Puketawa Station 

  Forestry  

 CQuest 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 Scheudle1, 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 call 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.

 

Note: We urge you to carefully review the Information Memorandum and additional attachments (if applicable) before lodging an application. In the event that there are any material changes to the Information memorandum communications will be added to the attachments for review.

Overview

This Offer is to wholesale investors of Units representing partnership capital in CQuest LP, a Limited Partnership formed in September 2021 to target bareland carbon + forestry conversions. The Partnership ('CQuest Fund') will be established to purchase and plant up to 1,500 hectares of Pinus Radiata over the next three years.


The main objective is to invest in bareland conversion of suitable properties into radiata pine to earn carbon credits and produce timber.  The forests are planned to be managed for future harvesting, but the primary focus through the first rotation will be distributing carbon returns to investors. Carbon is expected to be sequestered at a cost of $20-25/t and can then be sold for a profit through the NZETS. 


Subject to the success of this Offer, the CQuest Fund will invest in the Puketawa Station property and yet to be contracted properties to create a portfolio of radiata pine forests. If only the minimum amount of capital ($4.0 million) is raised the Fund will only own Puketawa Station.


CQuest LP will enter into a management agreement with Afforestation Partners Management Limited to establish and grow radiata pine forests. Planting will start next autumn/winter and run through to 2024. Carbon units are expected to be earned from year 5 to 16 with harvesting to occur afterwards (if the cutting rights or properties aren't sold before).


To establish a portfolio of radiata pine forests of around 1,500 ha a combination of $15.2 million of contributed capital and $6.9 million of bank debt is expected to be required. This provides CQuest Fund with a targeted loan to value ratio of 35% that is expected to reduce as the forest grow. The fund has a maximum LVR of 50%.


The Puketawa Road property has been contracted for $4.4 million, but the house and 30 ha are expected to be subdivided providing plantable area of 356 ha.


A one-off underwriter's fee of $96,000 will be charged by the MyFarm Underwriters Fund to secure the Puketawa Station.


The Offeror reserves the right to accept or decline over-subscriptions and to determine which applications are accepted.


As a limited partner the maximum amount payable is $1.00 per Unit and no other payments are required to be made other than those specifically agreed to. The minimum investment is $50,000 and thereafter the size of an investment can be increased in multiples of $10,000 (10,000 Units). Payment of $1/Unit is due at the time of application.


IMPORTANT DATES: On application, a payment of $0.35/Unit (35%) is due by 8 October 2021. A further $0.65/Unit (65%) is due on 20 working days notice to fund further suitable properties or development activities. All funds are deemed fully paid by 1 April 2024.


Issuer:
MyFarm Limited
Issue Name:
CQuest LP
Market:
Agriculture
Market Type:
Forestry

isEOI: false

Financials

Investment Type:Wholesale

Wholesale Investment Type: NZ Wholesale MIS

Total Units/Shares:15200000

Min Investment Units/Shares:50000

Min Investment Value:NZD 50,000.00

Par Value:NZD 1.00


Establishment Date: 28 October 2021

Financial Year End: 31 March 2022

Market Snapshot

Last Traded Value: 

Last Traded Price:NZD .00

Last Traded Quantity:

Last Traded Date:

Property Details

The Puketawa Station property is located in a rural setting at 185 Puketawa Road, Tiraumea. This is 30 km south of the North Wairarapa township of Pongaroa and nearly 70 km north of the main service town Masterton. The property currently comprises of 465 ha, with around 356 ha expected to be effective for carbon + forestry production once planted. It is currently operated as a sheep and beef breeding property. The homestead, support buildings and around 30 ha of flat land are to be subdivided and sold. The residual area is a mixture of native bush, plant setbacks and areas unsuitable for forest establishment. The property boarders Balmoral which has been planted into radiata pine in 2020 by Afforestation Partners. The subdivision on Puketawa Stations could occur simultaneously with some 60 ha that is to be sold on the neighbouring Balmoral.


Property Name:
Puketawa Station
Location:
Tiraumea
Address:
185 Puketawa Road, Tiraumea, Eketahuna, 4996
Total Area (ha):
464.63 ha
Effective Hectares:
356 ha

Contact

Document Name Description Date Uploaded
CQuest LP Carbon and Forestation Fund IM - Updated 21 Sept 2021 CQuest Limited Partnership Information Memorandum - Updated 21 Sept 2021 13 September 2021 Preview/Download
Zoom: 10

MyFarm Limited

 
Issue Production Revenue Farm Working Expenses EBITDA Interest Enterprise Value NTA Equity Asset Ratio ROE
CQuest LP                  
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                  
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
CQuest LP            
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            
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
CQuest LP          
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          
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          

No trade history available for this issue.

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