MyFarm launches listed dairy fund
New Zealand dairy farm investor MyFarm Asset Management has launched a specialist investment fund which aims to raise NZ$75 million ($62 million), partly through an IPO on alternative securities exchange Unlisted.
Pastoral Dairy Investments (PDI) plans to raise at least NZ$25 million through an IPO, with the remaining $50 million coming from prospective LPs, including charitable organizations. The fund will then make acquisitions of New Zealand pastoral dairy farms using equity only. Debt may be used in follow-on rounds.
It is offering 25 million shares plus oversubscriptions, at an issue price of NZ$1 per share, partly paid to NZ$0.30 per share with a minimum commitment of NZ$20,000. A fee of $0.02 per share will be charged upon application.
PDI chairman Malcolm Bailey - also chairman of the Dairy Companies Association - will be joined on the board by John McDonald, chairman of Pohutukawa Private Equity and Alister Body, a director at industry organization DairyNZ.
"DairyNZ's most recent economic survey estimates that New Zealand dairy farmers made a record operating profit last season and that they are back on track to make a similar level of operating profit in the current season," said Bailey. "This offer by PDI gives the New Zealand public rare access to an investment aiming to share in that success."
He will work with the fund alongside Andrew Watters and Grant Rowan, directors of dairy farm management group MyFarm.
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