The number of shares never changes however the number of owners varies due to the succession of shares.  There are more than 1500 shareholders and annual dividends are paid according to how many shares each owner has.

When a shareholder dies, it is important to transfer his or her Maori land shares and interests to the person(s) entitled to receive those interests.  This  process is called succession.

To legally transfer the land interests of a deceased person to his or her successors, a succession order is issued by the Maori Land Court.  The rules about who can succeed to shares/interests in Maori land are set out in sections 108 and 109 of Te Ture Whenua Maori Act 1993.