market. The key risks identified include the price of oil, the falling New Zealand dollar and, of course, the geopolitical risk of greater barriers to trade. 

The Reserve Bank delivered the expected outcome last week and has given guidance regarding its anticipated next steps. Rates have been cut and will be cut further, barring a surprise from abroad._ _ _ _ _ _ _ _ _ _

Travel

Dargaville – 26 February – David Colman

Kerikeri – 27 February – David Colman

Whangarei – 28 February – David Colman

Wairarapa – 28 February – Fraser Hunter

Napier - Mission Estate - 6 March - Edward LeeNapier - Havelock North - 7 March - Edward LeeChristchurch – 12 March – Johnny Lee

Lower Hutt – 25 March – David Colman

Tauranga – 15 April – Johnny Lee

Hamilton – 17 April – Johnny Lee

Please contact us if you would like to make an appointment to see any of our advisers.

Johnny Lee

Chris Lee & Partners Ltd

Market News 17 February 2025

Johnny Lee writes:

Reporting season is underway, with Vulcan Steel’s half-year result giving its shareholders a glimpse into the current environment for the metals sector.

The result was almost entirely negative. Revenue fell 13%, earnings fell 31%, profit fell 65% and the dividend was cut from 12 cents to 2.5 cents.

There were very few positive signs seen throughout the first half of the year. Customer numbers grew 0.1%.

The poor result was broadly expected, with the share price steady on the day. There was a bounce in the following days, but the share price remains well down from their highs.

Weakness for steel demand is expected to continue. The company highlights particular weakness from Victoria, as an area of concern. 

A number of data points now have been suggesting weakness across the construction sector, which is flowing through to this reduced demand for steel. Vulcan is anticipating a rebound longer-term, as the sector recovers.

Like many in the industry, Vulcan is focused on reducing debt and ‘’weathering the storm’’, in the hope for an improvement in market conditions in the years ahead. Lower interest rates - expected this week - may spur confidence, but increasing uncertainty from the US may yet upend these plans.  

_ _ _ _ _ _ _ _ _ _ 

Skellerup continues to move from strength to strength, reaching a new record with profit up 12% from last year.

Net profit reached $24.2 million, on the back of strong earnings growth, particularly from the agri division.  

The increase in profit led to yet another increase in dividend, up from 8.5 cents to 9 cents. Skellerup has been consistent in lifting its dividend for many years now.

The company is also forecasting an increase in full year profits, providing guidance of $52 to $56 million, compared to last year’s figure of $46.9 million.

Skellerup continues to focus on debt reduction, with net debt now only $20 million. 

Skellerup also changed its shipping strategy, choosing to increase inventory to reduce its exposure to international shipping. A number of our companies have adopted this approach, fearing disruption and cost escalations from the transportation sector. While this helps to mitigate spikes in the cost of its supply chain, it does also impact the balance sheet, as inventory grows.

Overall, the result was well received and highlighted the company's intentions to innovate in a difficult market. 

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A2 Milk has also reported its half year results, including the declaration of its maiden dividend.

A dividend of 8.5 cents was declared. Dividends will be paid on a semi-annual basis and are expected to climb alongside increases in net profit.

A2’s result saw an increase in both revenue and profit, with revenue lifting 10%, earnings up 5% and net profit up 8%. Two large one-offs - an $8 million spend on air freight to address a short-term supply issue, and a $5 million depreciation acceleration on a coal-boiler - negatively impacted the result.

Net cash sat at $1.014 billion at the end of the period.

A2 remains a popular and trusted brand in China, with customers (parents – not the infants) happy to pay premium prices for New Zealand products.

The result saw a2 actually grow sales for its Chinese label product, despite the overall market shrinking 8%. 

China saw its first rebound in birth rate in over 8 years, with 9.5 million births in 2024, lifting demand for a2’s 0-6 month formula product. Unfortunately, declines continued across the older (1-3 years) products, as the previous falls in new births flowed through the company’s product chain.

The question now is whether this modest rebound is the start of a change in the trend, or a one off spike. Some demographers had anticipated 2024 - the year of the dragon - to lead to a one-off uplift in the birth rate. 

Outside of China, sales continue to improve across the board. Liquid milk sales grew over 10% across Australia, New Zealand and the US. 

The US division should reach positive earnings this year. Market share is slowly growing, and the company is hoping to gain long-term approval for its US infant formula product this year.

Mataura Valley Milk, a2’s milk producer in Gore, is on track to finally begin contributions to the company’s bottom line, with hopes that this year will see MVM become earnings positive. More favourable commodity pricing is driving earnings from the processor.

A2’s outlook remains upbeat, with the company expecting an even stronger result in August.

The share price soared following the announcement, rising 11% on market open. Shareholders will receive their dividend on 4 April. 

  _ _ _ _ _ _ _ _ _ _

Contact Energy published its results today, recording a net profit of $142 million, down 7%. Earnings rose 12% to $404 million.

The dividend was increased to 16 cents per share, up 2 cents per share from last year. Contact had also lifted its full year dividend 2 cents in 2024, marking an 11% increase in total dividend over the last year.

Progress continues across a number of its developments.

The Tauhara development is operational, and attention now turns to the solar development in Christchurch and the Glenbrook battery project in South Auckland.

The Manawa acquisition remains a focus. Contact is currently working with the Commerce Commission to address the concerns raised in its recent Statement of Issues, and hopes to achieve clearance by the end of March.

The company also provided some detail on its new agreement with Fonterra. Contact has signed an agreement to supply power to Fonterra’s site at Whareroa, as part of Fonterra’s electrification ambitions. 

This contracted demand acts to give greater certainty to Contact, when planning its supply response.

The company’s recent inclusion into the MSCI Index has seen some greater demand for the shares of late. This takes effect from 28 February.

In terms of balance sheet, debt is growing but remains within the thresholds needed to maintain the company’s credit rating. Contact flagged the possibility of further hybrid debt issues to maintain this, if necessary.

Contact Energy is expanding its renewable portfolio at the same time as increasing its returns to shareholders. The Manawa acquisition - if approved - will mark another major change for the company, as we near the 31 March deadline. 

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Readers in the Nelson region have been invited to a meeting with the New Zealand Shareholders Association this Thursday. 

The NZSA is a non-profit organisation which seeks to advocate for retail shareholders of listed companies. 

The NZSA also acts as a voting proxy for many retail shareholders across the country, Retail shareholders typically have very low participation in corporate voting, with some instead entrusting the NZSA to cast their votes for them.

The meeting will include a presentation from economist Shamubeel Eaqub.

Readers interested in attending this meeting are welcome to contact us and we will send through further details.

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Travel

Lower Hutt – 20 February – Fraser Hunter

Dargaville – 26 February – David Colman

Kerikeri – 27 February – David Colman

Whangarei – 28 February – David Colman

Wairarapa – 28 February – Fraser Hunter

Napier - Mission Estate - 6 March - Edward Lee

Napier - Havelock North - 7 March - Edward Lee

Christchurch – 12 March – Johnny Lee

Lower Hutt – 25 March – David Colman

Please contact us if you would like to make an appointment to see any of our advisers.

Chris Lee & Partners Ltd

Market News 10 February 2025

Johnny Lee writes:

The Commerce Commission has completed its Statement of Issues regarding the Manawa Energy takeover, highlighting a number of concerns it has regarding the proposal.

Manawa’s share price fell following the statement, and prompted a response from Contact Energy (the party taking over Manawa) to reassure the market it will continue its dialogue with the Commerce Commission and believes a deal is still likely, and continues to operate on a timeline concluding in the first half of the year.

The concerns raised by the Commerce Commission in its 78-page document are largely technical in nature and relate to the level of competition in specific products offered by Manawa and Contact. The concerns centre around the market power the two would possess if combined into one entity.

In particular, the Commerce Commission is concerned that the combined entity would possess an incentive to limit access to certain hedging products, used by some of Contact’s competitors.

In brief, some electricity generators offer contracts that agree to supply a certain amount of power at a certain time, perhaps offering to supply a certain amount of power between 5pm and 9pm. This is only available to those with flexible, predictable generation, such as thermal or hydro generation. One cannot command the sun to shine brighter or the wind to blow harder, and generators who rely entirely on solar or wind energy could not feasibly offer such a product.

These products might be particularly useful for those who retail power but do not generate their own power and have no way to protect themselves from sudden spikes in the electricity price. The likes of Flick, Octopus and Electric Kiwi may fall into this camp. 

The Commerce Commission believes the merged entity of Contact and Manawa would have an incentive to cease supplying such products and could inhibit competition by doing so. 

Contact will need to convince the Commerce Commission that this is not the case. Judging by the share price decline in Manawa, shareholders are pricing in a higher likelihood that the deal fails to achieve approval, and is facing an uphill battle against the regulator, as the 31 March deadline looms.

_ _ _ _ _ _ _ _ _ _

Meanwhile, another takeover offer has been announced, this time for small cap technology company ikeGPS. The offer is from an unnamed private equity group, with an offer price reportedly at $1 per share, compared to a share price around 60 cents.

The offer would value ikeGPS at around $160 million, comparable in size to the likes of Seeka, Steel and Tube, PGG Wrightson and Rakon.

IKE has already rejected the offer, following dialogue with its major shareholders. A handful of shareholders possess a significant proportion of the company, making a takeover attempt doomed to fail without their consent. 

IKE develops software and hardware used by the communication and electricity companies in the field of overhead asset management (electricity poles). The company is headquartered in the United States and has signed many of the largest US utility companies to use its software. It primarily utilises a subscription model, which produces annual recurring revenue in the tens of millions.

The company listed in 2014 at $1.10 per share, and as of 2024 was making an annual loss of $15.4 million, with a similar amount of cash and receivables. The company has been tapping shareholders periodically since listing, with a number of Share Purchase Plans and institutional placements helping to finance its journey to profitability.

IKE’s share price has struggled since listing, only occasionally drifting above the $1.10 price. The market capitalisation has expanded, as the number of shares on issue has grown.

By ending discussions with the unnamed private equity firm, IKE has placed the ball back in their court to determine the next step.

The private equity group may simply disengage, as occurred with a number of takeover offers over the last year. They may choose to lift their price, perhaps in conjunction with major shareholders to gauge interest at different levels, similar to the Contact/Manawa deal. They may also choose to proceed without board and major shareholder approval as a hostile takeover, although this is rare in New Zealand.

The good news for shareholders is that the share price has risen sharply in response to the offer, perhaps highlighting that New Zealand traders were not valuing the company correctly. The sheer number of takeover offers New Zealand has received of late suggests there is growing appetite in the New Zealand small and mid cap market for undervalued companies. 

For now, shareholders do not need to act. If a formal takeover offer is lodged, the company will advise accordingly.

_ _ _ _ _ _ _ _ _ _

Unemployment data in the final quarter was released last week and should give the Reserve Bank the last piece of the puzzle it needs before its February 19 decision.

Unemployment rose to 5.1 percent, up from 4.8 percent in the previous quarter. This was broadly in line with market expectations and should act as the final confirmation needed by the RBNZ to cut rates next week.

The meeting will be important on both sides of the equation.

Data from the Reserve Bank shows that well more than half of mortgage debt is due to be refinanced this year, as New Zealanders continue their long-running penchant for short-dated mortgage terms. 

These borrowers will be looking for hints as to the direction of future rates. The Reserve Bank was unusually direct in its November statement, clearly stating its expectation that rates would fall 50 basis points in February’s (next week’s) decision. As we near the bottom of the cycle, one would expect to see more borrowers look to lock in rates longer-term.

Investors will be looking for the same clues. A number of companies, particularly in the retail space, have been eagerly awaiting these lower rates, with the hope that a lower mortgage cost would result in more consumer spending. Rates were 5.50 percent in July – a cut next week to 3.75 percent would mark a significant difference once these changes flow through to borrowers.

The following meeting will be on 9 April.

_ _ _ _ _ _ _ _ _ _

Santana shareholders – more specifically Santana option holders – are approaching the expiry date of their 2025 options, which is 28 February.

All option holders should have acted by now. The options have an exercise price of AUD 36 cents compared to a market price of SMI on the Australian Exchange around AUD 54 cents.

The registry (MUFG Limited) has been converting options in sporadic batches, with stock exchange announcements made after each batch. Holdings can be checked on the MUFG website, using an SRN.

Those who have not exercised their options – and intend to do so – should act now. The process is straightforward – an AUD cash transfer and an e-mailed copy of the personalised option exercise form.

All options that remain unexercised after 28 February will expire at nil value.

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Travel

Christchurch – 13 February – Fraser Hunter

Lower Hutt – 20 February – Fraser Hunter

Blenheim – 20 February – Edward Lee

Nelson – 21 February – Edward Lee

Dargaville – 26 February – David Colman

Kerikeri – 27 February – David Colman

Wairarapa – 28 February – Fraser Hunter

Whangarei – 28 February – David Colman

Napier - Mission Estate - 6 March - Edward LeeNapier - Havelock North - 7 March - Edward Lee

Please contact us if you would like to make an appointment to see any of our advisers.

Chris Lee & Partners Ltd

Market News 3 February 2025

Johnny Lee writes:

Last week saw considerable tumult in equity markets, after two announcements introduced major uncertainty for investors.

The first was an announcement from Chinese company Deepseek regarding a development with its “R1” Artificial Intelligence platform.

At the risk of oversimplifying, the thrust of the concern was regarding the efficiency and cost of the language model it had developed, which was reported to have been developed at a cost in the low millions. This compares to the hundreds of billions invested into existing AI infrastructure – and the billions more expected in the years ahead.

The immediate reaction from markets was negative. Nvidia, once the world's most valuable company, saw its share price fall 17%, the equivalent of about a trillion New Zealand dollars. Nvidia designs much of the hardware used in the processing of data for artificial intelligence and has enjoyed a huge increase in demand for its chips since the AI boom began.

Nvidia was not the only company impacted. Data centre owners and even electricity producers lost value on the day. Entire companies had been created to build and supply new electricity into the market to support the anticipated demand from new data centres housing these chips processing data.

Even Infratil saw a modest decline in value. Infratil’s data centre investments have been a major driver of their outperformance for many years now.

Share prices did see a modest bounce the second day. However, concerns remain regarding the valuations of these companies, and whether they have exceeded the realms of sensibility.

The Dow Jones, by contrast, rose on the day and continued to rise the follow days. The Dow Jones has a much smaller weighting towards Nvidia and the technology companies, instead favouring a more diverse spread of sectors, including healthcare and financial services. 

The sudden volatility in the technology sector highlights an important point.

The market currently has a sharply increased sensitivity to disruption, heightened perhaps by the record valuations given to the companies involved and the speed at which these valuations were reached. An announcement from an unknown Chinese technology start-up was enough to send shareholders into a panic, and they have not yet fully recovered.

The valuations seen from the technology sector are based on future earnings, and it is clear there is more disruption to come to this sector. It had been broadly accepted that in order to meet future demand for AI services, the world would need to ramp up the scale of data centres to process this demand. Data centres would need computer chips and electricity, which had led to increased demand in those sectors.

Challenging these assumptions would challenge the valuations seen across the technology sector and introduce further volatility to the market.

The other development came at the end of the week, when the United States confirmed its intentions to apply tariffs against its largest trading partners, including Canada and Mexico.

A tariff is a tax placed on an imported good and is usually applied to protect an industry by making the imported goods more expensive. Local products then become relatively cheaper, which incentivises consumers to buy locally.

Canada responded to the news by placing its own tariffs on certain American imports. Mexico has also indicated it would look to make retaliatory actions against the United States. 

Markets had already closed when many of these developments occurred. Tonight will see the first US share market reaction to the escalations.

The so-called “trade-war” comes at any interesting time for markets, and introduces a new headache for central banks.

The US Federal Reserve met just last week, holding interest rates at their current 4.25% - 4.50% range. This was in line with market expectations and occurred prior to confirmation of the tariffs.

Much of the commentary around the decision was political. It is clear that the fear of global tariffs, and the price increases expected to follow, was front and centre. 

Tariffs tend to be inflationary, particularly when applied to everyday items like lumber and steel.

Fed Chair Jerome Powell made it clear that rate cuts would only be forthcoming if economic data deteriorated. Indeed, there are an increasing number of scenarios now that could feasibly lead to higher inflation, and rate hikes to become necessary. Powell made it clear that a tariff war was one such scenario.

The Fed’s next meeting is in March, and markets are expecting another rate hold.

In New Zealand, the RBNZ’s chief economist Paul Conway gave a very useful speech, highlighting his view on our economy and, importantly, his view on the neutral interest rate.  The neutral rate is the rate that would sustain inflation remaining within the target range. Put another way, the rate that is neither contractionary nor stimulatory.

In brief, Conway believes the neutral rate is between 2.50% and 3.50%. The OCR is currently 4.25% and is expected to be reduced to 3.75% when the Reserve Bank meets on 19 February. From there, Conway comments that the Reserve Bank expects rates to “settle around neutral”. He does comment that a number of risks – particularly geopolitical – are rising.

For investors, the message seems clear: more rate cuts are likely, but we are nearing the end of the cutting cycle. Both here and abroad, expectations are that 2025 should see rates bottom out. 

From there, the RBNZ hopes to have enough flexibility to make more minor adjustments to keep long-term inflation within the target band. 

_ _ _ _ _ _ _ _ _

Markets closed down in January, with the NZX50 down around 1% for the month.

February is reporting season, with the majority of our listed companies due to publish their financial results. Vulcan Steel will be among the first cabs off the rank, with its results due 11 February. 

While January saw general weakness across the market, some stocks bucked the overall downward trend. 

Heartland Bank was up 7.50% in January, ahead of its 27 February result. EBOS Group is up 7% for the year so far, after a strong rally late in the month. The healthcare company reports on Wednesday 19, with most analysts expecting another decline in revenue after its Chemist Warehouse contract loss.

Spark’s result is due on Friday 21. The company has already indicated its intention to return its dividend back to lower levels, to help fund its desire to enter the data centre industry.

A2 Milk’s result is due Monday 17 and may include its maiden dividend. The result should also provide a clue as to the direction of the Chinese market, within its commentary.

February reporting season does not include Fisher and Paykel Healthcare, which reports in May. FPH is our largest company, with deep ties to the US market and US economy. 

FPH has already made a company announcement - released to the exchange this morning - stating that the tariffs may have a significant impact from 2026. Its shareholders will be watching the situation unfold very carefully, but the initial reaction has been negative, with the share price falling sharply this morning following the announcement.

Reporting season is always a busy period for markets and this year will be no different. An uncertain international picture will introduce new challenges to our largest companies as they navigate a changing approach from the world's largest economy.

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Travel

Wellington – 4 February – Edward LeeChristchurch – 13 February – Fraser Hunter

Lower Hutt – 20 February – Fraser Hunter

Blenheim – 20 February – Edward Lee

Nelson – 21 February – Edward Lee

Dargaville – 26 February – David Colman

Kerikeri – 27 February – David Colman

Wairarapa – 28 February – Fraser Hunter

Whangarei/Keri Keri – 28 February – David Colman

Napier - Mission Estate - 6 March - Edward Lee

Napier - Havelock North - 7 March - Edward Lee

Please contact us if you would like to make an appointment to see any of our advisers or would like us to visit your area.

Chris Lee & Partners Ltd