Ngāi Tahu sells almost half its stake in NZX-listed fishing company Sanford
Thursday, 4 June 2026
Ngāi Tahu, a major shareholder in listed fishing company Sanford, said putting half its stakeholding in the company up for sale, as it has done this morning, was mainly down to “reshaping” its portfolio.
Sanford was placed in a trading halt on the NZX this morning after Ngāi Tahu initiated the process to sell almost half of its total 19.6% shareholding in the company through a fully underwritten block trade.
The stake was worth $66.6 million based on the Wednesday closing of $7.42 a share.
Sanford shares will resume trading on Friday after a trade was completed.
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Ngāi Tahu Holdings chief executive Todd Moyle said the sale supported the company’s “strategy to reshape its portfolio for future growth and enables investment in new sectors, as signalled in our 2025 annual report.”
The planned portfolio decision was consistent with other actions in recent years such as the sale of a single rotation of forestry rights on the West Coast.
“Ngāi Tahu Holdings has retained a meaningful shareholding in Sanford and remains confident in the company’s long-term outlook,” Moyle said.
Craigs Investment Partners portfolio manager Mo Singh said when Ngāi Tahu bought into Sanford there was a expectation that rather than selling down, it might increase its holding over time.
Sanford had performed reasonably well in recent years and chief executive David Mair, who came from Skellerup as chief executive had done a good job of right-sizing its spending.
Sanford reported a $42.4m profit after tax in the six months to March 31, up 24.6% on the previous comparable half.
In the last couple of years the fishery had improved, with the wild fish catch up and the business travelling in the right direction, Singh said. However, the sharp rise in diesel prices due to the Iran war, would become a focus.
Ngāi Tahu had a substantial investments portfolio and may have considered there were better opportunities. “The options were either go more into Sanford, or stay there as a as a 19% partner, and they've decided that there's better use of capital somewhere else,” Singh said.
Listed fishing companies have had a difficult time with climatic changes and Sanford had delayed its fleet capital expenditure to free up cash flows, “but ultimately the boats do need upgrading.”
Agri-stocks such as wine company Delegate, milk company Synlait, or mānuka honey producer Comvita and King Salmon had all had the odd good year, but lots of tough years as well, he said.
“So you've really got to believe in something to be a long-term strategic investor,” Singh said.
Sanford said in a statement to the NZX a trade of 9.6% of its ordinary shares was equivalent to 1.3 times the total trading volume of its ordinary shares over the past 12 months.
Ngāi Tahu had also advised the trade would need to be broadly marketed given the size of the stake and the relatively illiquid market in Sanford's ordinary shares, hence the trading halt.
“Specifically, we understand the underwriter appointed by Ngāi Tahu to manage the sale will seek offers of demand from institutional investors and also from eligible retail investors which include retail wealth advisers (and their eligible underlying clients).
“We have been advised this engagement can only be practically achieved during business hours without materially affecting execution.
“Accordingly, Sanford requests a trading halt to prevent the risk of a disorderly market in Sanford ordinary shares developing.”