Kohatu 

  Hort  

 Wairua Hop Garden 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 Wairua Hop Garden LP, a limited partnership formed to acquire and develop a 115 cha Hop Garden at Tapawera. Wairua Hop Garden will be established on a 175 ha dairy farm that will be purchased and settled in two stages. Settlement of the 27.4 ha on the eastern side of the Motueka river is scheduled to take place on 18 October 2019, and settlement of the remaining 148 ha is scheduled to take place on 13th January, 2020.


The Scheme is offered and will be managed by divisions of AGInvest Trading Limited or a subsidiary. The MyFarm Investments division is the Offeror and the MyFarm Business division is the manager (Manager) of the Partnership. Governance will be provided by a new subsidiary company, Wairua Hop Garden GP Limited, which is the Partnerships general partner.


The Manager will administer the Partnership and provide the business with governance support, financial control and administration services under contract.Notably, the Manager will oversee the development of the Garden by Hop Revolution. Hop Revolution will contract to supply garden development and management services to Wairua Hop Garden LP, as well as post harvest, plant breeding,and marketing services.


Subject to the success of this Offer, the Partnership will invest in the acquisition and development of Wairua Hop Garden. The investment will be funded using $22.4 million of contributed capital (71%) and $9.14 million of bank debt (29%). Banks exclude establishment costs when calculating the loan to value ratio (LVR) they use for lending purposes. On this basis Wairua Hop Garden LP will be established with a 30% LVR.


The Offeror reserves the right to use up to a further $3.02 million of bank debt and declare the sale and purchase agreement unconditional once it has received applications for $19.38 million in the Offer. In this event, the Offeror would continue to raise the balance of the $3.02 million being sought in the Offer until the shortfall is eliminated. If only $19.38 million of contributed capital is raised in the Offer, the initial LVR would increase to 40%. 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 development nature of Wairua Hop Gardens means that there is expected to be no distributions until FY23. Thereafter, the Partnership is forecast to provide limited partners with increasing cash distributions until FY26 when budgeted distributions reach 14% p.a.


The Offer is for 2,240Units in Wairua Hop Garden LPat an issue price of $10,000/Unit. The minimum investment is 10 Units ($100,000) andthereafter the size of an investment can be increased in multiples of one Unit.


On application, a payment of $2,000/Unit applied for (20%) is required. A further $4,000/Unit applied for (40%) is due on 16thDecember 2019ahead of thesettlement on 13thJanuary 2020, of the land to be purchased on the western side of the Motueka river. The remaining$4,000/Unit applied for (40%)will fund the balance of development expenditure and is expected to be called mid-2020. The final call for funds can be adjusted with 90 days notice by directors if the development plan changes.


Issuer:
MyFarm Limited
Issue Name:
Wairua Hop Garden LP
Market:
Agriculture
Market Type:
Hort

isEOI: false

Financials

Investment Type:Wholesale

Wholesale Investment Type:

Total Units/Shares:2240

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 25 October 2019

Financial Year End:

Market Snapshot

Last Traded Value: 

Last Traded Price:NZD .00

Last Traded Quantity:

Last Traded Date:

Property Details

The property consists of two main blocks, one at the start of the Motueka Tapawera highway (Kohatu block) and the other encompassing 66-134 Kohatu-Kawatiri highway (Motupiko block). The general area is well known for hop farming with several well-established Hop Gardens within the immediate vicinity. Tapawera Hop Garden (MyFarm’s first syndicate) is approximately 5.5 kilometres away from the Kohatu block. The property is currently being operated as a dairy farm, but previous use of the property is reported to include hop, tobacco and raspberry production.


Property Name:
Kohatu
Location:
Kohatu
Address:
66 Kohatu-Kawatiri Highway, Kohatu, 7072
Total Area (ha):
175
Effective Hectares:
115

Contact

Website: https://myfarm.co.nz/wairua

Email: info@myfarm.co.nz

Phone:+64 6 323 2954

Document Name Description Date Uploaded
Wairua Hop Garden - Due Diligence Report - FINAL Wairua Hop Garden - Due Diligence Report 8 August 2019 9 August 2019 Preview/Download
Wairua Hop Garden - Information Memorandum 9 Aug 2019 Wairua Hop Garden - Information Memorandum 9 Aug 2019 9 August 2019 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Wairua Hop Garden 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%
Waimarie Manuka LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Wairua Hop Garden 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
Waimarie Manuka LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Wairua Hop Garden 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
Waimarie Manuka LP          

No trade history available for this issue.

Secondary Market - Wairua Hop Garden LP Wholesale

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