Archive | Agri Fund

BT-backed Agri Fund launches $60 million public offer

Published 11 May 2007

BT Funds Management (NZ) Ltd and Agricultural Investments Ltd announced a public share offer yesterday aimed at raising more than $60 million for a new fund that will invest in a portfolio of quality New Zealand farms & agri-businesses.


BT Funds Management is a subsidiary of Westpac Financial Services Group Ltd. Agricultural Investments is a private company headed by Cliff King, Havelock North, Grant Rowan & Andrew Watters, Palmerston North.


The Agri Private Capital Fund aims to deliver balanced, quality returns to shareholders by ordinarily investing 50% of the funds raised in high-potential pastoral farms & 50% in attractive agri-businesses.


The offer is for shares at $1/share and is open for 12 weeks.


Chairman Peter Jackson, former chairman of Affco Holdings Ltd, said the Agri Fund was a unique & overdue opportunity for New Zealanders to access a diversified investment product targeting New Zealand’s agricultural sector.


Fund manager is Agri Private Capital Management Ltd (a wholly owned subsidiary of BT Financial Group (NZ) Ltd) and the asset manager is Agriculture Resources Ltd, which has been established by Agricultural Investments.


BT manages $2.4 billion on behalf of New Zealand investors and will provide analytical evaluation of agri-business investments. Agriculture Resources, based in Feilding, is a specialist rural funds management company with a proven track record of sourcing, identifying & developing farms & agri-businesses, and achieving above-average industry returns to investors.


Business acquisition & management specialist Hamish McGregor, former manager of business acquisition & growth at Hellaby Holdings Ltd, has joined the 3 Agricultural Investments directors in that company.


Acquisition criteria:


Farms where production can be developed & intensified to achieve a sustainable increase in productivity of 25% or more, andAgri-businesses which exhibit a proven profit track record and strong & consistent cashflows with significant potential for revenue & earnings growth.Want to comment? Click on The new BD Central Forum or email [email protected].


Attribution: Company release, story written by Bob Dey for this website.

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