PONGAKAWA KIWIFRUIT LIMITED PARTNERSHIP - INFORMATION MEMORANDUM | FOR AN OFFER OF UNITS IN: MYFARM ...
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Information memorandum | For an offer of units in: Pongakawa Kiwifruit LIMITED PARTNERSHIP OFFER DOCUMENT | 25th MAY, 2020 This offer is open to persons investing no less than $50,000 and who fall within the exclusions applicable to offers made to “wholesale investors” as set out in Schedule 1, clause 3 of the Financial Markets Conduct Act 2013 (FMCA). You can obtain further information on FMCA requirements, and whether you come within the exclusions and their requirements at www.myfarm.co.nz/fmca
DIRECTORY
Offeror and AgInvest Trading Limited trading as MyFarm
Issuer: PO Box 91
Feilding 4740
Phone: 0800 693 276
Issuing Entity: Pongakawa Kiwifruit Limited Partnership
c/- MyFarm Investments, a division of AGInvest
Trading Limited.
PO Box 91
Feilding 4740
Solicitor: Sharp Tudhope Lawyers
Private Bag TG12020
Tauranga 3143
Phone: 07 578 2149
Accountant KPMG
KPMG Centre
85 Alexandra Street
Hamilton
Phone: 07 858 6500
Warning
The law normally requires people who offer financial products to give information to If you fall within Schedule 1, Clause 3 of the FMCA, as a result of this exclusion, you may
investors before they invest. This requires those offering financial products to have not receive a complete and balanced set of information. You will also have fewer other
disclosed information that is important for investors to make an informed decision. The legal protections for this investment. Investments of this kind are not suitable for retail
usual rules do not apply to this offer if you are a person who comes within Schedule 1, investors. Ask questions, read all documents carefully, and seek independent financial
clause 3(2)(a)-(c) or 3(3)(a)-(b)(ii) (inclusive) of the Financial Markets Conduct Act 2013. This advice before committing yourself.
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.
2 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
DISCLAIMER AND DECLARATION OF PARTNERSHIP Interest
This Information Memorandum has been prepared The Offer is not a regulated offer under the FMCA. This disclaim all liability in relation to the matters referred
solely for the purpose of providing general information Information Memorandum is therefore not a product to above and no person may take legal action against
to prospective investors in Pongakawa Kiwifruit LP. It has disclosure statement (PDS) under the FMCA. It does not Pongakawa Kiwifruit LP, MyFarm (or their respective
been prepared from information provided by various contain all the information that would be in a PDS. directors officers, advisers, agents, related companies
parties. and employees) for any loss or damages suffered as a
NO GUARANTEE result of such person’s decision to invest in Pongakawa
This Information Memorandum does not contain all the
Neither Pongakawa Kiwifruit LP, Pongakawa Kiwifruit GP Kiwifruit LP or in relation to any acquisition made by
information required to make an informed decision about
limited, MyFarm nor any of their respective directors, such person, whenever made.
the Offer. It does not constitute, and is not a substitute
officers, advisers, agents, related companies and
for, financial, legal, tax, accounting or other professional
employees, guarantees the performance of Pongakawa Benefit of Disclaimer
advice. It does not take into account the investment
Kiwifruit LP, nor guarantees any return on investment, This provision is intended to confer a benefit on each of
objectives, financial or taxation situation or particular
nor makes any representation or warranty, express or Pongakawa Kiwifruit LP, Pongakawa Kiwifruit GP limited,
needs or circumstances of any prospective investor.
implied: MyFarm and their respective directors, officers, advisers,
Any forward-looking statements in this Information agents, related companies and employees, and may be
• in relation to the units in Pongakawa Kiwifruit LP, nor
Memorandum (such as indications of future earnings enforced by those persons pursuant to subpart 1 of part
any recommendation on the suitability of acquisition
and financial performance) are based on assumptions 2 of the Contract and Commercial Law Act 2017.
by, or an investment in, Pongakawa Kiwifruit LP;
about future events which may or may not be correct.
They are subject to risks and uncertainties. Actual results • in relation to, nor accepts any responsibility for, the Declaration of Interest
and conditions may differ materially. accuracy or completeness of any information or MyFarm is the promoter of the Offer. MyFarm specialises
analysis contained in the Information Memorandum in primary sector investments. The Directors of MyFarm
Recipients of this Information Memorandum should
or in any document distributed with this Information are Andrew Watters and Grant Rowan, neither of whom
satisfy themselves that they have obtained all the
Memorandum; or have been declared bankrupt at any stage nor have
information, taken appropriate advice, and investigated
what they may deem necessary to satisfy themselves of • that any of the information (including, without any criminal convictions. Upon creation of Pongakawa
the accuracy of the information herein. limitation forward looking statements) in this Kiwifruit LP, one of the Directors of MyFarm will, on a
Information Memorandum, or in any document trustee basis, act as the initial Limited Partner (holding
FINANCIAL MARKETS CONDUCT ACT distributed with this Information Memorandum, will one unit) until the Offer closes successfully. The
Part of the FMCA applies to the offer of the financial remain unchanged after its distribution, nor accepts Directors of MyFarm parent company, AGInvest, are
product made in this Information Memorandum. any responsibility to update such information. John Macfarlane Andrew Watters, Grant Rowan and Paul
Richardson.
INVESTMENT IN PONGAKAWA KIWIFRUIT LP IS No Liability
ONLY OPEN TO INVESTORS THAT FALL WITHIN THE
To the maximum extent permitted by law, each of
EXCLUSIONS APPLICABLE TO OFFERS MADE TO
Pongakawa Kiwifruit LP, Pongakawa Kiwifruit GP
“WHOLESALE INVESTORS” AS SET OUT IN SCHEDULE 1,
limited, MyFarm and their respective directors, officers,
CLAUSES 3(2)(A) – (C) AND 3(3)(A) - (B)(II) (INCLUSIVE) OF
advisers, agents, related companies and employees
THE FMCA.
3 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
1. Offeror’s letter
Dear Investor, hectares ('cha') of mature SunGold as well as a house A disadvantage of not purchasing the crop is that, in the
that is rented. absence of distributions of crop proceeds, unitholder
We are fortunate to have secured another high-quality
distributions in the first year of syndicate ownership will
SunGold orchard for syndication. The main selling The Orchard is currently managed by and partly owned
be lower than in subsequent years. This is because first-
season for kiwifruit orchards is coming to a close with by principals of our Bay of Plenty kiwifruit partner, DMS
year profit share payments will not be received until the
the harvest nearly completed, and this is likely to be the Progrowers Limited ('DMS').
second year.
last SunGold orchard we bring to the market until later in
Following syndication, DMS will lease the Orchard on
the year. To mitigate this and even-out distributions, additional
the usual terms for a Myfarm syndicate. Key terms are a
debt will be used to make an interim profit share
Investor demand for SunGold orchards continues to monthly rental of $60,000/cha p.a. (a 5.2% return on the
payment aimed at bringing profit share distributions
remain strong and all our recent offerings have been Orchard purchase price) and an 85% share of Orchard
forward to the year to which they relate.
fully subscribed before their respective closing dates. profit.
On this basis, expected distributions over the first three
This demand has been under pinned by continued On behalf of Pongakawa Kiwifruit Partnership Limited
years of ownership are shown in Table 1 below.
growth in orchard gate returns ('OGR'), and low interest Partnership ('Pongakawa Kiwifruit LP, the 'Partnership' or
rates both contributing to strong cash flow outcomes. the "Syndicate'), MyFarm has a conditional agreement to Table 1: Expected Unitholder Distributions
purchase the Orchard for $7.086 million ($1.154 million/
The 2020 kiwifruit harvest has gone better than expected
cha plus $0.3 million for the house).
despite the advent of Covid-19, Zespri has increased FY21 FY22 FY23
its initial orchard gate return ('OGR') forecast for the The 2020 crop has already been harvested and the
2020 crop three times already (and their early season proceeds from the 2020 crop will be retained by the Expected Distributions % p.a. 7.6% 7.5% 7.5%
forecasts have proved conservative in recent years), vendor i.e. the Orchard purchase does not include the
and demand for SunGold licences in the current tender 2020 crop.
round is expected to be stronger than ever. In another change, in this offer ('Offer') we have reserved
This is a change to the normal situation for orchard
the right to accept $0.5 million of over-subscriptions
Coupled with this, interest rates are at an all-time low purchases at this time of year where the crop is included
(subject to the approval of the Board of the Syndicate's
and there is an expectation that other asset classes will in the sale because it is still on the vine.
General Partner).
struggle to maintain dividend levels as businesses come
Excluding the crop from the purchase has a number
to terms with the post Covid-19 environment. Any over-subscriptions accepted would be used to
of beneficial effects, principally; there is no risk to the
purchase Zespri shares which, at the current share price,
Given the above circumstances, we expect strong purchaser over the size of the crop and the level of OGR
have achieved a dividend yield of 16.75% p.a. over the
demand for this investment from investors looking to that will be received from Zespri, and, the syndicate
last 12 months. This high dividend yield is a result of
bolster flagging incomes. avoids the money-go-round whereby additional capital
the high prices Zespri has achieved for licences to grow
is raised to purchase the crop, the proceeds of which are
The orchard ('Orchard' or 'Pongakawa Orchard') is additional areas of SunGold. We expect the value of
paid straight back to investors as payments are received
located at 693 Maniatutu Road, Pongakawa in the licences issued in 2020 will set new record highs.
from Zespri.
Western Bay of Plenty and comprises 5.88 canopy
4 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
Additionally, the Partnership is being established with a
view to purchasing a second orchard of a similar size and
WHO CAN INVEST
quality if and when a suitable one becomes available. The Offer is only open to wholesale investors, namely:
The Limited Partnership agreement will be drafted in a • Eligible Investors who can certify they have investing
way that facilitates this purchase, subject to Unitholder experience that enables them to know their
approval by way of an Ordinary Resolution. information needs and assess the merits of offers and
An additional orchard will only be considered if it the adequacy of information provided, or;
is expected to enhance distributions to existing • Wholesale Investors who either have a business based
Unitholders. Equity to fund the purchase of a second on investing, or meet prescribed income or asset
orchard would be raised by way of a rights issue of new criteria, or;
Units to existing Unitholders. Should the pre-preemptive
Units not be taken up in full by existing Unitholders, any • Any Investors who invest $750,000 or more.
remaining Units will be offered to new investors. In general terms, these income and asset criteria require
an investor to have a portfolio of specified investments
investment Highlights of at least $1.0 million or net assets or annual income of
more than $5 million.
• The Offer is for 490 fully paid units (“Units”) at
$10,000/Unit plus 50 Units of over-subscriptions, There are also provisions for investors who have
with a minimum investment of $50,000 and one Unit transacted more than $1 million of investments in
increments thereafter. the last two years (see Section 16) for more details on
qualifying investors).
• The total investment requirement is $7.654
million. Of this, $7.086 million is needed to fund the This is a high producing mature orchard in a prime
acquisition of the property. The balance of $0.568 SunGold growing location. We have purchased from this
million is needed to fund syndicate establishment vendor previously and DMS are the incumbent manager
costs, provide a small cash float and make interim so know it well.
profit share distributions.
If income is your investment priority, reviewing this
• The investment will be funded using $4.9 million of investment opportunity should be too.
contributed capital to be raised in this Offer (64%
Yours Sincerely,
of total funding) and $2.754 million of debt from a tier
one bank (34% of total funding).
• Property settlement date is to be 29 June 2020. The
Andrew Watters
unconditional date for due diligence and finance is 15
June 2020. MyFarm - Chief Executive
• The Partnership will list on Syndex upon completion
of the syndication process.
5 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
2. letter from dms
Dear Investor,
Pongakawa Kiwifruit LP will be the eighth kiwifruit
orchard DMS lease from a MyFarm syndicate.
We currently manage the Orchard for the existing
owners (some of whom are DMS personnel) so we are
very familiar with it, and pleased that it will be joining our
stable of leased orchards.
The Orchard is fully mature and is in a location noted
for its ability to produce high levels of SunGold. We have
assessed the Orchard and are comfortable budgeting on
average production of 15,000 trays/cha.
This level of production has been exceeded in the past
and is less than that produced on similar well managed
orchards in this location, but it is more than what the
Brett Kerrisk
Orchard has achieved in the last three years.
DMS - Orchard Operations manager
Production in the last three years has been affected by
a succession of factors that have been addressed, and
yields are now on the increase. These factors involve
poor pollination, gaps in the canopy and a high reject
rate related to sooty mold. Mitigating actions included
the use of artificial pollination, stringing to bolster the
level and vigour of replacement canes and removal of
weeds from boundary areas to reduce the habitat of the
passion vine hopper whose excretia provides a substrate
for sooty mold. Scott St George
The Orchard will be managed by Mat Greenbank, a past DMS - Client Services manager
winner of kiwifruit grower of the year.
Yours sincerely,
Brett Kerrisk & Scott St George
DMS Progrowers
6 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
3. TABLE OF CONTENTS
DISCLAIMER AND DECLARATION OF PARTNERSHIP Interest 3 9. SELECTED FINANCIAL INFORMATION 35
No Liability.........................................................................................................3 Forecast Financial Information.................................................................... 35
Benefit of Disclaimer.......................................................................................3 Underlying SunGold Profitability................................................................. 37
Declaration of Interest.....................................................................................3 Operating Profit.............................................................................................. 37
Operating Cashflow and Distributions....................................................... 38
1. Offeror’s letter 4 Net Cashflow . ................................................................................................ 39
Investment Highlights......................................................................................5 Balance Sheet................................................................................................. 40
2. letter FROM DMS 6 10. RISKS TO RETURNS FROM Pongakawa Kiwifruit LP 41
Important Questions..................................................................................... 41
3. TABLE OF CONTENTS 7 Risk Management.......................................................................................... 41
4. Key information summary 9 11. What are the fees? 43
5. WHAT Pongakawa Kiwifruit LP INVESTS IN 13 12. TAX 43
Statement of Investment Policy and Objectives........................................ 13 Consequences of Insolvency........................................................................ 43
Property Description..................................................................................... 13
The New Zealand Kiwifruit Industry............................................................ 19 13 . ABOUT MYFARM AND OTHERS INVOLVED IN THE SCHEME 44
About DMS...................................................................................................... 24
Listing on Syndex........................................................................................... 26 14. HOW TO COMPLAIN 47
Key Personnel and Experience..................................................................... 27
Governance of Pongakawa Kiwifruit .......................................................... 29 15. WHERE YOU CAN FIND MORE INFORMATION 48
Nature of Returns.......................................................................................... 30
16. HOW TO APPLY 50
6. KEY DATES AND OFFER PROCESS 31 Application Instructions:............................................................................... 50
7. TERMS OF THE OFFER 32 17. GLOSSARY 57
8. HOW Pongakawa Kiwifruit LP WORKS 33 APPLICATION FORM 58
Related Party Benefits................................................................................... 34
7 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
8 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
4. Key information summary
What is this The Offer is to wholesale investors of Units in Pongakawa Kiwifruit LP, a Limited Partnership to be formed to acquire a 5.88 cha SunGold orchard
Offer? 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.
Who manages The Scheme is offered and will be managed by divisions of AGInvest Trading Limited, which trades as MyFarm, or a subsidiary. The MyFarm
this Syndicate? Investments division is the Offeror, the MyFarm Business division is the manager (“Manager”) of the Partnership and governance will be provided by
the Board of a new subsidiary company, Pongakawa Kiwifruit GP Limited, which is the Partnership General Partner.
The Manager will administer the Partnership and provide the business with governance, and governance support and administration services under
contract. Notably, the Manager will supervise and monitor the Partnership's lease and agreement with DMS.
What are you The investment is in Units in Pongakawa Kiwifruit LP. Pongakawa Kiwifruit LP is being formed to acquire the Orchard. As a Pongakawa Kiwifruit LP
investing In? unitholder ('Unitholder'), you will become a Limited Partner in Pongakawa Kiwifruit LP.
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.
9 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
Key terms of 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 Offer 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.
As a limited partner the maximum amount payable would be $10,000 per Unit and no other payments would be required to be made other
than those specifically agreed to.
IMPORTANT DATES: Offer Closing Date – 12th June 2020. Settlement of the purchase of the Orchard – 29th June 2020
How can Units in Pongakawa Kiwifruit LP will be quoted and may be traded on Syndex (https://www.syndex.exchange), a peer to peer trading platform for
you get your proportionally owned investments. A listing on Syndex facilitates liquidity, but does not ensure that you will be able to sell your Units at a fair price
money out? at a time of your choosing.
Syndex helps maintain the Partnership register, hosts all Unitholder communications from the Manager, and facilitates
trading in Units between qualified wholesale investors.
The costs and benefits of Syndex are covered on page 26.
Key drivers of The key drivers of the return to Unitholders will be the OGR that is achieved for the fruit that the Partnership supplies, the levels of fruit yields
returns achieved, lease rental payments, and operating costs incurred.
Other factors which may have an influence on returns are the level of bank debt and interest rates on this debt.
Financial Contributed Capital: $4.9 million Forecast Cash Distributions
Information (% p.a. of Contributed Capital)
Bank debt $2.754 million
FY21 FY22 FY23
Distributions % p.a. 7.6% 7.5% 7.5%
10 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzKEY RISKS Investments in managed investment schemes are risky. You should consider if the degree of uncertainty around Pongakawa Kiwifruit LP’s future
performance and returns are acceptable to you. The Offeror considers the most significant investment specific risk factors that could impact on the
value of the LP Units are:
At maturity, the SunGold area is expected to produce an average yield of 15,000 trays/cha. This estimate is based on
DMS's experience on the Orchard which it currently manages. While the Orchard has exceeded this production level
Orchard Yield historically, production has been variable and there is a risk that yields may be less than budgeted.
Budgets assume an Orchard OGR of $10.00/tray and there is a risk that the Industry OGR will be less than this. An
industry OGR of $10.00/tray represents a significant drop on industry OGR levels in recent years, but is at the top end
SunGold OGR of the medium term OGR outlook provided by Zespri of $8.00-$10.00/tray. This forecast OGR range is the basis on
which growers are tendering for new SunGold licences. OGR could also be adversely affected by changes in demand for
SunGold as a result of things like Covid-19 or the introduction of new varieties.
Values for established SunGold orchards are at historically high levels. These values reflect the high levels of profit that
are being achieved as a result of high OGRs and yields. There is a risk that orchard values and profit levels will reduce if
Orchard Value OGRs and yields reduce.
A range of pests and diseases, adverse biosecurity or weather events such as flooding could reduce Orchard profitability,
necessitate remedial capital expenditure or make growing kiwifruit unviable in the short or medium term.
Force Majeure
If DMS fails to pay rent when due, maintain the orchard in accordance with the lease terms, or otherwise defaults under
the lease, the Partnership would need to exercise its rights to terminate the lease and take possession of the property.
Lessee default
In that event the Partnership could either look to find another lessee, operate the Orchard or sell it.
The lease agreement with DMS provides for base rent reviews every five years. The base rent review will be assessed
as 60% of the expected average Orchard EBITDA for the next five years. Both the lessee and lessor have the right to not
Rent Review
renew the lease if the base rent is not acceptable to them. There is a risk at each review, that the base rent may decrease
and/or a risk that the lessee will choose not to renew the lease for a further five years.
This summary does not cover all risks and investors are advised to read Section 10 (Risks) on pages 41-42. If investors require further information on
material risks, they should seek professional advice.
This Information Memorandum does not take into account the personal circumstances, financial position or investment requirements of any one
person in particular. It is therefore imperative that before making investment decisions, investors give consideration to the suitability of investing in the
Partnership in light of their investment needs, objectives, financial position and other circumstances.
11 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzWhat fees will The table below summarises the fees and expenses that you will be charged to invest in this scheme. Further information about fees is set out in
you pay? Section 11 (What are the Fees).
FEE BASIS FOR
$322,332 one-off charge 4.75% of the price MyFarm Promotion/Establishment Fee covers: sourcing the Land and planning the
(GST exempt) of purchasing the development of the Orchard, structuring the Offer, due diligence (excluding third
Orchard party costs), financial modelling, preparation of an information memorandum
and factsheet, marketing, promotion, referral fees (if any) and management of the
syndication process.
$39,330 p.a. adjusted 0.5% of the value MyFarm annual fee for managing the syndicate, governance (excluding the
for assets managed and of assets under independent chair), governance support, property inspections, supervision of the
inflation at CPI management Orchard manager, financial control and preparation of financial reports, banking
liaison, contract negotiation and communication with the Board and Unitholders.
Subject to Board approval the Manager may charge additional fees at commercial
rates for services outside the scope of the standard services agreement.
$79,328 one-off charge Third Party One-off set up expenses including legal costs, an independent valuation, a
establishment costs horticultural consultant due diligence report and underwriting.
12 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz5. WHAT Pongakawa Kiwifruit LP INVESTS IN
STATEMENT OF INVESTMENT POLICY • a post-harvest operator like DMS can provide
attractive lease terms because it secures its fruit
Table 2: Pongakawa Kiwifruit LP Legal description
AND OBJECTIVES supply and enables them to earn additional returns Identifier Legal Description Land Area
on the fruit produced on the orchards it leases,
INVESTMENT OBJECTIVES through its post-harvest activities (i.e harvesting, Lot 2 DP 383150
packing and storing fruit). 331995 11.137 ha
Pongakawa Kiwifruit LP’s investment objective is to South Auckland
acquire a SunGold kiwifruit at Pongakawa in the Western PROPERTY DESCRIPTION
Bay of Plenty.
Legal Descriptions – The legal description of the
More specifically, the Partnership aims to: Orchard is shown in Table 2.
• purchase a 5.88 cha property at 693 Maniatutu The Orchard is situated at 693 Maniatutu Road,
Road, Pongakawa for settlement on 29 June 2020, Pongakawa. Surrounding properties include kiwifruit,
and; avocados and grazing land. The orchard is near Te Puke
• engage DMS to lease the Orchard for a 10 year term and is in a prime location for kiwifruit production.
from June 2020, with one five year right of renewal. The mild and balanced climate is well suited to avocados
and Gold kiwifruit and characterised by low winds, low
INVESTMENT RETURN OBJECTIVE frost risk and warm temperatures.
The investment objective is to provide Unitholders with a
high level of regular monthly income from net operating
Due Diligence
cash flow. Independent consultant Fruition Horticulture has
completed an orchard inspection, and will provide
At budgeted costs, prices and fruit yield, Orchard profits
a written report on their assessment as part of due
are expected to support annual distributions of 7.5% p.a.
diligence.
INVESTMENT RATIONALE
Their initial verbal assessment is that this is a good
The Partnership is being proposed because MyFarm SunGold orchard in a good growing location. They also
expects that profits from mature SunGold kiwifruit endorse the management changes being implemented
orchards will provide investors with a high level of (stringing, artificial pollination, some shelter removal and
regular distributions. This expectation is based on a clearing of boundary areas) and believe that the Orchard
belief that: should be capable of producing 15,500 trays/cha on an
• high returns from SunGold kiwifruit will be ongoing basis.
sustainable because of Zespri’s ability to control The Orchard is also being independently valued.
global fruit volumes via its plant variety rights, and;
13 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzContour and improvements Soils and drainage Photo Below: Frost fan improvement
The Orchard is thought to be about thirty years old and The predominant soil type is Paengaroa sandy loam
was converted to SunGold in 2012. Vines appear to be in which is considered highly suitable for SunGold
good health. production. The topsoil is around 150mm deep and the
subsoil is stoneless with no rooting barriers and good
Shelter is predominantly natural but there has been
drainage characteristics.
some strategic use of artificial shelter. The pergola
structure is made of metal agbeams supported by Photo Below: Pongakawa Kiwifruit orchard soil profile
quarter round posts. Bay size is variable and agbeams in
areas with larger bays will need to be braced as part of
normal maintenance.
The Orchard is relatively flat in contour and it appears
that there has been minimal contouring.
Improvements include two frost fans, but no irrigation
system. Irrigation is not considered necessary because of
the soil type, and the age of the rootstock and the depth
to which roots have grown.
Photo Below: undervine canopy with flat contour
14 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzFigure 1: Zespri GPS map of orchard area in kiwifruit and SunGold grafting dates
DMS MODIFIED
MELLINGA ORCHARD: 693 Maniatutu Road | TE PUKE
23/04/18 Owner: Golf Course Limited Partnership
Status: DMS Managed
DMS Manager: Shirley Maxwell
MA Name Var Blocks Phone: 07 573 4141
Mobile: 027 573 6659
PURPL 2.93 GA 1,2,3,4,5
BLUE 1.00 GA 6,7
ORANG 1.95 GA 8,9
HAZARDS
ORCHARD ENVIRONMENTS CAN BE HAZARDOUS
EXERCISE CAUTION AT ALL TIMES
Please notify management of any
ACCIDENT or new HAZARD
- Power pole and Phone connections at entrance
2019 MATURITY AREA MAP
59 - No access at NW Block 3
- No car access east of Blocks 3-5
- Narrow headland between block 5 and shelter
SURVEY:25/10/2012
Block1 Block 9
AD 0.26 ha 0.75 ha - Deadman ties in headland East of Block 6
RO Gold3
Gold3 - Concrete water tank East corner & center of Block 6
TU Pergola
IA TU 2012 Pergola - Shelter with anchor wires across blocks 6/7/8
N Block 2 - 4WD only in Blocks 6,7,8,9; steep land
MA 0.36 ha 1 2012
693
- Block 7, Row 17; lip on row and no headland
Gold3
Pergola - Culvert at end of Block 7, Row 20
1 2012 - No exit in Block 7 R15&16
- No headland access NW of Block 7
- Tieback wires in Block 7 NW shelter
7
- Rabbit holes across Block 7-8
1 30 - Overhead/under-canopy windbreak poles NW of
29 block 8
SURVEY:25/10/2012
Block 3 15 - Dead shelter along Block 9 West
L.A. 9 1.33 ha
Gold3 Block 8
SURVEY:25/10/2012
Pergola 1 1.20 ha
2012
ORANG Gold3
R PL 6 Pergola
PU
2012
!
7 10
Block 4 9
SURVEY:25/10/2012
Block 7
0.82 ha 0.52 ha
Gold3 15
WHITE Pergola BLUE Gold3
Pergola
1
! HAZARDS 2012
! 1 2012
- Steep bank along loadout bay 9
!
Block 5
SURVEY:25/10/2012
- Powerline across orchard Block 6 No exit in rows 15 & 16
- Old irrigation pipes throughout 0.15 ha 0.48 ha
Gold3 9
- Tight corners in headlands throughout
- Old anchor points/hoods at end of rows throughout
! Pergola !
1 Gold3
Pergola KPIN
5494
- Concrete posts in shelters throughout 2012 2012
- Steep drop in Block 2 Row 7
- Steep banks between orchard and road, and
around North boundary
Orchard Area: 5.87 ha
Gold 3 Area: 5.87 ha
NP
Scale in Metres
25 20 15 10 5 0 25 50 75
Copyright © 2014 GPSit Limited ● PO Box 13396 Tauranga ● 0800 2 477 48 (0800 2 GPS IT) ● Fax 07 573 8877 ● service@gpsit.co.nz ● www.gpsit.co.nz ● All Rights Reserved ● Version :: CH-MU
30 October 2014 25 October 2012 93.0 MSL 176° 26' 48.95" E, 37° 52' 14.94" S 331995
DMS DISCLAIMER: This modified map is provided as a visual aid for navigation and safety, and compliance. It is not suitable documentation for construction, valuation, or legal purposes. DMS cannot guarantee the accuracy of this map and has not assessed the orchard or
hazards that may affect safe use of quad bike or machinery. All users should undertake their own dynamic hazard assessment and communicate with the manager or owner any appropriate controls prior to working in or on the orchard.
Source: DMS Progrowers
15 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzregional map: pongakawa orchard | western bay of plenty
Figure 2: Property regional location map
western bay of plenty | new zealand
• tauranga
• te puke
• paengaroa
693 Maniatutu Road, Pongakawa
•whakatane
• lake rotorua
16 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzlocal map: 693 Maniatutu Road, Pongakawa, western bay of plenty
Figure 3: Property map indicating orchard location and approximate outline of property boundary.
^ north west to paengaroa / tepuke
^ north east to pongakawa & bay of plenty coast
oad
uR
tut
nia
Ma
• pongakawa kiwifruit orchard
V
North
17 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz18 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
THE NEW ZEALAND KIWIFRUIT INDUSTRY
Industry Overview How Kiwifruit is Grown
The New Zealand kiwifruit industry was founded in the fruit in both Europe and China have a cost advantage Kiwifruit is grown on deciduous vines that are trained
1970s based on the production of the green Hayward for both transportation and on-shore costs, but most of to grow over support structures in such a way that the
variety and is currently expanding based on production their fruit is supplied at a different time of the year. vines provide a full canopy over the land on which they
of SunGold, a new gold variety that was released Other key factors that underpin New Zealand’s are grown. The fruit hangs beneath the canopy which is
following the outbreak of the disease Psa in 2010. competitive position include: typically around 1.8m above the ground.
Zespri has ambitious growth plans to grow global supply • Consistency of supply of a high quality and high To mitigate against wind damage to the fruit, orchards
from 58 million trays in 2018 to c.250 million trays by taste product supported by a world leading supply are divided into north-facing blocks separated by either
2025. To this end it is progressively releasing a planned chain, through which growers receive market-based artificial shelter or shelter trees and the headlands
4,550 cha of new SunGold licences over the seven-year payments that reflect the quality of their fruit. Fruit associated with these.
period ending 2022. quality parameters (taste and sweetness) now account Orchards are operated on the basis of canopy hectares
In 2019 SunGold volumes surpassed Hayward volumes for 40% of total grower payments for Hayward and which is less than total hectares because of headland
for the first time, reflecting the widespread ‘cutting over’ 70% for SunGold. areas and areas taken up with houses, buildings and
and re-grafting of Hayward to SunGold. • An innovative portfolio of Zespri-exclusive product access roads and fruit load-out areas.
Zespri’s growth plan is based on its expectation of offerings (SunGold and organic), and a pipeline of new Kiwifruit is harvested between March and June each
increased consumption in North America, China, Korea, varieties. year and the packed fruit is kept in cool storage until it is
Taiwan, and South East Asia. It estimates that demand • Significant investment and support of brand progressively sold down during an April-December sales
for kiwifruit could reach 350 million trays in 10 years’ marketing and category growth. window.
time. Growing the demand for SunGold will be key to
• A comprehensive understanding of the health Some fruit may be stored in bins in controlled
achieving this.
benefits of kiwifruit. atmosphere storage. This fruit is packed and sold later
In its key markets, Zespri is one of the top five most in the season. Storage premiums are paid on this fruit to
recognised fruit brands. Zespri branded fruit is perceived • Deep penetration of core markets. compensate for the risk of losses in storage.
as having good quality, taste, sustainability, nutrition and • Focused development of new high-growth markets – Premiums are also paid for taste (determined by fruit
food safety attributes. This reputation is a result of long- North America and China are both on the ascent. dry matter content) and fruit that is harvested early.
term market commitment, continuous investment and
• Year-round supply of Zespri-branded fruit with New Premiums can add significantly to the orchard gate
operational excellence.
Zealand supply augmented with product from the returns that are received for fruit produced. By way of
The Zespri brand, and the associated values and Northern Hemisphere. This approach enables Zespri illustration, in 2018, 48% of the orchard gate return for
promises the brand delivers, help underpin attractive to support its branded offering to consumers all year SunGold kiwifruit came from fruit payments and the
price premiums. The premiums for both green and round and provide a category management solution remaining 52% came from incentives/premiums.
gold varieties help compensate for the higher costs of to large retailers. Category management is particularly Vine management is key to orchard performance. The
production for New Zealand fruit. Chilean fruit tends important to Zespri’s leadership position, and its annual management programme commences with
to have a cost-of-production advantage due to lower ability to maintain shelf space and commercialise new winter pruning when new fruiting canes are tied down
orchard and post-harvest costs. Domestically produced varieties.
19 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzand old wood is removed, and continues through the Table 4: Gold Industry Data
summer when further pruning and fruit thinning is
undertaken to manage the crop load and ensure that
2012 2013 2014 2015 2016 2017 2018 2019
fruit grows to a good size.
The number, size and quality of the fruit produced is Hectare 2,596 1,609 2,521 3,804 4,116 4,630 4,996 5,501
also affected by such things as pollination, nutrition, vine
OGR $/tray $10.69 $12.88 $9.45 $8.21 $8.64 $10.01 $10.89 $11.71
health, pest control and climate.
Trays/cha 9,906 7,072 6,954 8,518 11,439 11,292 13,216 13,632
Climate and soil type are key reasons why the New
Zealand industry has stayed concentrated around Average size 32.1 33.1 29.7 32.6 26.7 26.7 27.3 29.5
the Bay of Plenty where the Hayward variety was first
commercially developed. However, while the Hayward Total Trays (m) 25 11.1 18.7 32.6 46.7 52.7 66 74
variety does not grow well in other regions of New
Zealand, this is not proving to be the case with SunGold
which is growing well in Northland, Gisborne and These yield increases are a consequence of improved
Hawke's Bay. management techniques and new varieties, the
introduction of which was driven by the need to improve
Orchard Profitability and Yields profitability as volumes increased and prices declined in
Kiwifruit orchard profitability is primarily determined the early 1990s.
by the yield, size and the taste (dry matter) of fruit
produced, the market prices realised by Zespri and to a Orchard Gate Returns
lesser but increasing extent, the costs of production. Orchard gate returns over the last eight years are shown
in Table 4. The high prices achieved for the 2012, 2013
Orchard yield and fruit size are a function of both
and 2014 crops were a consequence of very low fruit
orchard design and management and orchard location.
volumes as a result of Psa. The current high prices
Generally, the highest producing orchards are in low
are supported by the high price of kiwifruit in China,
altitude, north facing coastal locations.
and the fact that, on a per tray basis, the high level
Pongakawa Kiwifruit has both these characteristics. of expenditure on marketing New Zealand SunGold
Orchards in these types of locations also withstand the reduces as volumes increase.
effects of Psa better and are less susceptible to early Furthermore, Zespri has control of global supply of
frosts which can damage flower buds and fruitlets. SunGold because it owns the plant variety rights. Their
Orchard yields have increased significantly over the last confidence in future returns for SunGold is evidenced
25 years, increasing from around 5,000 trays/cha to by their plan to release 700 cha of licence annually until
around 14,000 trays/cha. Top orchards now produce up 2022.
to 20,000 trays/cha.
20 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzOrchard Operations to contract to supply kiwifruit to Zespri. Supply Entities different Supplier. These differences are magnified by
typically involve one or more post-harvest operators and Zespri’s pooling arrangements for fruit payments which
Most orchard operations need to be performed in a
the growers for whom they pack and store fruit. are zero sum. i.e. one Supplier can only achieve higher
timely and expeditious manner, meaning that there are
premiums if another Supplier achieves lower premiums.
concentrated periods of high demand for labour and Through their Supply Entities, suppliers are responsible
machinery. for delivering kiwifruit to the side of the ship according Similarly one Supply Entity can only achieve higher
to the pack types, quantities and varieties scheduled by premiums over another Supply Entity supplying the
This, together with the small average orchard size, has
Zespri. Fruit is drawn down evenly on a pro-rata basis same Supplier, if the other Supply Entities receive lower
favoured the development of specialised contractors
across all Suppliers, and all Suppliers receive the same premiums.
with the capacity (labour and equipment) to operate over
payments and premiums for the fruit they supply.
large areas in a short space of time. Post-harvest operators can influence grower premiums
Suppliers do not have to draw fruit evenly from their by such things as the timing of harvest (which affects dry
Typically these contractors are associated with post-
Supply Entities, and individual Supply Entities endeavour matter and fruit size), the pack types they use and the
harvest operators like DMS who manage orchards as
to maximise the fruit payments they receive from their level of fruit loss they incur.
a way of securing fruit to pack and store and as a way
supplier in order to achieve a better price for the growers
of utilising their resources outside of the main harvest
who pack and store with them. Kiwifruit Markets
period.
New Zealand is the third biggest producer of kiwifruit
The Boards of Supply Entities typically comprise
Industry Organisation behind Italy and China, both of whom produce kiwifruit
representatives of both growers and post harvest
in New Zealand’s off-season. The only southern
The New Zealand kiwifruit industry is vertically operators and decide things such as how premiums
hemisphere supplier New Zealand competes with is Chile
integrated. All export quality kiwifruit is marketed and will be allocated to the growers who supply them. For
which produces about 30% less fruit than New Zealand.
sold by grower owned and controlled Zespri Group Ltd. example, a post harvest operator will try to maximise
Southern hemisphere fruit accounts for about 30% of
the value of time storage premiums by minimising fruit
Zespri contracts with kiwifruit suppliers to acquire fruit world supply.
losses across their pool of fruit. They can do this by
Free on Board and Stowed (FOBS) and aims to maximise retaining, until late in the season, fruit from a grower While China is the biggest producer of kiwifruit in
price by selling fruit in different markets. who supplies them with fruit that they know will store the world, all the fruit that it produces is consumed
The net proceeds from the fruit it sells are pooled by well, while drawing down early, fruit from a grower who domestically and it is still a significant importer of New
variety, so that all suppliers get the same prices and supplies fruit that they know will not store well. Zealand kiwifruit.
premiums for the fruit they supply. The Boards of Supply Entities look to be fair to both Nearly all of New Zealand’s kiwifruit is exported. Its major
For each price pool, a number of price premiums are these growers by adopting policies that give some of the markets are the EU-27 (notably Italy, Spain and Belgium)
paid. Premiums are paid for fruit size (larger fruit is benefit of the storage premiums to the pool (because and Asia (notably China, Japan, South Korea and Taiwan).
typically worth more), fruit that is harvested early to individual growers have no control over when their World trade in kiwifruit expanded significantly in the 10
extend the selling window (called KiwiStart), fruit that fruit is drawn down) and some of the premium to the years to 2010 and during this time Zespri was able to
tastes better (namely, fruit with a higher dry matter individual growers whose fruit was retained longer (to achieve price premiums for its green and gold kiwifruit
content) and time in storage (to compensate for fruit lost compensate them for the fruit losses they incurred). compared with its competitors. It was also able to earn
due to natural deterioration in store). a significant premium for its gold kiwifruit over its green
By this process, growers who supply one Supply Entity
kiwifruit without decreasing the value of the green
Kiwifruit suppliers (‘Suppliers’) are groupings of supply are able to achieve better fruit prices than growers who
kiwifruit.
entities (‘Supply Entities’) who have banded together supply another Supply Entity who may work through a
21 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzThis performance is a consequence of the branding,
quality control and superior marketing and distribution
that Zespri is able to achieve as a single desk seller and
its plant variety rights to the gold variety Hort 16A and its
successor SunGold.
Following the Psa outbreak in 2010, world production of
kiwifruit went in to a modest decline, the only exception
being China where output has continued to grow.
Notwithstanding, volumes of New Zealand produced
kiwifruit are expected to increase significantly as
SunGold kiwifruit expands.
This increasing volume of fruit will have to be marketed
against a backdrop of on-going economic constraint in
the major market of EU-27 and potentially the economic
impacts of Covid-19. Maintaining prices and premiums in
this environment will be a challenge, but one that Zespri
is well placed to manage.
The success of SunGold kiwifruit will be a big
determinant of how well the New Zealand industry
performs in the short to medium term.
Zespri has an on-going variety development programme
and growers buy licences to grow new varieties like
SunGold when they are ready for commercialisation.
22 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz23 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nz
About DMS group limited
DMS Overview All managed and leased orchards are harvested, packed DMS and the kiwifruit industry
and cool-stored by the DMS team.
The DMS Group is a leading Bay of Plenty kiwifruit In addition to its founders, Craig Greenlees and Paul
and avocado orchard management and post-harvest DMS’s post-harvest company is 50% owned by growers Jones, the board of DMS comprises an independent
operator. It is locally owned and operated and focused and 50% owned by DMS founding partners, Craig chairman, Hamilton lawyer Peter De Luca, orchard owner
on providing services aimed at increasing orchard Greenlees and Paul Jones. This ownership balance has and supplier, Tony Leicester, former Zespri CEO, Lain
productivity and grower profits. Its services include: proven to be a successful model. Jager, and John Cook.
• Consulting and orchard assessment relating to DMS and the kiwifruit industry Paul Jones leads the orchard management team and has
orchard purchases more than 25 years experience as a grower and manager.
DMS recognised early-on that SunGold was the key
• Orchard management and development to industry recovery following the outbreak of Psa, contractual arrangements with dms
because it had superior yield and fruit quality, was Psa
• Orchard leasing Subject to the successful purchase of the Orchard,
resilient and conversion was easy. DMS considers itself
• Harvesting and packing MyFarm has negotiated an agreement with DMS, for the
an industry leader in growing, packing and cool-storing
lease of the Orchard.
this variety and is well positioned to service growth as
• Cool storage
production of SunGold increases. Orchard Lease
• Crop inventory management
As a company, DMS is a strong supporter of Zespri, with The key terms of the lease are expected to be:
• Technical advice and support both founding partners holding significant industry roles
at various times. Craig Greenlees was a director of Zespri • 10 year term from June 2020 with one five-year right
The DMS business was established in 1989 by its two of renewal.
executive directors, Craig Greenlees and Paul Jones. for 15 years, including six as chairman. Paul Jones is
It currently manages more than 100 orchards, has 70 currently a Zespri director. Each season:
full-time staff and employs another 500-plus seasonal The DMS Supply Entity is a member of the G4 Kiwi Group, • DMS pays the Partnership a base rental of $60,000/
kiwifruit workers during the annual harvest period. DMS a Supplier that provides 32% of Zespri's Class One Crop. cha p.a;
has administration offices in Tauranga and two pack- DMS works with G4 Supply Limited on export logistics
house facilities, one in Te Puna and the other at Te Puke. • DMS pays all orchard operating expenses and
to ensure its kiwifruit is loaded at the optimum times
overheads;
to achieve the best returns for its growers. This work
orchard management and leasing includes contract negotiation, packaging and delivery • An operating budget (which includes an orchard
The Company leases and manages about 520 hectares allocations, inventory management and port and management fee to DMS of $2,500/cha ) is agreed
in the Bay of Plenty, making it one of the largest kiwifruit transport services. between DMS and the Partnership’s general partner;
management companies in New Zealand. Both orchard
As a medium-sized operator, DMS believes it is big • DMS recovers base rent and orchard operating costs
management and leasing options are tailored to suit
enough to be operationally efficient, yet small enough to plus a 6% cost of capital charge on these costs from
the specific needs of the grower. The company actively
adapt quickly to change. It recently joined with several initial Zespri orchard gate returns, and;
communicates with its growers and runs regular
other post-harvest entities to create their own Class-Two
educational field days and focus groups. • thereafter the Partnership receives 85% of all orchard
brand, NutriKiwi. Fruit under this brand is marketed
gate returns from Zespri and DMS retains 15%.
directly into Australia.
24 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzThe lease will also provide that if the Orchard makes a loss
in any particular season, this loss will be carried forward
and set-off against profit in subsequent seasons, before any
profit share determination. This process will continue until
losses have been extinguished.
For each particular year, the Partnership’s 85% share of
profit will not be determined and paid until the following
year when all revenue from Zespri has been received.
Zespri makes a submit payment at harvest and then regular
progress payments from June to the following May. It
is expected that orchard and base rental costs incurred
by DMS the previous season will be recovered by the
November following harvest and that Partnership profit
share payments will be received progressively between
December and May.
Lease revenue received by the Partnership in most seasons
will therefore comprise a base rental paid on the current
season and a share of profits from the previous season.
The Partnership will get to approve the DMS annual
operating budget for the leased area and while DMS will
have to account to the Partnership for any budget variance,
the lease provides that they will be reimbursed for the
actual expenditure incurred.
The lease will include a force majeure provision that will
allow DMS to terminate the lease if there is a natural
disaster, such as an outbreak of a disease like Psa which
makes it uneconomical to continue to grow kiwifruit.
The lease will also provide for a review of the base rent
every five years. Rent reviews will be based on 6% of the
expected EBITDA/cha for the next five years (i.e. $/tray OGR
x expected trays/cha less picking costs and orchard working
expenses).
25 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzlisting on syndex
Pongakawa Kiwifruit LP will list on Syndex (www.
syndex.exchange), a peer-to-peer trading platform for
proportionally-owned assets.
Syndex was founded in New Zealand in 2015 and
provides an independent secondary market. Syndex
provides services to over 180 investment schemes worth
over $2.8 billion with nearly 7,000 account holders. The
platform is privately owned and utilises proprietary
capital market software on a publicly accessible platform.
The platform, Syndex.Exchange, allows investors to trade
proportionally-owned assets and acts as an intermediary
exchange for both potential investors and vendors.
Syndex offers a number of services to MyFarm and
MyFarm managed investment schemes, including
registry, compliance and investor relations services, and
a peer-to-peer market that supports capital raising and
secondary market trading.
Syndicators like MyFarm list their syndicates on Syndex,
and have to comply with listing rules aimed at ensuring
a fair and fully informed market. The listing rules require
that the syndicator provide quarterly reports and
information on valuation.
Syndex offers its services via a subscription-based pricing
model (see website for more information).
MyFarm will create a Syndex account for each new
investor/investment entity as part of the application
process for Pongakawa Kiwifruit LP. Investors will need
to log in to their Syndex account in order to access all
reporting and communications.
There is no charge to investors to access or view
information on Syndex. Charges only apply when buying
or selling units.
26 | Pongakawa Kiwifruit LP | Information Memorandum | 25th May, 2020 www | myfarm.co.nzYou can also read
