Rural Funds Group · ASX:RFF
Rural Funds — Rural Funds Management — Merger or Acquisition (May 2019)
9 slides from Rural Funds's merger presentation, May 2019
Slide 1: RFM Almond Funds merger proposal
Managed by: RFM Almond Funds merger proposal May 2019
Slide 2: Disclaimer
Managed by: Disclaimer Rural Funds Management Limited ACN 077 492 838 holder of AFSL 226701 (RFM) as Responsible Entity (RE) for RFM Almond Fund 2006 (ARSN 117 859 391), RFM Almond Fund 2007 (ARSN 124 998 527) and RFM Almond Fund 2008 (ARSN 127 947 960), has prepared this presentation based on infor
Slide 3: Executive summary
Managed by: Executive summary • Rural Funds Management (RFM) is the Responsible Entity of RFM Almond Fund 2006 (AF06), RFM Almond Fund 2007 (AF07) and RFM Almond Fund 2008 (AF08), collectively referred to as the “Almond Schemes” or “Schemes”: ─ Schemes are structured such that “Growers” are responsi
Slide 4: Merger proposal
Managed by: Merger proposal Overview of merger proposal1 • RFM intends to offer Growers the opportunity to merge the Almond Schemes into a unit trust called the Almond Fund. • The ratio in which Lots will convert to Units has been calculated based on each Scheme’s: ─ Inventory held at the time of me
Slide 5: Structure of Schemes compared to the Fund
Managed by: Structure of Schemes compared to the Fund Hypothetical cash flows of the Schemes and Fund1 40,000 35,000 30,000 25,000 20,000 $/ha 15,000 10,000 5,000 - -5,000 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Almond Fund A06 A07 A08 • The Almond Fund will have a capital structure similar to
Slide 6: Tax calculations – high yield scenario
Managed by: Tax calculations – high yield scenario Tax and net cash position (per Lot) associated with the merger1 AF06 AF07 AF08 • The merger will trigger a tax liability for Growers, offset by refundable GST and reimbursement of prepaid expenses. Gross taxable income from merger 4,750 4,320 4,320
Slide 7: Tax calculations – low yield scenario
Managed by: Tax calculations – low yield scenario Tax and net cash position (per Lot) associated with the merger1 AF06 AF07 AF08 • The merger will trigger a tax liability for Growers, offset by refundable GST and reimbursement of prepaid expenses. Gross taxable income from merger 3,810 3,540 3,590 •
Slide 8: Summary and conclusion
Managed by: Summary and conclusion • The Almond Fund will have a capital structure similar to a company. Therefore distributions to Unitholders will be a function of the overall cash flow and debt position Elimination of future of the Fund. This contrasts to the current Scheme arrangement whereby op
Slide 9: Managing good assets with good people
Rural Funds Management Ltd ACN 077 492 838 AFSL 226701 Canberra Office Level 2, 2 King Street Deakin ACT 2600 Telephone: +61 2 6203 9700 Facsimile: +61 2 6281 5077 Website: ruralfunds.com.au Managing good assets with good people For further information: For media enquiries: Investor relations enquir
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