Wholesale
MyFarm Limited

Gold Income LP - Rangitaiki

Horticulture

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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 Schedule1, 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.

 

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.

Total Share/Units
13,190,000 Units
Min Investment
50,000 Units
Min Invest Value
NZD 50,000.00
Par Value
NZD 1.00
Issuer
MyFarm Limited
Issue Type
Horticulture
Sector
Agriculture
Offer End Date
October 5, 2021

The Offer is to wholesale investors of Units representing partnership capital in Gold Income LP, a Limited Partnership which has been formed in May 2021 to acquire established SunGold orchards during calendar year 2021. 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 $13.19m of additional partnership capital in Gold Income LP, plus over-subscriptions at the Offeror's discretion. The minimum to amount to be raised is expected to be $12.02m. Approximately $1.65m of the $13.19m has been raised through an interim stage 2 raise period.

The offeror currently has purchased a property at the Cnr of State Highway 10 and Stanners Road Kerikeri and are now looking to add the Rangitaiki Orchard ('The Property') located at 163 Western Drain Road, Edgecumbe. This is an orchard which, subject to a subdivision, consists of a total of 14.99cha of planted SunGold Kiwifruit (9.62 planted in 2019 and 5.37 planted in 2020). The property includes a newly constructed 17 bed worker accommodation unit; quality worker accommodation is in exceptionally short supply in the Bay of Plenty.

Of the expected contributed capital to be raised in the Rangitaiki Offer 30% ($3.957 million) has been underwritten by the MyFarm Underwriters Fund for a fee of $98,925 (2.5% of the amount

underwritten).

Subject to the success of the Rangitaiki Offer, and purchase of the The Property, Gold Income LP will lease the Orchard to MyFarm's new Bay of Plenty operating partner, EastPack limited ('EastPack'). EastPack is grower owned and the largest postharvest operator in the New Zealand kiwifruit industry. The worker accommodation will be leased separately to another MyFarm Partner which will be confirmed at a later date.

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 NOTE: This offer and particularly the purchase structure around this property has certain complexity to it. We strongly urge all potential investors to read both Information Memorandums and the Stanners Road Property Report in this regard.

IMPORTANT DATES: 100% payable on application no later than 28 September 2021. Settlement date for the Property purchase - 29 September 2021. These dates remain flexible at the time of launch as New Zealand is currently under Covid-19 alert level 4.

Property Name Location Address
Rangitaiki Edgecumbe 163 Western Drain Road, Edgecumbe.

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Gold Income LP - Rangitaiki Offer IM - Final 25 Aug 21
8/26/2021
26/8/2021
Gold Income LP IM - March 18 Update
8/25/2021
25/8/2021
Gold Income LP IM - STAGE 2 Offer Document - dated 7 May 2021
8/25/2021
25/8/2021
Gold Income LP - Stanners Rd Property Report - Final - updated 16 Aug 2021
8/25/2021
25/8/2021

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