Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

MyFarm $13M Rockit apple investment offer closes

MyFarm $13M Rockit apple investment offer closes oversubscribed

By Tina Morrison

Dec. 27 (BusinessDesk) - MyFarm Investments, which pools funds for rural investment, said its $13 million offer for growing miniature Rockit snack apples closed oversubscribed.

The company said its offer, under the Rakete Orchards Limited Partnership, closed on Dec. 15 having attracted 67 investors with an average investment of $195,000. The partnership will lease and fund the planting of 55 hectares of the Rockit apple variety across four orchard blocks in the Heretaunga Plains of Hawkes Bay, the only planting of new orchards of Rockit apple trees in the country in 2018.

Rockit apples, the small sweet snack apple packaged in a distinctive plastic tube, were developed in New Zealand and are grown under licence in nine countries and sold at airports, sports stadiums and cafes in 29 countries. Rockit Global is struggling to grow sufficient apples to meet global demand and in 2017 the miniature apples sold out 10 weeks earlier than the previous season despite a 40 percent lift in production.

"The enthusiasm of investors' response, especially at this time of year, shows New Zealanders understand and want to share in great brand stories like Rockit," said MyFarm chief executive Andrew Watters.

Rockit Global holds the worldwide exclusive licence for the apples and will provide the trees, orchard management services, packing and storing, and marketing and sale of the apples. Rakete Orchards will lease the land, with a term of 18 years plus two rights of renewal of five years each, suiting the production of the trademarked apple which has a further 22 years to run under its plant variety rights.

Watters said 25 staff from MyFarm and Rockit Global had invested in the partnership through a special company set up to give them access to the offer.

MyFarm was set up in 1990, initially investing in dairy farms which it syndicated to investors. It has since diversified into sheep and beef farms, horticulture, manuka honey and rural commercial property and has more than $500 million of rural assets under management.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>

ALSO:

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO: