Awakeri Orchard 

  Hort  

 Awakeri 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 Awakeri Orchard LP ("the Partnership"), a limited partnership to be formed to acquire Awakeri Orchard, a young Sungold™ kiwifruit orchard near Edgecumbe in the eastern Bay of Plenty. The Orchard is 9.26 cha in size and is being purchased for $9.7 million. Of this area, 3.72 cha cropped for the first time in 2019. The remaining 5.54 cha will crop for the first time in 2020. The Orchard is located at 82A Melville Road, Awakeri. The Orchard will be managed under contract by Southern Cross Horticulture Limited ("SCHL"). SCHL is a Bay of Plenty kiwifruit orchard developer and manager and is locally owned and operated.


Subject to the success of this offer (‘Offer’), the Partnership will purchase the Orchard and meet syndicate establishment costs using a combination of $7.8 million of contributed capital to be raised in this Offer and $2.44 million of bank debt, a 24% post settlement loan to value ratio (‘LVR’). Following settlement, further borrowing will be undertaken to meet operating expenses in FY20 ($0.423 million), and to help cash flow the interim distributions in FY21 ($ 0.206 million). Assuming the Offer is fully subscribed, this additional debt will increase total borrowing to $3.1 million, and increase the LVR to 30%. Note, the calculation of LVR excludes establishment fees and costs.


The Offeror reserves the right to use up to a further $2.43 million of bank debt and declare the sale and purchase agreement unconditional once it has received applications for $5.4 million of contributed capital. If only $5.4 million of contributed capital is raised, the LVR post settlement would increase to 50%. The Offeror also reserves the right to itself, or through associated entities, underwrite up to $1.0 million of contributed capital for a 2.0% fee payable by the Partnership.

Due to the fact that settlement is only 8 days after the closing date, full payment of $10,000/Unit is required at the time of application.


The Partnership is expected to provide limited partners with quarterly cash returns at the rate of 5% p.a. after 9 months from the date of purchase of the Orchard, and steady state returns of more than 9.0%p.a. from 21 months after the date of the purchase of the Orchard.

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 investment is in Units in Awakeri Orchard LP. Awakeri Orchard LP is being formed to purchase Awakeri Orchard.


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

isEOI: false

Financials

Investment Type:Wholesale

Wholesale Investment Type: NZ Wholesale MIS

Total Units/Shares:780

Min Investment Units/Shares:10

Min Investment Value:NZD 100,000.00

Par Value:NZD 10,000.00


Establishment Date: 1 October 2019

Financial Year End: 31 March 2021

Market Snapshot

Last Traded Value:NZD 200,000.00

Last Traded Price:NZD 10,000.00

Last Traded Quantity:20

Last Traded Date: 9 October 2019

Property Details

The Orchard is a kiwifruit production block (i.e. there is no dwelling) and comprises approximately 9.26 cha of Sungold™ kiwifruit at varying stages of maturity. Sungold™ kiwifruit was planted as grafted plants in 2016 and 2017, and the Orchard will achieve full maturity in 2022. The kiwifruit orchard structures consists of wooden pergola supported by wooden posts. The orchard layout in terms of row width, bay length and male layout is typical of orchards set up for high, early yields. Other improvements comprise an implement shelter, a pump shed, irrigation and frost protection and an onsite water storage pond.


Property Name:
Awakeri Orchard
Location:
Bay Of Plenty
Address:
82 Melville Road, Awakeri, Whakatane, 3193
Total Area (ha):
11.6355
Effective Hectares:
9.28 Cha
Document Name Description Date Uploaded
AWAKERI - Quarterly Report - Q4 - 31 Mar 2020 AWAKERI - Quarterly Report - Q4 - 31 Mar 2020 14 May 2020 Preview/Download
AWAKERI - Due Diligence Report - 16 Sep 2019 AWAKERI - Due Diligence Report - 16 Sep 2019 25 February 2020 Preview/Download
Awakeri Orchard Limited Partnership Offer Document 9 Sept 2019 Awakeri Orchard LP Offer Document 9 Sept 2019 9 September 2019 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Awakeri Orchard LP                  
Aupōuri Avocados LP                  
Awatere Valley LP                  
Bay Kiwifruit Orchards LP 320,000.00 NZD 1,710,463.89 NZD 1,169,864.77 NZD 540,599.12 NZD 145,891.23 NZD 8,196,559.16 NZD 9,154,668.19 96.00% 0.19%
Central Cherry Orchard LP                  
Eastern Orchards LP                  
GCF Investments 255,706.00 NZD 1,628,393.90 NZD 878,477.10 NZD 749,916.80 NZD 144,375.97 NZD 7,090,739.88 NZD 6,858,774.22 69.96% 23.74%
HLP Investments LP 350,580.00 NZD 2,022,093.98 NZD 1,068,536.34 NZD 953,557.64 NZD 112,380.48 NZD 14,088,941.35 NZD 9,305,772.36 97.65% 21.73%
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 2,238,211.79 NZD 1,343,077.93 NZD 895,133.86 NZD 212,048.07 NZD 7,283,153.24 NZD 9,653,742.54 78.31% 23.18%
Korokipo Apple LP                  
LLP Investments LP 360,000.00 NZD 2,051,195.92 NZD 420,787.18 NZD 1,630,408.74 NZD 189,505.76 NZD 8,739,506.68 NZD 9,337,009.43 89.14% 21.97%
MyFarm Application Test                  
PRD Investments 320,000.00 NZD 1,941,943.84 NZD 1,270,167.21 NZD 671,776.63 NZD 141,312.01 NZD 10,491,531.25 NZD 9,085,151.22 95.63% 21.37%
Quarry Kiwifruit LP                  
Riverview Kiwifruit LP                  
Rākete Orchards LP                  
Tapawera Hop Garden LP                  
TPLP Investments Limited 470,000.00 NZD 3,332,761.74 NZD 1,684,885.57 NZD 1,647,876.17 NZD 408,447.79 NZD 14,436,887.29 NZD 11,066,065.71 90.00% 30.00%
Waimarie Manuka LP                  
Wairua Hop Garden LP                  
Ᾱporo Iti Orchard LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Awakeri Orchard LP            
Aupōuri Avocados LP            
Awatere Valley LP            
Bay Kiwifruit Orchards LP 1,904.76 NZD 10,181.33 NZD 6,963.48 NZD 3,217.85 NZD 868.40 NZD 48,789.04
Central Cherry Orchard LP            
Eastern Orchards LP            
GCF Investments 1,121.52 NZD 7,142.08 NZD 3,852.97 NZD 3,289.11 NZD 633.23 NZD 31,099.74
HLP Investments LP 1,623.06 NZD 9,361.55 NZD 4,946.93 NZD 4,414.62 NZD 520.28 NZD 65,226.58
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 1,129.57 NZD 7,435.92 NZD 4,462.05 NZD 2,973.87 NZD 704.48 NZD 24,196.52
Korokipo Apple LP            
LLP Investments LP 1,333.33 NZD 7,597.02 NZD 1,558.47 NZD 6,038.55 NZD 701.87 NZD 32,368.54
MyFarm Application Test            
PRD Investments 1,758.24 NZD 10,670.02 NZD 6,978.94 NZD 3,691.08 NZD 776.44 NZD 57,645.78
Quarry Kiwifruit LP            
Riverview Kiwifruit LP            
Rākete Orchards LP            
Tapawera Hop Garden LP            
TPLP Investments Limited 1,435.42 NZD 10,178.55 NZD 5,145.79 NZD 5,032.76 NZD 1,247.44 NZD 44,091.52
Waimarie Manuka LP            
Wairua Hop Garden LP            
Ᾱporo Iti Orchard LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Awakeri Orchard LP          
Aupōuri Avocados LP          
Awatere Valley LP          
Bay Kiwifruit Orchards LP NZD 5.35 NZD 3.66 NZD 1.69 NZD 0.46 NZD 25.61
Central Cherry Orchard LP          
Eastern Orchards LP          
GCF Investments NZD 6.37 NZD 3.44 NZD 2.93 NZD 0.56 NZD 27.73
HLP Investments LP NZD 5.77 NZD 3.05 NZD 2.72 NZD 0.32 NZD 40.19
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 6.58 NZD 3.95 NZD 2.63 NZD 0.62 NZD 21.42
Korokipo Apple LP          
LLP Investments LP NZD 5.70 NZD 1.17 NZD 4.53 NZD 0.53 NZD 24.28
MyFarm Application Test          
PRD Investments NZD 6.07 NZD 3.97 NZD 2.10 NZD 0.44 NZD 32.79
Quarry Kiwifruit LP          
Riverview Kiwifruit LP          
Rākete Orchards LP          
Tapawera Hop Garden LP          
TPLP Investments Limited NZD 7.09 NZD 3.58 NZD 3.51 NZD 0.87 NZD 30.72
Waimarie Manuka LP          
Wairua Hop Garden LP          
Ᾱporo Iti Orchard LP          
Traded Date Traded Quantity Traded Unit Price Traded Value Par Value Trade Event
22 October 2019 77  Units NZD 10,000.00 NZD 770,000 NZD 770,000 Off Market Transfer
18 October 2019 20  Units NZD 10,000.00 NZD 200,000 NZD 200,000 Off Market Transfer
9 October 2019 20  Units NZD 10,000.00 NZD 200,000 NZD 200,000 Off Market Transfer
8 October 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 Off Market Transfer
4 October 2019 80  Units NZD 10,000.00 NZD 800,000 NZD 800,000 Off Market Transfer
4 October 2019 10  Units NZD 10,000.00 NZD 100,000 NZD 100,000 Off Market Transfer

Secondary Market - Awakeri Orchard LP Wholesale

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