Rākete Orchard 

  Hort  

 Rākete Orchards LP 

  MyFarm Limited  

The law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to this offer if you are a person who comes within Schedule 1, clause 3(2)(a)-(c) or 3(3)(a)-(b)(ii) (inclusive) of the Financial Markets Conduct Act 2013. This includes where the amount invested upfront by the investor (plus any other investments the Investor has already made in the financial products) is $750,000 or more.

If you fall within Schedule 1, Clause 3 of the FMCA, as a result of this exclusion, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for this investment. Investments of this kind are not suitable for retail investors. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

Overview

The offer to wholesale investors of 1,300 units in Rākete Orchards Limited Partnership at an issue price of $10,000/Unit, was initially made in November 2017. The minimum investment is $100,000 (10 units), and thereafter can be increased as desired in multiples of one unit ($10,000). A deposit of $2,000/Unit applied for was required with application on 15 December 2017 with two further calls of funds as follows: - $5,000/Unit applied for on 20 April 2018 and the balance of $3,000/Unit applied for to be paid during 2019 on notice from the Board of Rākete Orchards GP Limited. The Rākete Orchards GP Limited Board have advised that the final call of $3,000/Unit applied for is to be paid prior to 1 November 2019.


Further disclosure is made in the attached Material Event Disclosure document, dated 21 August 2019 prepared by the Rakete Orchards GP Limited Board and MyFarm Business team, and should be read in conjunction with the Information Memorandum of November 2017.

 

This is a proportionate ownership scheme and investors funds are pooled together to invest in leasing land and developing 55 Planted Ha of RockitTM apple orchards (the Orchards). The leased land is in four separate blocks: two are in the Puketapu area inland from Napier (estimated 29 Planted Ha), and the other two are in Havelock North (estimated 26 Planted Ha). An estimated 41.5 Planted Ha of the land will be planted in RockitTM apple trees next year (2018) and the remaining 13.5 Planted Ha will be planted in 2018. 


The Orchards will be developed and operated by the Rockit Group pursuant to orchard development and management agreements. The Rockit Group will also pack, distribute and market apples produced on the Orchards pursuant to grower licence and supply agreements. They will also supply the trees for the initial plantings. 


The Orchard lease agreements are for an initial term of 18 years from June - September 2017, with two rights of renewal of five years each. The initial average rental is $3,983/Planted Ha, with annual rental adjustments tied to the Consumer Price Index (CPI), and four yearly rent reviews based on bare land value. A ratchet provision prevents the annual rental from dropping.


Establishing the Orchards is expected to cost a total of $217,287/Planted Ha. Of this amount, $141,987/Planted Ha is to cover capital costs and $75,300/Planted Ha is to cover orchard operating losses in the first three years before fruit production reaches a profitable level.

The Partnership will lease the land and develop the Orchards using $13.0 million of contributed capital to be raised in this Offer. 

 


Issuer:
MyFarm Limited
Issue Name:
Rākete Orchards LP
Market:
Agriculture
Market Type:
Hort

isEOI: false

Financials

Investment Type:Wholesale

Total Units/Shares:1303

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 15 December 2017

Financial Year End:

Market Snapshot

Last Traded Value:NZD 350,000.00

Last Traded Price:NZD 7,000.00

Last Traded Quantity:50

Last Traded Date: 19 September 2019

Property Details

Property Name Location Address
Lobb Property Hawkes Bay 51 Stock Road, RD2, Hastings, 4172
Simmons Properties Hawkes Bay 75 Penrith Road, Napier
Manahi Property Hawkes Bay 160 Stock Road, RD2, Hastings, 4172
Steel Property Hawkes Bay 490 Puketitiri Rd, Poraiti, RD2, Napier, 4182

Contact

Website: http://www.myfarm.co.nz/rakete

Email: info@myfarm.co.nz

Phone:+64 6 323 2954

Document Name Description Date Uploaded
RAKETE - Quarterly Update - Q1 - Jun 2019 RAKETE Orchards LP - Quarterly Update - Q1 - June 2019 29 August 2019 Preview/Download
RAKETE - Material Event Disclosure - 21 Aug 2019 Rākete Orchards Limited Partnership - Material Event Disclosure - 21 August 2019 29 August 2019 Preview/Download
FINAL - RAKETE - Financial Statements - FY 2019 ended 31 Mar 2019 FINAL - RAKETE - Financial Statements - FY 2019 ended 31 Mar 2019 2 September 2019 Preview/Download
RAKETE - Follow up letter re shortfall of trees - Gareth Evans - 27 Feb 2019 Rākete Orchard LP Feb 27 Update 10 July 2019 Preview/Download
RAKETE - Quarterly Management Report - Q3 - Dec 2018 Rakete Orchards Limited Partnership - 31 Dec 2018 11 July 2019 Preview/Download
RAKETE - Quarterly Management Report - Q2 - Sep 2018 RAKETE - Quarterly Management Report - Q2 - Sep 2018 29 August 2019 Preview/Download
RAKETE - Quarterly Financial Management Report - Q1 - Jun 2018 Quarterly Management Report to 30 June 2018 11 July 2019 Preview/Download
FINAL - RAKETE - Financial Statements - FY 2018 ended 31 Mar 2018 2017- 2018 Financial Statements period end 31 March 2018 11 July 2019 Preview/Download
RAKETE - Quarterly Update - Q4 - Mar 2018 Rakete Profile Update 10 July 2019 Preview/Download
RAKETE - Investor Update - Jun 2018 June 2018 11 July 2019 Preview/Download
RAKETE - Investor Update - Feb 2018 Feb 2018 11 July 2019 Preview/Download
SIGNED - RAKETE - General Partner Agreement - 22 Jun 2018 22 June 2018 11 July 2019 Preview/Download
SIGNED - RAKETE - GP Ltd Constitution Rakete Orchards GP Limited Constitution 11 July 2019 Preview/Download
RAKETE - Limited Partnership Agreement (no schedule or attestations) - 23 Feb 2018 Rākete Orchards Limited Partnership Agreement 23 Feb 2018 11 July 2019 Preview/Download
RAKETE - Information Memorandum - Nov 2017 Rākete Orchards LP - Information Memorandum ( 20 Nov 2017) 10 July 2019 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Rākete Orchards LP                  
Aupōuri Avocados LP                  
Awakeri Orchard LP                  
Bay Kiwifruit Orchards LP 63,514.00 NZD 201,821.89 NZD 107,160.03 NZD 94,661.86 NZD 215.00 NZD 2,199,868.56 NZD 2,042,400.01 109.00% 9.88%
Central Cherry Orchard LP                  
Eastern Orchards LP                  
GCF Investments 320,000.00 NZD 1,245,126.71 NZD 977,642.18 NZD 267,484.53 NZD 118,262.69 NZD 5,727,950.98 NZD 9,072,573.51 96.00% 0.14%
HLP Investments LP 350,580.00 NZD 632,298.42 NZD 470,229.35 NZD 162,069.07 NZD 54,095.29 NZD 14,484,708.92 NZD 10,407,794.69 109.00% 0.06%
Karaka Orchard Class B Units Partly Paid                  
Karaka Orchards LP 270,600.00 NZD 11,068.00 NZD 12,177.00 NZD -1,109.00 NZD 12,251.00 NZD 9,986,046.83 NZD 4,981,444.00 98.00% 0.22%
KLP Investments LP 350,000.00 NZD 1,517,286.25 NZD 333,662.25 NZD 1,183,624.00 NZD 125,746.41 NZD 2,539,420.06 NZD 9,992,728.32 95.00% 0.15%
Korokipo Apple LP                  
LLP Investments LP 350,000.00 NZD 1,282,105.20 NZD 296,608.24 NZD 985,496.96 NZD 101,418.02 NZD 5,778,501.40 NZD 9,808,322.34 94.00% 0.13%
PRD Investments 320,000.00 NZD 1,023,561.99 NZD 822,067.25 NZD 201,494.74 NZD 103,741.57 NZD 10,472,585.73 NZD 9,016,542.88 95.00% 0.11%
Tapawera Hop Garden LP                  
TPLP Investments Limited 350,580.00 NZD 1,326,876.74 NZD 940,174.85 NZD 386,701.89 NZD 104,157.93 NZD 6,496,775.01 NZD 10,792,021.36 113.00% 0.12%
Waimarie Manuka LP                  
Wairua Hop Garden LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Rākete Orchards LP            
Aupōuri Avocados LP            
Awakeri Orchard LP            
Bay Kiwifruit Orchards LP 1.49 NZD 4.73 NZD 2.51 NZD 2.22 NZD 0.01 NZD 51.51
Central Cherry Orchard LP            
Eastern Orchards LP            
GCF Investments 1,904.76 NZD 7,411.47 NZD 5,819.30 NZD 1,592.17 NZD 703.94 NZD 34,094.95
HLP Investments LP 1,623.06 NZD 2,927.31 NZD 2,176.99 NZD 750.32 NZD 250.44 NZD 67,058.84
Karaka Orchard Class B Units Partly Paid            
Karaka Orchards LP 11,000.00 NZD 449.92 NZD 495.00 NZD -45.08 NZD 498.01 NZD 405,936.86
KLP Investments LP 1,296.30 NZD 5,619.58 NZD 1,235.79 NZD 4,383.79 NZD 465.73 NZD 9,405.26
Korokipo Apple LP            
LLP Investments LP 1,296.30 NZD 4,748.54 NZD 1,098.55 NZD 3,649.99 NZD 375.62 NZD 21,401.86
PRD Investments 1,904.76 NZD 6,092.63 NZD 4,893.26 NZD 1,199.37 NZD 617.51 NZD 62,336.82
Tapawera Hop Garden LP            
TPLP Investments Limited 1,623.06 NZD 6,142.95 NZD 4,352.66 NZD 1,790.29 NZD 482.21 NZD 30,077.66
Waimarie Manuka LP            
Wairua Hop Garden LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Rākete Orchards LP          
Aupōuri Avocados LP          
Awakeri Orchard LP          
Bay Kiwifruit Orchards LP NZD 3.18 NZD 1.69 NZD 1.49 NZD 0.00 NZD 34.64
Central Cherry Orchard LP          
Eastern Orchards LP          
GCF Investments NZD 3.89 NZD 3.06 NZD 0.84 NZD 0.37 NZD 17.90
HLP Investments LP NZD 1.80 NZD 1.34 NZD 0.46 NZD 0.15 NZD 41.32
Karaka Orchard Class B Units Partly Paid          
Karaka Orchards LP NZD 0.04 NZD 0.05 NZD 0.00 NZD 0.05 NZD 36.90
KLP Investments LP NZD 4.34 NZD 0.95 NZD 3.38 NZD 0.36 NZD 7.26
Korokipo Apple LP          
LLP Investments LP NZD 3.66 NZD 0.85 NZD 2.82 NZD 0.29 NZD 16.51
PRD Investments NZD 3.20 NZD 2.57 NZD 0.63 NZD 0.32 NZD 32.73
Tapawera Hop Garden LP          
TPLP Investments Limited NZD 3.78 NZD 2.68 NZD 1.10 NZD 0.30 NZD 18.53
Waimarie Manuka LP          
Wairua Hop Garden LP          
Traded Date Traded Quantity Traded Unit Price Traded Value Par Value Trade Event
19 September 2019 50  Units NZD 7,000.00 NZD 350,000 NZD 500,000 On Market Trade
10 August 2018 10  Units NZD 7,000.00 NZD 70,000 NZD 100,000 Off Market Transfer

Secondary Market - Rākete Orchards LP Wholesale

No secondary market listings for this issue availble at this time. Check the Exchange for more listings.