It's likely to take up to two years to fully reinvest Rangatira's cash proceeds from an investment sale, the company has told its annual shareholders' meeting.
Rangatira, a public company whose shares trade on the Unlisted market, sold its 50% of Contract Resources for $50 million as part of the sale of the total business to Hellaby Holdings.
Incoming chairman David Pilkington told shareholders Rangatira wanted to avoid making bad investment decisions which jeopardised the company's future, and the money wasn't burning a hole in directors' pockets.
However, the company also did not want to leave cash earning just 4% at the bank for too long either, Mr Pilkington said.
"The chief executive referred to a sum of $50 million, being both the cash proceeds from Contract Resources and our current borrowing capacity," he said.
"So in actual fact, not all of the amount we would look to invest over the next two years is actually represented in cash."
The company was actively acquiring new investments, including in Tuatara Brewing and Rainbow's End, Mr Pilkington said.
"So those will go on but I think the key point here is we don't want to race out and make investments that we regret down the track. We're very careful about what we buy and the value we can create in those purchases."
Outgoing chairman Murray Gough told shareholders Rangatira's shares tended to trade at a discount of about 25% to the value of the assets.
That was one reason the board was considering a share buyback, an investment offering a return as good as any others available, Mr Gough said.
