As we count down to closing the October 2018 Retail Offer we bring you three pieces of news:
1: Our investor net asset value per share has increased
We held our quarterly Board meeting on Friday, and I’m very happy to announce the new September quarter-end valuation:
Punakaiki Fund Limited makes long-term investments into high-growth New Zealand companies, and has a portfolio of 20 investments and $40.6 million in assets.
Please join Lance Wiggs, selected portfolio company founders, and the Punakaiki Fund team as we launch our 2018 Retail Offer to support further investment into great New Zealand companies.
We have released our September 2017 interim accounts, which are the half-year financial snapshot. These show that the assets of Punakaiki Fund were $31.56 million at the end of the quarter, of which $29.25 million was investments.
The accounts show a profit of $1.145 million for the half-year, but we believe the more important piece of reading is the statement of cash flows. This shows that net cash used in operating activities was $213,000, which represents just 0.67% of total assets, or 1.35% on an annualised basis.
We are very happy to publicly announce our investment into Coherent Solutions.
Coherent Solutions builds advanced coherent (laser) and non-coherent light testing equipment, primarily for the development and manufacture of fibre optic telecommunication components and systems.
Punakaiki Fund’s regulated offer to New Zealand investors for December 2017 is now open, and will close on Thursday 21st December. Our next retail offer will not be until after 1 August 2018.
Why the combination works
There was almost immediate agreement, at the start of negotiations, that the combination of Linewize and Family Zone was good for both businesses. Linewize provides world-leading technology for firewall, filtering and classroom internet management tools, and has 260 New Zealand schools on board. Family Zone has a disruptive business model (selling on-device filtering software to parents via school mandates) and is growing very quickly in Australia, and can rapidly expand the use of Linewize’s technology. They have also signed deals with large telecommunications providers. The combination is a strong sales and marketing engine on top of some excellent technology, and better geographic coverage for all.
We are very happy to present our 2017 Annual Report, complete with audited accounts.
A press release from Punakaiki Fund. Punakaiki Fund Limited is raising capital through a Product Disclosure Statement (PDS). Investors may apply at Punakaikifund.co.nz/InvestNow or via Snowball Effect.
We have upgraded the Punakaiki Fund website to reflect the content of our two offers.
The New Zealand Offer is lodged, and will be available to accept applications from November 9th. In the meantime the Product Disclosure Statement makes for good reading, and is the only pathway to make a decision about investing. We will accept applications directly, through Snowball Effect and wholesale distribution channels, both from the 9th.
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’ve seen a little press about our proposed offer to raise money from the public. As this is a regulated offer under the FMCA 2013, we do need to be careful about what we say and do.