Pongakawa Kiwifruit Limited Partnership 

  Hort  

 Pongakawa Kiwifruit LP 

  MyFarm Limited  

WARNING 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 Pongakawa Kiwifruit Limited Partnership ('the Partnership'), a Limited Partnership to be formed to acquire a 5.88 cha SunGold orchard located at 693 Maniatutu Road, Pongakawa in the Western Bay of Plenty. The Orchard is being acquired for $7.086 million excluding the 2020 crop, and the purchase is conditional on finance and due diligence.


The Orchard will be leased to DMS for a term of 10 years with one right of renewal for five years.


The Offer will be for 490 fully paid Units in Pongakawa Kiwifruit LP at an issue price of $10,000/Unit, plus over subscriptions of up to 50 units. The minimum investment will be five Units ($50,000) and thereafter the size of an investment can be increased in multiples of one Unit. Because Orchard settlement occurs soon after the unconditional date, payment of the full $10,000/Unit applied for is due at the time of application. 


Subject to the success of this Offer, the Partnership will purchase the Orchard, meet syndicate establishment costs using a combination of $4.9 million of contributed capital to be raised in this Offer and $2.754 million of bank debt, a 36% debt funding level and a 37.5% loan to value ratio ('LVR'). The LVR is higher than the debt funding ratio because the calculation of LVR excludes establishment fees and costs.


The Offeror reserves the right to use up to a further $0.907 million of bank debt and declare the sale and purchase agreement unconditional once it has received applications for $4.028 million of contributed capital. If only $4.028 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.


In the event that the Offer is under-subscribed at the Closing Date of 12th June 2020, MyFarm will hold any unsubscribed units as Unpaid Units and continue to market these Unpaid Units on the secondary market after the Offer has closed, at the Offer price of $10,000/Unit.


Distributions are expected to average 7.5% p.a. DMS is a leading Bay of Plenty kiwifruit and avocado orchard management and post-harvest operator. It is locally owned and operated and focused on providing services aimed at increasing orchard productivity and grower profits..


Issuer:
MyFarm Limited
Issue Name:
Pongakawa Kiwifruit LP
Market:
Commercial Property
Market Type:
Hort

isEOI: false

Financials

Investment Type:Wholesale

Wholesale Investment Type: NZ Wholesale MIS

Total Units/Shares:1090

Min Investment Units/Shares:5

Min Investment Value:NZD 50,000.00

Par Value:NZD 10,000.00


Establishment Date: 29 June 2020

Financial Year End: 28 February 2022

Market Snapshot

Last Traded Value:NZD 51,000.00

Last Traded Price:NZD 10,200.00

Last Traded Quantity:5

Last Traded Date: 30 September 2021

Property Details

The Orchard is situated at 693 Maniatutu Road, Pongakawa. The Orchard is thought to be about thirty years old and was converted to SunGold in 2012. Vines appear to be in good health. Surrounding properties include kiwifruit,avocados and grazing land. The orchard is near Te Puke and is in a prime location for kiwifruit production.


Property Name:
Pongakawa Kiwifruit Orchard
Location:
693 Maniatutu Road, Pongakawa in the Western Bay of Plenty
Address:
693 Maniatutu Road, Pongakawa, 3186
Total Area (ha):
11.137
Effective Hectares:
5.88 Cha
Occupant Commencement Term
DMS Group Limited 29/06/2020 10

Contact

Document Name Description Date Uploaded
SIGNED - PONGAKAWA - Limited Partnership Agreement - 29.06.2020 PONGAKAWA - Limited Partnership Agreement - 29.06.2020 2 September 2020 Preview/Download
Pongakawa Kiwifruit Limited Partnership - Deed of Adherence 19 Aug 2020 Pongakawa Kiwifruit Limited Partnership - Deed of Adherence 19 Aug 2020 20 October 2020 Preview/Download
Pongakawa GP Limited - Constitution 9 June 2020 Pongakawa GP Limited - Constitution 9 June 2020 2 September 2020 Preview/Download
Pongakawa Limited Partnership Agreement 29 June 2020 Pongakawa Limited Partnership Agreement 29 June 2020 2 September 2020 Preview/Download
PONGAKAWA - Quarterly Report - Q1 - 30 Jun 2021 PONGAKAWA - Quarterly Report - Q1 - 30 Jun 2021 13 August 2021 Preview/Download
SIGNED - PONGAKAWA - Financial Statements - FY 2021 ended 31.03.2021 SIGNED - PONGAKAWA - Financial Statements - FY 2021 ended 31.03.2021 26 July 2021 Preview/Download
KIWIFRUIT - Harvest Update - 28 May 2021 KIWIFRUIT - Harvest Update - 28 May 2021 28 May 2021 Preview/Download
PONGAKAWA - Quarterly Report - Q4 - 31 Mar 2021 PONGAKAWA - Quarterly Report - Q4 - 31 Mar 2021 12 May 2021 Preview/Download
PONGAKAWA - Quarterly Report - Q3 - 31 Dec 2020 PONGAKAWA - Quarterly Report - Q3 - 31 Dec 2020 17 February 2021 Preview/Download
PONGAKAWA - Quarterly Report - Q2 - 30 Sep 2020 PONGAKAWA - Quarterly Report - Q2 - 30 Sep 2020 24 November 2020 Preview/Download
Pongakawa Kiwifruit Limited Partnership -Athenree Expansion Information Memorandum - 27 July 2020 Pongakawa Kiwifruit Limited Partnership -Athenree Expansion Information Memorandum - 27 July 2020 19 October 2020 Preview/Download
Pongakawa Kiwifruit Limited Partnership - Information Memorandum - 25 May 2020 Pongakawa Kiwifruit Limited Partnership - Information Memorandum - 25 May 2020 26 May 2020 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
Aupōuri Avocados LP                  
Awakeri Orchard LP                  
Awatere Valley 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%
Birch Hill LP                  
Central Cherry Orchard LP                  
CQuest LP                  
Eastern Orchards LP                  
GCF Investments 260,000.00 NZD 105,060.71 NZD 101,672.62 NZD 3,388.09 NZD 15,010.44 NZD 7,686,787.99 NZD 8,069,777.90 82.00% 0.01%
Gold Income LP                  
Gold Income LP - Rangitaiki                  
Heretaunga Orchards LP                  
HLP Investments LP 350,580.00 NZD 1,002,541.49 NZD 1,107,030.71 NZD -104,489.22 NZD 165,967.88 NZD 13,913,472.49 NZD 9,749,852.66 102.31% 10.28%
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%
Kintyre Vineyard LP                  
Kintyre Vineyard LP - Arck Extension                  
KLP Investments LP 340,000.00 NZD 124,140.71 NZD 54,858.39 NZD 69,282.32 NZD 21,529.14 NZD 12,847,525.52 NZD 11,210,767.30 91.00% 0.01%
Korokipo Apple LP                  
LLP Investments LP 360,000.00 NZD 675,599.59 NZD 175,642.96 NZD 499,956.63 NZD 67,968.43 NZD 8,326,749.30 NZD 8,646,475.73 82.54% 7.81%
MyFarm Application Test                  
Otamarakau Kiwifruit LP                  
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                  
Quarry Kiwifruit LP - Ohaeawai Extension                  
Riverview Kiwifruit LP                  
Rākete Capital Raise Crown 26 Nov 2020                  
Rākete Orchards Bonus Units 29 Oct 2020                  
Rākete Orchards LP                  
Tapawera Hop Garden LP                  
Te Arai Gold LP                  
Te Arai Orchard LP                  
TPLP Investments Limited 428,256.00 NZD 1,994,638.25 NZD 2,266,065.12 NZD -271,426.87 NZD 228,502.02 NZD 19,159,159.67 NZD 11,059,348.58 59.00% 18.04%
Waimarie Manuka LP                  
Wairua Hop Garden LP                  
Willowbank Apples LP                  
Ᾱporo Iti Orchard LP                  
 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Aupōuri Avocados LP            
Awakeri Orchard LP            
Awatere Valley LP            
Bay Kiwifruit Orchards LP 1.49 NZD 4.73 NZD 2.51 NZD 2.22 NZD 0.01 NZD 51.51
Birch Hill LP            
Central Cherry Orchard LP            
CQuest LP            
Eastern Orchards LP            
GCF Investments 1,140.35 NZD 460.79 NZD 445.93 NZD 14.86 NZD 65.84 NZD 33,713.98
Gold Income LP            
Gold Income LP - Rangitaiki            
Heretaunga Orchards LP            
HLP Investments LP 1,623.06 NZD 4,641.40 NZD 5,125.14 NZD -483.75 NZD 768.37 NZD 64,414.22
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
Kintyre Vineyard LP            
Kintyre Vineyard LP - Arck Extension            
KLP Investments LP 1,069.18 NZD 390.38 NZD 172.51 NZD 217.87 NZD 67.70 NZD 40,401.02
Korokipo Apple LP            
LLP Investments LP 1,333.33 NZD 2,502.22 NZD 650.53 NZD 1,851.69 NZD 251.73 NZD 30,839.81
MyFarm Application Test            
Otamarakau Kiwifruit LP            
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            
Quarry Kiwifruit LP - Ohaeawai Extension            
Riverview Kiwifruit LP            
Rākete Capital Raise Crown 26 Nov 2020            
Rākete Orchards Bonus Units 29 Oct 2020            
Rākete Orchards LP            
Tapawera Hop Garden LP            
Te Arai Gold LP            
Te Arai Orchard LP            
TPLP Investments Limited 1,307.93 NZD 6,091.80 NZD 6,920.76 NZD -828.96 NZD 697.87 NZD 58,513.76
Waimarie Manuka LP            
Wairua Hop Garden LP            
Willowbank Apples LP            
Ᾱporo Iti Orchard LP            
 
Issue Revenue Farm Working Expenses EBITDA Interest Enterprise Value
Aupōuri Avocados LP          
Awakeri Orchard LP          
Awatere Valley LP          
Bay Kiwifruit Orchards LP NZD 3.18 NZD 1.69 NZD 1.49 NZD 0.00 NZD 34.64
Birch Hill LP          
Central Cherry Orchard LP          
CQuest LP          
Eastern Orchards LP          
GCF Investments NZD 0.40 NZD 0.39 NZD 0.01 NZD 0.06 NZD 29.56
Gold Income LP          
Gold Income LP - Rangitaiki          
Heretaunga Orchards LP          
HLP Investments LP NZD 2.86 NZD 3.16 NZD -0.30 NZD 0.47 NZD 39.69
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
Kintyre Vineyard LP          
Kintyre Vineyard LP - Arck Extension          
KLP Investments LP NZD 0.37 NZD 0.16 NZD 0.20 NZD 0.06 NZD 37.79
Korokipo Apple LP          
LLP Investments LP NZD 1.88 NZD 0.49 NZD 1.39 NZD 0.19 NZD 23.13
MyFarm Application Test          
Otamarakau Kiwifruit LP          
PRD Investments NZD 6.07 NZD 3.97 NZD 2.10 NZD 0.44 NZD 32.79
Quarry Kiwifruit LP          
Quarry Kiwifruit LP - Ohaeawai Extension          
Riverview Kiwifruit LP          
Rākete Capital Raise Crown 26 Nov 2020          
Rākete Orchards Bonus Units 29 Oct 2020          
Rākete Orchards LP          
Tapawera Hop Garden LP          
Te Arai Gold LP          
Te Arai Orchard LP          
TPLP Investments Limited NZD 4.66 NZD 5.29 NZD -0.63 NZD 0.53 NZD 44.74
Waimarie Manuka LP          
Wairua Hop Garden LP          
Willowbank Apples LP          
Ᾱporo Iti Orchard LP          
Traded Date Traded Quantity Traded Unit Price Traded Value Par Value Trade Event
30 September 2021 5  Units NZD 10,200.00 NZD 51,000 NZD 50,000 On Market Trade

Secondary Market - Pongakawa Kiwifruit LP Wholesale

Quantity on Offer Offer Price   Offer End Date Highest Bid Active Bidders Action
5 Units NZD 55,000.00 15/12/2021 NZD .00 0
5 Units NZD 55,000.00 15/12/2021 NZD .00 0
5 Units NZD 55,000.00 15/12/2021 NZD .00 0
5 Units NZD 55,000.00 15/12/2021 NZD .00 0
5 Units NZD 55,000.00 15/12/2021 NZD .00 0