Punakaiki Fund makes long term investments into high growth New Zealand Companies. It holds minority positions in 19 companies.
The total assets, including cash, were valued at $27 million for the March 3, 2017 Product Disclosure Statement (PDS). The investor Net Asset Value (iNAV), after all liabilities including long term contingent liabilities for Performance Fees, was $24.8 million, or $21.46 per share. The PDS Offer had a price per Share of $20.50, representing a discount on iNAV/share.
The investments represent a diverse range of products and services, target markets, business models and sizes. The aggregate last-quarter (December 2016) revenues for all companies annualised to almost $72 million. The equity-weighted revenues totalled $9.5 million, and the companies show a last quarter aggregate equity-weighted profit.
The charts below reflect the investments in the 19 companies, as valued for the PDS on February 27, 2017. They show percentages of total investment value, excluding cash.
Punakaiki Fund launched as a private fund in April 2014, raising $15.7 million to date, including issuing new shares for one transaction. These fund raising events were for wholesale investors only, unless noted, and included:
- $1.525 million in April 2014 for Shares+Options, priced at $10. The options were to buy a $10 share expiring in November 2014 and a $12 share expiring in June 2015.
- $1.500 million from the November 2014 option round for shares priced at $10, which was 98.3% subscribed.
- $1.830 million from the June 2015 option round, for Shares priced at $12.00, which was 100% subscribed.
- $1.155 million in December 2014 for Shares+Option priced at $12.50. The option was to buy one share for $14 by 30 September 2015.
- $2 million (maximum allowed) from the public via the Snowball Effect offer in June 2015 for shares priced at $14.50.
- $0.912 million from a private offer run alongside the Snowball Effect Offer in June 2015 for shares priced at $14.50.
- $0.942 million from the September 2015 Options for Shares priced at $14.00. The option round was 73% subscribed with a lot of investor demand satisfied by trading of the June options and the June offer.
- $0.725 million from the issue of new shares in return for shares in Vend Limited. This was a related party transaction with Lance Wiggs and required a shareholder vote.
- $2.24 million in December 2015 and January 2016 for Shares+Options priced at $16.50. The options were to buy a $19.00 Share, expiring in September 2016.
- $0.53 million in October 2016 from the September 2016 $19 Options, which was 20.59% subscribed. This was low as the board was unable to give certainty about whether the then forthcoming PDS offer would be above the same or below $19. The price for that offer is $19.
- $2.38 million from a NZ Public Offer and Australian IM to wholesale investors in November and December 2016.
- A retail offer and rights issue for New Zealand was live until March 20, 2017.