Ann: Half Yearly Report and Accounts, page-18

Hi Pickup

I know alot about Boundary Bend, but i don't have any real knowledge of Gowings per se. But this family is like alot of other family companies, undervalued due to longterm planning.

a couple of similar companies overseas are
Rangatira, half owned by a charity that invests in listed stocks, private equity and private companies. 20% discount to NTA. They were an early investor in Xero
TSX ELF, controlled by the Jackman family. Huge discount to assets

if you want to see how Gowing could evolve over time, go read the annual reports of Rangatira, listed on the USX in NZ. That's the Unlisted Stock Exchange in NZ. It's been operating since 1938? and was founded by NZ richest man, John McKenzie who was born in Victoria.

But finally, these guys, the Gowings, have their name on the front of the annual report, along with $45m in shares, how much effort do you think they put into maintaining their good name? I think they will cystalise part of the capital appreciation, via a special vehicle, at some point and bunker down with zero debt for the next opportunity. But then i don't know much about Gowings