Waikerikeri Valley Road 

  Hort  

 Central Cherry Orchard 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

This is an offer to wholesale investors of Units in Central Cherry Orchard Limited Partnership. Your money will be pooled with other investors’ to purchase 96 hectares of bare land located on Waikerikeri Valley Road, Clyde in Central Otago. This is to be developed into an 80 cha cherry orchard over the next three years. Investors will receive cash returns generated by the Orchard and any development margin if sold at any point.

The Orchard is to be developed and managed by Freshmax. Fruit will be contract packed by a number of post-harvest facilities in the Clyde or Cromwell area that Freshmax work with. Once packed fruit will be exported and marketed by Freshmax. Investors will own the assets and receive the net cash returns generated by the Orchard. As Central Cherry Orchard LP unit holder (Unit holder), you will become a limited partner in Central Cherry Orchard LP.

Subject to the success of this Offer, the Partnership will invest in the development, using a combination of $12 million of contributed capital to be raised in this Offer and $7.15 million of bank debt. On the development capital that is employed this gives a loan to value ratio of around 42% at mature production, but at market values this is expected to be materially lower. The Offeror reserves the right to use up to a further $1.5 million of short term bank debt, and declare the sale and purchase agreement unconditional once it has received applications for $10.5 million of contributed capital. The Offeror will continue to raise the balance of contributed capital to reach the $12 million it is seeking, but in the event that the Offeror raises less than this, any shortfall will be funded using additional bank debt. If only $10.5 million of contributed capital is raised, the completed LVR would increase to around 52%. The Offeror reserves the right, to itself or through associated entities, underwrite up to $1.0 million of contributed capital with a pro-rata fee paid of $20,000. This gives a minimum capital raise of $9.5 million if the underwrite is excluded. The Offeror also reserves the right to accept, or decline over-subscriptions and to determine which applications are accepted. There is anticipated to be capacity to take $1.0 million of over-subscriptions.

The budgeted development is expected to cost $249,000/ha, or $19.9 million in total. The initial development stage is expected to take three years with the key limitation being the availability of cherry trees. The property purchase includes 16,500 cherry trees that will be planted this coming winter. Freshmax has preferential access to an additional 50,000 trees that will be established the following winter in 2020, with residual trees to be sourced and planted in 2021. Positive cash returns are only budgeted to start occurring from Year 6 –2025.They initially start at 12% of contributed capital, but are budgeted to quickly build through to 38% in Year 10 –2029.


Issuer:
MyFarm Limited
Issue Name:
Central Cherry Orchard LP
Market:
Agriculture
Market Type:
Hort

isEOI: false

Financials

Investment Type:Wholesale

Total Units/Shares:1200

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 10 April 2019

Financial Year End: 31 March 2020

Market Snapshot

Last Traded Value: 

Last Traded Price:NZD .00

Last Traded Quantity:

Last Traded Date:

Property Details

Property Name:
Waikerikeri Valley Road
Property Address:
Waikerikeri Valley Road, Clyde, Clyde, New Zealand 9391
Total Area (ha):
96.00
Effective Area (ha):
80.00
Infrastructure:
None - Bare Land

Contact

Document Name Description Last Update Date
Central Cherry Orchard Limited Partnership Information Memorandum 29 November 2018 Central Cherry Orchard Limited Partnership (CCOLP) Information Memorandum dated 29 November 2018 29 November 2018 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Central Cherry Orchard LP                  
Aupōuri Avocado 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%
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 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 1.09% 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 340,000.00 NZD 417,777.64 NZD 323,858.83 NZD 93,918.81 NZD 86,987.56 NZD 12,280,911.14 NZD 11,065,853.36 90.00% 0.04%
Korokipo Apple LP                  
LLP Investments LP 350,000.00 NZD 723,316.12 NZD 146,649.14 NZD 576,666.98 NZD 55,931.88 NZD 10,539,190.07 NZD 9,769,781.37 93.00% 0.07%
PRD Investments 320,000.00 NZD 285,164.93 NZD 387,318.33 NZD -102,153.40 NZD 61,161.22 NZD 11,132,719.23 NZD 8,969,737.45 94.00% 0.03%
Rākete Orchards LP                  
Tapawera Hop Garden LP                  
TPLP Investments Limited 471,000.00 NZD 125,475.68 NZD 275,156.20 NZD -149,680.52 NZD 52,909.44 NZD 18,344,581.78 NZD 10,751,999.00 87.77% 1.17%
Waimarie Manuka LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Central Cherry Orchard LP            
Aupōuri Avocado LP            
Bay Kiwifruit Orchards LP 1.49 NZD 4.73 NZD 2.51 NZD 2.22 NZD 0.01 NZD 51.51
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 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 1,069.18 NZD 1,313.77 NZD 1,018.42 NZD 295.34 NZD 273.55 NZD 38,619.22
Korokipo Apple LP            
LLP Investments LP 1,296.30 NZD 2,678.95 NZD 543.14 NZD 2,135.80 NZD 207.16 NZD 39,034.04
PRD Investments 1,904.76 NZD 1,697.41 NZD 2,305.47 NZD -608.06 NZD 364.05 NZD 66,266.19
Rākete Orchards LP            
Tapawera Hop Garden LP            
TPLP Investments Limited 1,438.48 NZD 383.21 NZD 840.35 NZD -457.14 NZD 161.59 NZD 56,025.97
Waimarie Manuka LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Central Cherry Orchard LP          
Aupōuri Avocado LP          
Bay Kiwifruit Orchards LP NZD 3.18 NZD 1.69 NZD 1.49 NZD 0.00 NZD 34.64
GCF Investments NZD 1.30 NZD 1.47 NZD -0.17 NZD 0.23 NZD 27.55
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 1.23 NZD 0.95 NZD 0.28 NZD 0.26 NZD 36.12
Korokipo Apple LP          
LLP Investments LP NZD 2.07 NZD 0.42 NZD 1.65 NZD 0.16 NZD 30.11
PRD Investments NZD 0.89 NZD 1.21 NZD -0.32 NZD 0.19 NZD 34.79
Rākete Orchards LP          
Tapawera Hop Garden LP          
TPLP Investments Limited NZD 0.27 NZD 0.58 NZD -0.32 NZD 0.11 NZD 38.95
Waimarie Manuka LP          

No trade history available for this issue.

Secondary Market - Central Cherry Orchard LP Wholesale

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