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 315ha farm near Pongaroa (“Pongaroa Property”), and a 1,476ha farm inland from Whanganui (“Kakatahi Property”) have been purchased with settlement occurring in early May 2019 (Kakatahi-1st May and Pongaroa -15th May). Most of the 2019 plantation development work has been completed. 600 ha has been planted at Kakatahi and 278 ha at Pongaroa. An updated number of 450 ha of the Kakatahi Property will not be planted until the winter/spring of 2020 because there are insufficient plants available. This land has been 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 1,664 cha (up from 1,651 cha in the WMLP Offer). 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.


The Partnership intends to invest in the Properties using $8.037 million of Unit holder contributed capital raised in the WMLP Offer and this Secondary Market Offer, and $3.862 million of bank debt.The Partnership raised $6.36 million in the WMLP Offer and is looking to raise a further $1.68 million in this Secondary Market Offer. If only $1.13 million of contributed capital is raised in this Secondary Market Offer,the level of debt funding would increase to $4.41 million, and the LVR would increase from 35% of 40% (Note: to align with banking practice, the calculation of LVR excludes issue expenses). If less than $1.13 million is raised this Secondary Market Offer, the Board may consider reducing the size of the area to be developed. In the WMLP Offer, the Offeror also reserved the right (and continues to reserve 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 reserved the right to accept up to $0.25 million of over-subscriptions.


The Partnership is forecast to provide Unit holders with cash distributions from 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

Wholesale Investment Type:

Total Units/Shares:811

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 1 May 2019

Financial Year End:

Market Snapshot

Last Traded Value:NZD 100,000.00

Last Traded Price:NZD 10,000.00

Last Traded Quantity:10

Last Traded Date: 13 November 2019

Property Details

Property Name Location Address
Kakatahi Whanagnui Kakatahi, New Zealand
Pongaroa Tararua Pongaroa, New Zealand
Document Name Description Date Uploaded
WAIMARIE - Secondary Market Offer Document - 28 Aug 2019 Waimarie Manuka Limited Partnership Information Memorandum for the secondary market sale of NZD $1.68m unpaid units 28 Aug 2019 5 September 2019 Preview/Download
WAIMARIE - Due Diligence - 27 May 2019 WAIMARIE - Due Diligence - 27 May 2019 5 September 2019 Preview/Download
WAIMARIE - Limited Partnership Agreement - 1 May 2019 Limited Partnership Agreement for Waimarie Manuka Limited Partnership 1 May 2019 15 October 2019 Preview/Download
WAIMARIE - GP Limited Constitution Waimarie Manuka GP Limited - Constitution 5 August 2019 Preview/Download
WAIMARIE - Offer Document - 19 Nov 2018 Waimarie Manuka Limited Partnership Offer Document 19 Nov 18 6 August 2019 Preview/Download
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MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Waimarie Manuka 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%
Rākete Orchards LP                  
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%
Wairua Hop Garden LP                  
Ᾱporo Iti Orchard LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Waimarie Manuka 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
Rākete Orchards LP            
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
Wairua Hop Garden LP            
Ᾱporo Iti Orchard LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Waimarie Manuka 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
Rākete Orchards LP          
Tapawera Hop Garden LP          
TPLP Investments Limited NZD 3.78 NZD 2.68 NZD 1.10 NZD 0.30 NZD 18.53
Wairua Hop Garden LP          
Ᾱporo Iti Orchard LP          
Traded Date Traded Quantity Traded Unit Price Traded Value Par Value Trade Event
13 November 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 Off Market Transfer
27 September 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 Off Market Transfer
5 September 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 On Market Trade
17 May 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 Off Market Transfer

Secondary Market - Waimarie Manuka LP Wholesale

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