Join the mailing list
Punakaiki Fund invests into early and growth stage New Zealand-based technology, Internet and design-led businesses. Our philosophy is to invest early, reinvest where merited and hold as a long-term investor. We hold assets of $18.4 million (June 2016).
We seek to make investments in companies that:
We are presenting the fund and answering questions during the last week of September. All existing and potential investors are invited, including media.
Monday 26: Taranaki – get in touch with email@example.com
Tuesday 27th: Wellington. 5:30pm at the Z Shed, 3 Queens Wharf
Wednesday 28th: Nelson – get in touch with firstname.lastname@example.org
Thursday 29th: Christchurch – 5:30pm EPIC, 76/106 Manchester St.
Friday 30th: Dunedin – 4:30 pm, top floor John Wycliffe House, 265 Princes St.
(27 sept, 2016)
Punakaiki Fund Limited is investigating making an offer to retail investors in New Zealand, through a Product Disclosure Statement (PDS), which is the prescribed approach under the Financial Markets Conduct Act of 2013.
We have not published the PDS, and are still in the process of drafting it and getting internal approvals.
We submitted a version of the PDS to the FMA (Financial Markets Authority) under their pre-review program, and have received comments and are making changes. This proactive service from the FMA makes things a lot easier than the previous approach to public offers. The FMA only comments about whether a PDS complies with the relevant legislation, which is mainly about making sure the PDS written in the right way and the offer details appropriately disclosed. The major feedback result is that we are having to redo our FY2016 year end accounts to “Tier 1” status, which is the appropriate status for companies that offer securities to the public. We should have picked up on this earlier, and while our advisers (Deloitte and Ernst Young) believe the change is small, it does create a small delay.
If you are interested in reading the PDS, when it arrives, then please sign up to the mailing list below. If the sign-up form does not work, which is has not for some people, then just email email@example.com and ask to be added to the list.
Obviously signing up to an email list is not a commitment, and we are not yet raising money, and nor can you apply for shares yet.
We launched in April 2014 by raising funds from private investors, and have progressively raised more funds from private and public investors, including 84% from wholesale investors and the remaining $2 million from the public.
We have investments with eighteen companies, including Vibe Communications, Vend, Timely, Melon Health, Boardingware, Raygun and more. The eighteen companies have aggregate annualised revenue of around $65 million (quarter ending June 2016), and show year on year revenue growth of 65%, when weighted by our equity shareholding. Nine of the companies have annualised revenues over $1,000,000, and four over $10 million (Quarter ending June 2016).
Our last funding offer ended in January 2016, and was to Exempt Investors only. You can view our now expired Dec15 Information Memorandum and Dec15 Application Form for a good idea of who we are, how we think and the investments we made until that date.
We intend to continue to grow the fund, both through observing the growth in value of the companies we have invested into, and through further offers to wholesale and retail investors. We price each offer based on the underlying Net Asset Value at the time of the investment, so the earlier investors are far more likely to pay a lower price per share.
Our next offer is expected to be in September 2016.