Pongaroa Property & Kakatahi Property 

  Hort  

 Waimarie Manuka 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 is to wholesale investors of Units in Waimarie Manuka LP, a limited partnership formed to acquire North Island hill country farms for development into manuka plantations under sharefarming agreements with Comvita. A 315 Ha farm (“Pongaroa Property”), and a 1,476 Ha farm (“Kakatahi Property”) have been purchased subject to finance and due diligence. Subject to the success of the Offer, the purchases of the Properties will be settled in early May 2019 and most of the initial plantation development work will be completed over the winter and spring of 2019. An estimated 350 Ha of the Kakatahi property will not be planted until the winter/spring of 2020 because there are insufficient plants available. It is intended that this land be leased out for grazing until it is needed for planting.

Once developed, it is intended that the Properties will have a total plantation area of 1,638 Ha. Comvita will supply and sell manuka plants to the Partnership, and plant and maintain the plantations at its own cost (excluding the costs of maintaining tracks and fences and 50% of pest control costs). It will also provide and pay for the apiary services needed to produce honey from the plantations, and purchase all the honey that is
produced.

The Offer is a Managed Investment Product as defined by the Financial Markets Conduct Act 2013. Your money will be pooled with other investors’ money and invested.

Subject to the success of this Offer and further due diligence, the Partnership will invest in the Properties using $8.11 million of Unitholder contributed capital raised in this Offer, and $3.9 million of bank debt. The Offeror reserves the right to use up to a further $2.12 million of bank debt and declare the purchase of the Properties unconditional once it has received applications for $5.98 million in the Offer. In this event, the Offeror would continue to raise the balance of the $2.12 million being sought in the Offer until the shortfall is eliminated. If only $5.98 million of contributed capital is raised in the Offer, the level of initial debt funding would increase to 50%. The Offeror also reserves the right, through itself or through associated entities, to underwrite up to $1.0 million of contributed capital for a 2.0% fee to be paid by the Partnership. The Offeror also reserves the right to accept up to $0.25 million of over-subscriptions.

The Partnership is forecast to provide Unitholders with cash distributionsfrom year one (the financial year (“FY”) ended 30 June 2020, FY20.


Issuer:
MyFarm Limited
Issue Name:
Waimarie Manuka LP
Market:
Agriculture
Market Type:
Hort

isEOI: false

Financials

Investment Type:Wholesale

Total Units/Shares:811

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 15 May 2019

Financial Year End: 30 June 2020

Market Snapshot

Last Traded Value: 

Last Traded Price:NZD .00

Last Traded Quantity:

Last Traded Date:

Property Details

Property Name:
Pongaroa Property & Kakatahi Property
Property Address:
Pongaroa & Kakatahi, , , New Zealand
Total Area (ha):
1791
Effective Area (ha):
1650.00
Document Name Description Last Update Date
Waimarie Manuka Limited Partnership Offer Document 19 Nov 18 Waimarie Manuka Limited Partnership Offer Document 19 Nov 18 19 November 2018 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Waimarie Manuka LP                  
Aupōuri Avocados 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                  
GCF Investments 260,000.00 NZD 337,982.74 NZD 382,493.79 NZD -44,511.05 NZD 60,769.76 NZD 7,161,969.03 NZD 7,914,288.82 81.00% 0.04%
HLP Investments LP 350,580.00 NZD 1,765,664.48 NZD 1,085,172.27 NZD 680,492.21 NZD 154,172.40 NZD 11,477,327.20 NZD 11,023,642.73 116.00% 0.16%
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 300,000.00 NZD 243,772.75 NZD 229,087.87 NZD 14,684.88 NZD 100,773.93 NZD 11,955,944.21 NZD 9,937,193.60 93.39% 2.45%
Korokipo Apple LP                  
LLP Investments LP 267,000.00 NZD 1,239,303.97 NZD 970,018.16 NZD 269,285.81 NZD 242,785.55 NZD 14,279,155.14 NZD 9,063,326.13 84.90% 13.67%
PRD Investments 302,557.00 NZD 87,766.54 NZD 287,869.44 NZD -200,102.90 NZD 72,927.54 NZD 10,007,782.35 NZD 9,554,759.19 100.58% 0.92%
Rākete Orchards LP                  
Tapawera Hop Garden LP                  
TPLP Investments Limited 0.00 NZD 2,045,646.60 NZD 2,360,976.85 NZD -315,330.25 NZD 256,319.72 NZD 17,912,473.93 NZD 10,690,750.91 58.21% 19.13%
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Waimarie Manuka LP            
Aupōuri Avocados 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            
GCF Investments 1,140.35 NZD 1,482.38 NZD 1,677.60 NZD -195.22 NZD 266.53 NZD 31,412.14
HLP Investments LP 1,623.06 NZD 8,174.37 NZD 5,023.95 NZD 3,150.43 NZD 713.76 NZD 53,135.77
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 1,265.82 NZD 1,028.58 NZD 966.62 NZD 61.96 NZD 425.21 NZD 50,447.02
Korokipo Apple LP            
LLP Investments LP 988.89 NZD 4,590.01 NZD 3,592.66 NZD 997.35 NZD 899.21 NZD 52,885.76
PRD Investments 1,662.40 NZD 482.23 NZD 1,581.70 NZD -1,099.47 NZD 400.70 NZD 54,987.82
Rākete Orchards LP            
Tapawera Hop Garden LP            
TPLP Investments Limited 0.00 NZD 6,247.58 NZD 7,210.63 NZD -963.05 NZD 782.82 NZD 54,706.27
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Waimarie Manuka LP          
Aupōuri Avocados LP          
Bay Kiwifruit Orchards LP NZD 3.18 NZD 1.69 NZD 1.49 NZD 0.00 NZD 34.64
Central Cherry Orchard LP          
GCF Investments NZD 1.30 NZD 1.47 NZD -0.17 NZD 0.23 NZD 27.55
HLP Investments LP NZD 5.04 NZD 3.10 NZD 1.94 NZD 0.44 NZD 32.74
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 0.81 NZD 0.76 NZD 0.05 NZD 0.34 NZD 39.85
Korokipo Apple LP          
LLP Investments LP NZD 4.64 NZD 3.63 NZD 1.01 NZD 0.91 NZD 53.48
PRD Investments NZD 0.29 NZD 0.95 NZD -0.66 NZD 0.24 NZD 33.08
Rākete Orchards LP          
Tapawera Hop Garden LP          
TPLP Investments Limited NZD 0.00 NZD 0.00 NZD 0.00 NZD 0.00 NZD 0.00

No trade history available for this issue.

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