ORDINARY SHARES

Ordinary shares in NZPM Co-operative Limited are issued to Transacting Shareholders whose rights include voting rights, and rights to co-operative dividends that NZPM may from time to time authorise.

Subscription and payment

The Ordinary Share Requirement is currently set at 10,000 Ordinary Shares of $1.00 each.

Subject to the board’s discretion, payment for Ordinary Shares may be made:

  1. In one sum when you make your application; or
  2. By ten consecutive monthly instalments of $100 and then thirty-six consecutive monthly instalments of $250

Who can become an Ordinary Shareholder?

The following classes of applicants may apply to become an ordinary shareholder of NZPM Co-operative Limited:

  1. An individual who is a certifying plumber, gasfitter or drainlayer; or
  2. If the applicant is a company, then the owner (or part owner) of that company must be a certifying plumber, gasfitter or drainlayer; or
  3. If the applicant is a company, then that company must employ a certifying plumber, gasfitter or drainlayer; or
  4. The applicant must work predominantly (at least 60%) in a business that is directly related to plumbing (such as roofing, mechanical services); or
  5. Subject to the restrictions listed below, an individual or company that undertakes residential construction where the individual, a key staff member or a contracted party is a Licensed Building Practitioner; or
  6. Subject to the restrictions listed below, an individual or company that undertakes non-residential construction activity where the individual or a key staff member is suitably qualified and competent to undertake the business activity.

Restrictions on applicants who undertake residential construction and non-residential construction (together “builders”):

  • The total number of ordinary shareholders designated as builders cannot exceed 20% of the total number of ordinary shareholders;
  • Franchisors of building companies are not eligible to be an ordinary shareholder, however, the individual franchisees undertaking the building activities are individually eligible to become ordinary shareholders;

Shareholders may operate as a single trading entity or a group of entities as long as all entities in a group have the same ultimate shareholders with the same relative shareholding.

In every case, each applicant will be treated on its merits by the Board in making their decision to accept or reject the application.

Co-operative Dividend Policy

NZPM Co-operative provides returns to ordinary shareholders by way of paying co-operative dividends.  The co-operative dividend policy is:

  • If a co-operative dividend is declared, all shareholders will receive a minimum pre-tax rebate payment of $300;
  • Co-operative dividends will be paid as a percentage of Grade A cash(i) of transacting shareholders as set annually by the board as a percentage of Net Profit after Tax after adjustment for other such financial factors as the board determines;
  • To receive a co-operative dividend, the transacting shareholders must continue to be an ordinary shareholder on the co-operative dividend payment date; and
  •  Cash co-operative dividends payments to NZPM shareholders will be applied in the following order of preference:
    • To repay overdue amounts on shareholder capital payments (for defaulting shareholders);
    • To repay overdue amounts of more than 30 days overdue on trading accounts with Plumbing World; then
    • Cash payment direct to shareholder bank account.

(i)    Grade A cash is defined as the purchases by a transacting shareholder from Plumbing World Limited that are paid by the invoice due date which is no later than the final business day of the month following the invoice date.

Full terms of issue

The full terms of issue and the risks of investing in NZPM Co-operative are set out on the current Disclosure Register which can be read or downloaded from the NZ Companies Office website, search the register for "NZPM".
Disclose Register - Search NZPM

Investors inquiring about becoming a transacting shareholder should review the “Offer of Ordinary Shares and Redeemable Preference Shares by NZPM Co-operative Limited to Transacting Shareholders”.

REDEEMABLE PREFERENCE SHARES

Redeemable Preference Shares are unsecured debt obligations of NZPM.  Redeemable Preference Shares are issued to Transacting Shareholders and Non-Transacting Shareholders in minimum parcels of 250 shares of $1.00 each.
Redeemable Preference Shares do not have voting rights, but NZPM will pay dividends on them at a floating rate.

Full terms of issue

The full terms of issue are set out on the current Disclosure Register which can be read or downloaded from the NZ Companies Office website, search the register for "NZPM".
Disclose Register - Search NZPM

Investors inquiring about becoming a transacting shareholder should review the “Offer of Ordinary Shares and Redeemable Preference Shares by NZPM Co-operative Limited to Transacting Shareholders”.

Current Dividend Rates

Dividend rates are set based on fixed dividend periods of quarterly, two, three and four years.  The dividend rates remain fixed for the period of the investment and the shares may only be redeemed on maturity. All investments default to quarterly dividend rates unless advised by the investor.

At the board meeting on 18 August 2023, the directors resolved that, from 1 September 2023 until further notice, the dividend rates for the Redeemable Preference Shares would be:

  • Quarterly fixed dividend period – 7.0%
  • Two year fixed dividend period – 6.7%
  • Three year fixed dividend period – 6.5%
  • Four year fixed dividend period – 6.5%

SHARE REGISTRAR

If you are interested in becoming a shareholder in NZPM Co-operative or require additional information relating to NZPM’s shares, please contact our Share Registrar, Lauren McEniery, for further information. You can contact Lauren by email (This email address is being protected from spambots. You need JavaScript enabled to view it.), or phone DDI (09) 379 1832.

ANNUAL & INTERIM REPORTS

NZPM Co-operative Limited – Interim Financial Statements – 30 Sept 2023

NZPM Annual Report 2023

NZPM Co-operative Limited – Interim Financial Statements – 30 Sept 2022

NZPM Annual Report 2022

NZPM Co-operative Limited – Interim Financial Statements – 30 Sept 2021

NZPM Annual Report 2021

NZPM Co-operative Limited – Interim Financial Statements – 30 Sept 2020

NZPM Annual Report 2020

NZPM Co-operative Limited - Interim Financial Statements - 30 Sep 2019

NZPM Annual Report 2019

NZPM Co-operative Limited - Interim Financial Statements - 30 Sep 2018

NZPM Annual Report 2018

NZPM Co-operative Limited - Interim Financial Statements - 30 Sep 2017

NZPM Annual Report 2017

NZPM Interim Financial Statements - 30 Sep 2016

NZPM Annual Report 2016

NZPM Annual Report 2015

NZPM Annual Report 2014