The Gold Creek dairy farm, near Gore, bought on Monday.
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.