Offer further extended

The Gold Creek dairy farm, near Gore, bought on Monday. Photo supplied.
The Gold Creek dairy farm, near Gore, bought on Monday. Photo supplied.
Dairy farm manager MyFarm's initial public offering (IPO) for investment in its Gold Creek property near Gore has raised a total $2.21 million of the $3.5 million being sought, and has been extended for a second time, to Friday.

In order to improve small investor opportunities in actual milk production, and offer farmers a new funding stream, MyFarm is creating individual farm/company entities as ''collective investment vehicles'' (CIVs), with minimum investment of $20,000.

Gold Creek's purchase, under the CIV GCF Investments Ltd, went ahead on Monday.

The purchase price was $10.38 million, including $1.8 million Fonterra shares and debt, of which the $3.5 million sought represented about a one-third share.

A MyFarm spokeswoman said since the minimum $2 million investment threshold was reached last week, there were further applications boosting that to $2.21 million and it was ''likely'' the offer would now close on Friday, given the looming holiday break.

Each CIV to be offered will have its own individual IPO and prospectus. Gold Creek is 214ha and runs a herd of 620 cows.

simon.hartley@odt.co.nz

 

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