Olive scheme to list
A New South Wales managed investment olive scheme is planning to list later this year.
Heydon Park Olive Project, based east of Albury, plans to plant 160 hectares with olive trees. The project has been divided into 400 investments that will each have 130 trees per 0.4-hectare lots.
The company has achieved the minimum subscription for the project to go ahead, confirmed Heydon Park managing director Allan Mason.
Presently, the corporate structure of the project is being revised so an information memorandum can be issued.
"We are still working towards listing Heydon Park on the stock exchange," Mason says.
"There are a few structural things that need tidying up and we are looking at the capital gains implications of transferring holdings."
Heydon Park, the responsible entity, is owned by Allan and Marsha Mason. They are also the owners of the land the project is based on. Mason says it will be the responsible entity that will float.
"People who are in the managed investment will be able to purchase shares at a discounted value and will be given free options," he says.
"Shares will be offered to existing investors on the basis of the number of groves they hold."
It is expected that an information memorandum will be issued before the end of the financial year, with the aim of listing before Christmas.
"But, once we have the shareholder spread, we might decide to remain an unlisted company," Mason says.
"The aim is to bring liquidity to the project for investors so they can trade their shares in the manager."
The olive project has an internal rate of return of 11 per cent and it has been rated 'investment grade' by research house Australian Agribusiness Group.
A contract has been signed to sell all the olives production to Inglewood Olive Processors which will market the oil in supermarkets under the Viva brand.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
