Chris Lee & Partners Ltd

Johnny Lee writes:

Infratil’s nationwide roadshows are in full swing, as the infrastructure investment company tours the country updating shareholders on recent developments.

I attended the Kapiti presentation, alongside several hundred investors and interested parties. Deputy CFO Matthew Ross provided a clear summary of Infratil’s current position, recent decisions, and the company’s intended future direction.

Current state

Rapid growth in valuations over recent years has changed the makeup of Infratil’s portfolio. It is now heavily concentrated in three areas: its data centre business, telecommunications provider One NZ, and US-based renewable energy developer Longroad. This concentration may increase, as the company continues to invest in digital infrastructure and renewable energy.

This focus has contributed to share price volatility in 2025, driven by external events. The share price ended 2024 at approximately $12.50, before falling sharply and then rebounding in early April.

Some volatility was short-lived. For instance, the threat of tariffs spooked markets before being postponed (or possibly cancelled) days later. Other developments, such as the Deepseek disruption in January, highlighted lingering market uncertainty toward data centre investments, prompting some investors to reduce exposure.

Infratil also noted that its recent inclusion in the MSCI Index contributed to share price swings.

Recent moves

A key development has been increasing Infratil’s stake in its Australasian data centre operator, CDC. The main goal was to gain greater governance rights and strengthen oversight of CDC’s strategic direction.

At One NZ, internal system modernisation remains a challenge. Cost control, automation, and use of artificial intelligence are ongoing priorities.

Longroad has been active, responding to policy and regulatory changes. Proposed tariffs on Asian-sourced batteries and the potential winding back of US tax credits prompted the company to accelerate investment and procurement. While its solar panels are primarily sourced domestically, batteries remain a supply chain vulnerability. Longroad took advantage of the temporary pause on tariffs to secure battery inventory.

Infratil hopes to retain access to current US tax credits for as long as possible and is positioning for their potential return under a future administration.

Future direction

Infratil’s strategy remains focused on holding a small number of large investments in key infrastructure sectors, rather than diversifying broadly. Control and scalability are prioritised over breadth.

Of the hour-long presentation, nearly 50 minutes were dedicated to digital infrastructure and renewable energy. It's other holdings in Wellington Airport, healthcare investments, and Contact Energy were mentioned only briefly.

The company’s thematic focus remains on "ideas that matter": investments in sectors with long-term relevance and growth potential. At present, those are digital infrastructure and renewable energy, and further investments are expected in both.

Four roadshow events remain this week: Dunedin, Invercargill, Napier, and Nelson.

Channel Infrastructure

Last week, Channel Infrastructure (formerly New Zealand Refining) also delivered a presentation as part of the Rapid Insights Conference hosted by Craigs Investment Partners and Wilsons Advisory.

The company has transitioned from refining to importation and distribution of fuels - petrol, diesel, and jet fuel.

While investor interest in the company was historically limited, Channel is adapting to a changing energy landscape. A chart in the presentation outlined expected declines in petrol and diesel use over time, reflecting both technological change and shifting political priorities.

Jet fuel, by contrast, is expected to grow in demand, supporting Channel’s long-term role. This aligns with Auckland Airport’s recent comments on anticipated growth in air travel.

Channel’s success will hinge on effectively using its land and storage assets. It has already secured inflation-linked contracts with major counterparties including Z Energy and Higgins, and sees opportunities to expand beyond Marsden Point.

Future capital deployment may include new investments or industry consolidation, supported by relatively strong access to capital.

The company aims to maintain a stable and growing dividend, ensure workplace safety, and pursue selective growth in revenue.

Travel

Palmerston North – 1 July – David ColmanLower Hutt – 9 July – Fraser HunterChristchurch – 23 July – Fraser Hunter

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

Chris Lee & Partners

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Market News – 23 June 2025

Johnny Lee writes:

Tourism Holdings is the latest to announce a takeover approach, with the recreational vehicle company disclosing an imminent offer from a bidder based in Australia.

The approach is from a group comprising an Australian private equity firm, BGH Capital, and the family interests of Tourism Holdings’ executive director Luke Trouchet.

This presents an immediate conflict. THL has confirmed that Trouchet will step back from his role temporarily while the offer is considered.

BGH Capital may trigger a memory in some long-term investors. The company was part of a consortium with the Ontario Teacher Pension Fund that launched a successful, but drawn-out, takeover of New Zealand dentistry company Abano Healthcare in 2020.

The consortium now plans to formally bid for Tourism Holdings. It already controls 19.99% of the company, with major shareholders ACC and Wilson Asset Management having agreed to a sale price of $2.25. Separately, ANZ Bank has agreed to sell at a price of $2.30.

The share price soared following the announcement, climbing over 50% to $2.27.

The board has not yet endorsed the approach. A sub-committee will be established to determine the merit of the offer, alongside the company’s adviser Jarden. The board has also stated that the bidder may accept a holding below 100 percent, but will only proceed if the board unanimously recommends it.

Tourism Holdings was one of the hardest hit during the pandemic. The company lost over 60 percent of its value in the month of March 2020, before staging a strong recovery until 2024, when the price capitulated back towards COVID lows. Like many companies, the abysmal share price performance is attracting interest from the private equity sector, which is clearly taking a different view on the long-term value of our listed companies.

The steady stream of overseas bidders looking to acquire New Zealand businesses has naturally led to questions regarding other potential targets. We have no shortage of mid-caps trading in the doldrums, particularly in the retail, technology and construction sectors. The next six months may see more offers emerge from out of the woodwork.

If the Tourism Holdings offer results in another departure from our exchange, the index will see a new entrant to the NZ50. The recent quarterly rebalance saw Briscoes replace The Warehouse Group, despite the large holding from Rod Duke.

The offer for Tourism Holdings has not yet been formalised. It remains in the “NBIO” or Non-Binding Indicative Offer stage, but the share price response has been immediate. Shareholders will hear from the board in due course with the company’s recommendation regarding the offer.

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Fruit grower Seeka and clothes retailer Kathmandu each published updates to the market last week.

Seeka’s update was more encouraging.

The kiwifruit harvest was particularly strong, totalling 47 million trays, compared to last year's 43 million. Both fruit quality and labour availability have been satisfactory.

The company now forecasts a profit midpoint of $35 million, up 17% from last year's result.

Seeka joins a number of stocks in the primary industry enjoying 2025. The share price is up 25% this year.

Retailer KMD Brands (formerly Kathmandu) also posted an update, which was received with considerably less cheer than the Seeka report.

The company is guiding for underlying earnings in the range of $15 million to $25 million for August’s result. Last August saw earnings of $50 million.

Oboz, the company’s shoe brand, continues to struggle. It hopes that new products released ahead of the North American summer hiking season, combined with an easing rhetoric on tariffs, will see Oboz rebound in the second half of the year.

The outdoor clothing side, Kathmandu, is hoping the colder New Zealand weather and the approach of ski season will serve as a shot in the arm. The company noted that June had started strongly.

KMD expects net debt to rise from $60 million to $70 million at August’s result.

It remains a difficult market at the higher end of retail. The poor guidance shows that there is not yet any light at the end of the tunnel. Balance sheets will be tested.

The share price fell further after the announcement, reaching 27 cents, a record low.

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A brief update for Manawa shareholders.

The takeover has now been approved by shareholders. Pending customary approval from the High Court, New Zealand shareholders should expect the matter to be concluded on the implementation date, currently set for 11 July.

This conclusion will result in a modest cash payment of $1.12 per share, and a less modest allocation of Contact Energy shares at a ratio of 0.583 Contact shares per Manawa share held. This equates to a value of around $6.30 at current pricing.

There is also an implication for bondholders of the three series of listed Manawa bonds: MNW170, MNW180 and MNW190.

Contact Energy’s scheme booklet has confirmed that all Manawa retail bonds will be repaid on the implementation date at the greater of market value or par. This value varies across the three bonds. One is trading at about par, one at $1.02 and one currently at $1.07.

Holders of the Manawa 2029 bonds (MNW170), for example, should receive approximately $10,700 per $10,000 held.

This will mean hundreds of millions of dollars entering bondholder bank accounts far earlier than expected. It comes at a time when bond liquidity is poor, and the lack of new issues (along with scaling of recent ones) has left a significant amount of unsatisfied demand. Bond investors seem particularly reluctant to sell at the moment.

Manawa bondholders and shareholders will both see their investments conclude next month, barring an improbable obstacle. Shareholders will become Contact Energy shareholders. Bondholders will see their bank accounts unexpectedly flush.

Investors will be hoping a new bond issue appears soon.

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Travel

Ashburton – 24 June (pm) – Chris Lee

Timaru – 25 June – Chris Lee

Auckland (North Shore) – 25 June – Edward Lee

Auckland (Ellerslie) – 26 June – Edward Lee

Auckland (CBD) – 27 June – Edward Lee

Palmerston North – 1 July – David Colman

Lower Hutt – 9 July – Fraser Hunter

Christchurch – 23 July – Fraser Hunter

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

Johnny Lee

Chris Lee & Partners

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Market News – 16 June 2025 

Johnny Lee writes:

The dispute between Fletcher Building and SkyCity has finally entered the public domain.

Both companies have advised shareholders they are engaging legal counsel to resolve their long-running disagreement regarding the International Convention Centre project.

Fletcher Construction began work on the project in 2015, during Mark Adamson’s tenure as CEO of Fletcher and Nigel Morrison’s time at SkyCity. Both companies have since undergone several leadership changes. It has been a long and difficult process for all involved.

SkyCity is now seeking $330 million in liquidated damages. This is a material figure for both parties and exceeds the amounts already paid by Fletcher Building due to delays in project delivery.

Neither company is unfamiliar with litigation. Fletcher continues to address issues tied to its Iplex operations in Western Australia. SkyCity has paid millions in penalties following anti-money laundering breaches. Legal activity has been frequent for both.

This latest development is unlikely to reassure shareholders. A construction firm and a casino operator entering what may become a protracted legal process, amid soft sector conditions, is not a welcome headline.

Fletcher Building also issued an update confirming it had received interest from several undisclosed parties seeking to acquire parts of the business, including its construction division.

The company operates multiple divisions: building products, distribution, concrete, Australia, residential and development, and construction.

The construction arm includes local road maintenance contracts and brands such as Brian Perry Civil and Higgins, both of which have experienced volatile earnings in recent years.

There is no indication of a full takeover. Interest has focused on selected business units. This is not unusual for larger, multi-division firms.

Whether the interest amounts to casual inquiry or reflects a genuine opportunity for Fletcher to refocus remains uncertain. The company has said it will provide a further update at its Investor Day on 24 June.

Following the announcement, Fletcher’s share price rose 10 percent. After years of disappointing performance, its current market capitalisation of around $3.5 billion appears to be drawing external interest from those seeking exposure to New Zealand’s construction sector.

Scales Corporation upgraded its full-year profit guidance last week, following strong performance across all three of its business divisions.

Horticulture is leading the improvement. Higher apple prices and favourable growing conditions have lifted volumes. This has supported the logistics business, while the Global Proteins division has also benefited.

Scales has been shifting its horticulture strategy, redeveloping orchards to focus on premium apple varieties. The company aims for 80 percent of its exports to consist of these higher-value products by 2027.

Operational integration is also progressing. The Profruit business is being brought under Scales Logistics.

In April, Scales lifted its dividend. Although reduced imputation credits — the result of a greater share of earnings coming from offshore — tempered the benefit, there is optimism that dividend growth will continue.

The market responded positively. The share price rose 10 percent and is now nearing its highest level in almost three years.

Mercury Energy held its Investor Day last week, updating shareholders on its strategy and progress.

The company, previously known as Mighty River Power, was partially privatised under the Key government in 2013.

Mercury expects that new generation and tighter cost control will drive profitability over the next five years.

Wind energy remains the primary focus, though geothermal, solar and battery storage are also being developed. Most recent projects remain on budget and on time.

A key challenge is managing supply as gas production declines and weather patterns become more unpredictable. Mercury has identified firming generation — the backup needed when wind and solar output drop — as its top operational priority.

The company sees a range of possible solutions. Battery systems are gaining attention across the sector. Thermal supply agreements and demand-side responses, like Meridian’s agreement with the smelter, also play a role.

On the retail side, Mercury is targeting lower operating costs. Shifting customers to digital channels, such as the mobile app, is central to this approach.

Mercury aims to grow earnings from $900 million in 2025 to $1.2 billion by 2030.

It has maintained a reliable dividend record since listing, including regular growth. Although the yield is lower than Contact Energy or Genesis Energy, long-term holders have been rewarded.

Much like its peers, the next phase of Mercury’s growth will depend on investment in generation and disciplined cost management.

Travel

Wellington – 18 June – Edward Lee

Christchurch – 23 and 24 June – Chris Lee (fully booked)

Ashburton – 24 June (afternoon) – Chris Lee

Timaru – 25 June – Chris Lee

Auckland (North Shore) – 25 June – Edward Lee

Auckland (Ellerslie) – 26 June – Edward Lee

Auckland (CBD) – 27 June – Edward Lee

Please contact us if you would like to book an appointment with one of our advisers.Chris Lee & Partners

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Market News 9 June 2025

Johnny Lee writes:

New Zealand small cap Pacific Edge has announced its financial results and a capital raising, as the company seeks to raise $20 million from shareholders to accelerate its growth strategy. This includes increased investment in clinical evidence generation, aiming to provide more robust justification for the use of its products by healthcare providers.

This figure was later increased to $21 million, following demand from institutional shareholders. The market capitalisation of the company prior to this new issuance was barely $80 million.

The $21 million raising is being completed in two parts, with $16 million allotted to institutional shareholders and $5 million set aside for retail shareholders.

The funds will be added to the nearly $20 million cash already on the company’s books, which should provide approximately 12 months of breathing space.

Pacific Edge elected to price this issue at a premium to market, with the offer priced at 10 cents per share, compared to around 8.2 cents at the time of the announcement. Typically, capital raisings are conducted at a discount to encourage participation.

Pacific Edge did this after consulting with institutional backers, who expressed support at that pricing. The share price has since rallied and now trades close to 10 cents per share.

The timing of the issue is also unusual.

While the institutional placement has already taken place, it has not yet been approved by shareholders, with this approval not being sought until late July. Allotment is expected in August. Retail shareholders will be invited to participate at the same 10 cents per share, also in August. These dates remain subject to change.

For Pacific Edge, the $16 million provides confidence in committing to its longer-term plans, particularly when the short-term picture – clouded by uncertainty around Medicare coverage – remains highly uncertain.

For retail shareholders, it remains business as usual for now. In August, shareholders can expect a request from the company seeking $5 million – again subject to change – at 10 cents per share. Given current global volatility, it is pointless to speculate whether this price will represent fair value.

Outside of the capital raising, the company also reported its financial results.

Revenue fell 8% to $21.8 million. The loss widened to $29.9 million. Net cash fell from $50.3 million to $22.6 million (as at March end).

The major issue remains the loss of Medicare coverage, which took effect in late April.

The company is now focused on regaining coverage for some products, and obtaining coverage for its newer range. It is also seeking to grow revenues in the non-Medicare space, where it has had modest success.

The coming 12 months will be busy, with several reconsideration requests under review. If these are successful, and Medicare coverage resumes, shareholders would expect much greater certainty around cashflows and profitability. If not, a pivot in strategy may be required.

It has been a long and difficult journey for Pacific Edge shareholders. Receiving yet another invitation to inject capital will be neither welcome nor unexpected. Retail investors have another two months to decide whether 10 cents represents fair value, and whether to commit further funds to a company once again trading near record lows.

Fisher & Paykel Healthcare’s record result has sent its share price higher, with strong growth across all key metrics.

Revenue grew 16%, net profit rose 43%, and the dividend increased by a further 0.5 cents per share.

The company has returned to a healthy net cash position, with over $200 million now on the balance sheet.

Tariffs remain an unresolved issue, unlikely to be clarified during the current US presidential term. Fisher & Paykel has included a potential tariff impact in its 2026 guidance, but notes that this is based on numerous assumptions about how tariffs will be applied.

In reality, it is impossible to forecast this accurately, as the rules appear to change week by week.

New Zealand ownership of Fisher & Paykel Healthcare has now been eclipsed, with Australian ownership (36%) exceeding local ownership (34%). The company is dual listed, and Australian market volume has been steadily growing for years.

Fisher & Paykel remains New Zealand’s largest listed company by market capitalisation.

Outlook remains strong, with a full year result expected in November in the range of $390 to $440 million. The company hopes its continued investment in Research & Development, patent expansion, and evidence-based healthcare will support a continuation of its historically strong performance.

Fisher & Paykel remains one of our best-performing companies and has been an immensely successful long-term investment. It is cash-rich, profitable, and pursuing a credible long-term growth strategy, while investing in better outcomes for patients globally.

Mainfreight’s result also pleased investors, with another increase in both revenue and net profit.

The dividend was unchanged.

Revenue grew 11%, and net profit rose 31%.

Mainfreight also operates in a net cash position, with approximately $14 million on hand.

The company continues to invest in growth, with around half a billion earmarked for capital expenditure over the next two years.

Across divisions, all three core products – transport, warehousing, and air & ocean – saw revenue growth. Demand for logistics remains strong, particularly towards the second half of the year.

By region, Australia continues to lead with strong gains in revenue and profit. Europe also recorded modest growth. Asia and the US continue to lag. New Zealand, once its largest market, saw profit before tax decline 10%.

Outlook remains positive, with the company expecting a soft start to the year – shaped by short trading weeks and tariff uncertainty – to give way to a stronger second half as improvements are made.

The company is taking a prudent approach to the current environment: moderating capital expenditure, managing overheads and labour costs, and focusing investment in areas likely to provide the best opportunities for long-term growth.

Bond issues

Infratil confirmed that its 7-year senior bond, will have a fixed interest rate of 6.16% per annum. This was set slightly higher than the minimum interest rate, with Infratil covering the transaction costs (resulting in no brokerage payable by clients).

Clients who would like this bond should urgently contact us for an allocation.

Payment will be due no later than Friday, 13 June. 

Travel

Whanganui – 11 June – David Colman

Wellington – 18 June – Edward Lee

Auckland (North Shore) – 25 June – Edward Lee

Auckland (Ellerslie) – 26 June – Edward Lee

Auckland (CBD) – 27 June – Edward Lee

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

Chris Lee & Partners

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Market News – 2 June 2025

Johnny Lee writes:

The Reserve Bank met last week, voting to reduce the Official Cash Rate from 3.50% to 3.25%.

The 25-point cut was exactly in line with market expectations. So far, the Reserve Bank has maintained its “no surprises” approach.

Clearly, certainty remains in short supply. The Reserve Bank outlined several scenarios it was considering, with much weight given to the mixed messages emerging out of the United States.

It is also keenly aware of an expected shift in household budgets over the next year. Half the current stock of mortgages are due to reprice over the next six months, with these decisions no doubt guided by homeowners’ views on the likely trajectory of interest rates in the short term.

These lower rates should support higher consumer spending, although other factors – particularly fears around employment stability – will also play a role.

Much weight was given to the uncertainty surrounding US tariff policy. As if to validate this concern, the US administration has since announced its intention to double the current tariff applied to imported steel.

Ultimately, the Reserve Bank expects these tariffs to reduce inflationary pressure in the longer term, as investment spending begins to slow. Even in New Zealand, a number of companies have reported a reluctance to invest, citing the erratic shifts in global trade rules.

For interest rates, the market still expects further cuts throughout the year. However, uncertainty – particularly from trade disruptions – appears to be the primary concern.

EBOS Group has announced that its largest shareholder, Sybos Holdings, has significantly reduced its holding in the company.

Sybos is controlled by Zuellig Group, an institutional investor focused on the pharmaceutical and healthcare industries. Sybos acquired 58.1 million shares following the EBOS takeover of Symbion (hence "Sybos") in 2013, at an effective price of $8.57 per share.

Last week’s sale saw Sybos sell over 26 million shares at $35.50, equating to around NZD $950 million, or 13% of the company. $35.50 represented approximately a $3 discount to the market price at the time, with such a discount deemed necessary to move such a large volume of stock.

Thomas Zuellig of Zuellig Group stated that his company retained a small holding – around 5% – and was selling in order to diversify its portfolio. He also confirmed that Sybos was not in possession of any inside knowledge regarding EBOS.

The share price of EBOS fell sharply after the confirmation of the trade but had a small rally shortly afterwards. Every sale requires a buyer, and the fact that buying interest totalling nearly a billion dollars valued EBOS close to market pricing should reassure investors that confidence in the company remains high.

However, it is also true that a significant degree of buying interest is now satisfied, some of which will be short-term in nature and likely to profit from these share price rallies, keeping a lid on an immediate rebound.

This is not the first time Sybos has reduced its holding, having sold 15 million shares in 2020 when the share price was nearer $22. A similar share price reaction was seen at the time.

The sale follows the $36.65 capital raising in early May, which closed modestly oversubscribed.

The recent share price activity from EBOS highlights a key risk when investing in companies with a single, large shareholder. This shareholder has sold down before, which has led to similar short-term share price impacts.

A large, sudden seller will naturally depress the market and lead to questions about why they are choosing to divest. However, Sybos has achieved a fantastic return on its investment and will retain a modest exposure to the company – for now.

The situation with EBOS contrasts with the conclusion of the Volaris holding in EROAD, which was finally sold last week.

Volaris was the Canadian subsidiary of Constellation Group, which attempted a takeover of EROAD in 2023. Volaris had purchased an 18.7% stake in EROAD to gain a foothold in the company in preparation for its takeover, before offering $1.30 per share to acquire control.

The offer was ultimately rejected, and the share price dropped to around half that amount. Volaris retained its stake in the company until last week, throwing in the towel and selling the shares back to the market.

Clearly, the company saw no value in maintaining a minority stake in a small New Zealand company over which it could exert little control. Perhaps more surprising was the market’s willingness to acquire such a large stake at around NZD $1.20.

The sale from Volaris removes the overhang and has introduced many new shareholders to EROAD’s register.

At the same time, EROAD’s financial results earlier in the week showed a profit of $1.4 million, up from last year’s loss of $800,000. The company now boasts $175 million in annualised recurring revenue, and expects this to grow to nearly $190 million next year.

It appears focused on larger (enterprise) customers, hoping these prove more resilient during difficult conditions.

The result saw the share price finally begin to ascend, climbing around 55% in the days following the announcement. At $1.47, it remains well off historical levels, but shareholders should be pleased to see positive momentum after such a long period of pessimism.

Infratil reported earnings growth in its full-year result, with EBITDAF approaching the billion-dollar mark at $939 million.

The result was driven primarily by contributions from data centre business CDC and One NZ (formerly Vodafone).

The period also included the final contribution from Manawa Energy. Future results will instead include the company’s proportional holding in Contact Energy, assuming this is retained.

Perhaps the most intriguing comment was Infratil’s intention to divest $1 billion from within its portfolio over the medium term, partly to fund incentive fees.

Infratil’s assets include CDC, Longroad, Contact Energy, One NZ, RetireAustralia, Wellington Airport, and its New Zealand medical imaging business, which operates Pacific Radiology.

CDC alone accounts for around 40% of the company’s assets.

Longer term, the company hopes to better balance its cash flows and dividends, with cash flows from its investments covering both fixed costs and dividends. Once CDC and Longroad wind down their construction programmes, this rebalance may become possible.

Infratil also hopes to accelerate the growth of its Asian renewable energy subsidiary, Gurin, with projects in the Philippines, Indonesia, South Korea, and Thailand beginning to take shape.

Until then, expect the company to continue expanding its data centre footprint and its US renewable energy programme.

Infratil Limited – 7-Year Senior Bonds 

Infratil has announced its intention to issue a new 7-year senior bond (IFT370), maturing on 16 June 2032. Infratil is an infrastructure investment company with significant holdings in digital assets, renewable energy, healthcare, and other long-term infrastructure assets. 

The interest rate has been set at 6.16% per annum, with interest paid quarterly. 

Infratil will cover the transaction costs for this offer, so clients will not be charged brokerage.

The offer consists of two parts:

Firm Offer: Open now to new and existing investors. Payment due no later than 15 June 2025.Exchange Offer: Available to holders of IFT250 bonds maturing on 15 June 2025. Bondholders may elect to exchange part or all of their maturing bonds into the new offer. Elections open on 5 June 2025 and must be submitted no later than 5:00pm on 11 June 2025.

The minimum application amount is $5,000, with increments of $1,000 thereafter.

If you would like a firm allocation of this bond, please contact us promptly with the amount you wish to invest and the CSN you would like to use. If you hold IFT250 bonds and would like to exchange them, please let us know when making your request.

Travel

Napier – 9 June – Chris Lee

Tauranga – 11 June – Chris Lee

Whanganui – 11 June – David Colman

Hamilton – 12 June – Chris Lee

Christchurch – 23 and 24 June – Chris Lee

Ashburton – 24 June (pm) – Chris Lee

Timaru – 25 June – Chris Lee

Auckland (North Shore) – 25 June – Edward Lee

Auckland (Ellerslie) – 26 June – Edward Lee

Auckland (CBD) – 27 June – Edward Lee

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

Chris Lee & Partners

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