The Offer is to wholesale investors of Units representing partnership capital in Gold Income LP, a Limited Partnership to be formed to acquire established SunGold orchards during calendar year 2021. These orchards will meet the SIPO criteria outlined on page 13, or be approved by special majority of more than 75% of partners and investors.
Subject to the success of this Offer, the Partnership will purchase orchards and meet orchard purchase costs and syndicate establishment costs using a combination of contributed capital to be raised in this Offer and bank debt to a maximum overall loan to value ratio (‘LVR’) of 35%. The calculation of LVR excludes establishment fees and costs. The LVR for a particular orchard purchase may go as high as 50% in the short term to fund the initial settlement.
The Offer is to raise at least a further $8 million of partnership capital in Gold Income LP, plus over-subscriptions at the Offeror's discretion. There is no minimum amount to be raised in the Stage 2 offer. The amount of capital raised in the Offer will determine the number of SunGold orchards that can be purchased (one or more) and the rate that unpaid capital is called. Underwriting services to secure a larger orchard, or fund any short-term equity requirements may also be utilised.
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 $0.10/Unit is due at the time of application. Payment of unpaid capital will be called in multiples of $0.10/Unit and subject to 20 business days notice.
A Stage Two investor shall only be admitted as a Limited Partner and have its respective Partnership Interest and Units entered into the Unit Register on the later of the following dates:
(i) the date that the Stage Two Limited Partner has signed a Deed of Adherence to the Limited Partnership Agreement; and
(ii) the date that the relevant Stage Two Limited Partners’ full capital is called and applied to the purchase of orchards as outlined on Pg 13 of the Information Memorandum.
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.