Closed & Wound-up

RFM Almond Fund (RAF)
ARSN 117 859 391

The RFM Almond Fund (RAF) provided investors the opportunity to participate in growing almonds. In December 2020, the sale of Mooral almond orchard was completed, and the wind-up of the RAF began.

RAF was formed in August 2019 through the merger of the RFM Almond Fund 2006 (AF06), RFM Almond Fund 2007 (AF07) and RFM Almond Fund 2008 (AF08). Historical information on AF06, AF07 and AF08 is provided below.

The wind-up and dissolution of RAF was completed 28 February 2022 and final exit statements were issued to Unitholders on 17 March 2022. Historical information is available online via Investor Serve until 31 December2022. Alternatively, please contact RFM Investor Services on 1800 026 665 or email investorservices@ruralfunds.com.au

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RAF wind-up distributions

December 2020 Distribution

Initial Wind-up Distribution

Final Wind-up Distribution

Record Date
4 December 2020
31 March 2020
18 June 2021
Payment Date
15 December 2020
14 April 2021
30 June 2021
Gross Distribution
$0.0597 per unit
$0.6891 per unit
$0.4506 per
unit
Tax Components
Income - Franked
$0.0442 per unit
$0.1566 per unit
$0.0163 per unit
Income - Unfranked
-
-
-
Capital Return
-
$0.4775 per unit
$0.4285 per unit
Cash Distribution
$0.0442 per unit
$0.6341 per unit
$0.4448 per unit
Franking Credit
S0.0155 per unit
$0.0550 per unit
$0.0057 per unit

Historical informaTion - RFM ALMOND FUND 2006

The RFM Almond Fund 2006 (AF06) is a managed investment scheme providing investors (Growers) with the opportunity to participate in the business of growing and selling almonds for the world market.

Growers in the 2006 Almond Fund operate 199.25 hectares (ha) of almond orchards near Hillston, New South Wales. The Australian almond industry is now Australia’s most valuable horticultural export industry. The Australian Almond Board reported an increase in export sales of 19% to AUD740m over the 2015 marketing year, with Australian almonds sold to 50 countries and India comprising close to AUD200m in sales.  World almond demand has now surpassed production and, according to the Australian Almond Board, sales volumes are constrained by the availability of almonds.  Opportunities for growth in production are made possible by cost effective, mechanised production systems and Australia’s proximity, to major developing markets such as India and China.

Fund overview

The aim of the AF06 is to provide investors (Growers) with the opportunity to operate an almond growing business. The business attracts tax deductions supported by Australian Taxation Office (ATO) product rulings PR 2006/24 and PR 2006/25. AF06 Growers participate in the business of growing and selling almonds for the world market. Each Grower is licensed to occupy and farm one or more Groves each consisting of an area of 0.25 ha. Each Grove is planted with approximately 70 almond trees and has sufficient water entitlements delivered via a highly efficient irrigation system to cultivate the trees. Grower returns are dependent upon the performance of their almond growing business. Returns are generated from the almond sale proceeds, less the annual operating and management costs including the lease of land and operational infrastructure. The AF06 terminates on 30 June 2026 with no further obligations to the Growers. The operational management of AF06 is undertaken by the RFM team. This team has significant expertise in almond orchard design, development and operation, and is currently responsible for maintaining approximately 600 ha of almond orchards at Hillston in New South Wales. RFM is responsible for orchard operations, maintenance, harvesting, pre-processing and delivery. RFM also manages all accounting and administrative functions of the AF06. The AF06 is closed to new investment.

RFM Almond Fund 2006

Assets & Operations

Growers in AF06 have a licence to occupy and operate an area of the Mooral property in Hillston, New South Wales. The Mooral property is leased from the landowner, Rural Funds Group (RFF), a unit trust also managed by RFM. Hillston is known as a production centre for agricultural commodities including citrus, wine-grapes, cotton, potatoes and cherries. RFM, as the Responsible Entity for the AF06, has a long term Almond Crop Supply Agreement (Agreement) with Almondco Australia Limited (Almondco), whereby Almondco processes, markets and sell the almonds on behalf of the AF06 Growers. The almonds from AF06 are delivered to Almondco’s processing plant where they are graded according to quality, size and colour.  The Agreement obliges Almondco to use its endeavours to sell the almonds at the best price available at the time of sale.  As part of this obligation Almondco determines which value added processes should be applied to maximize the value of the almonds.

RFM Almond Fund 2006

Financial Information

Growers are required to pay annual Management Fees, Operating Costs and Licence Fees in accordance with individual agreements entered into with RFM. Those fees are invoiced to Growers annually in arrears on 30 June each year. The fees may be deducted from returns on the investment.

Forms

Almond Fund 2006

Investor queries for this fund can be directed to RFM Investor Services on 1800 026 665 or by emailing investorservices@ruralfunds.com.au.

Historical informaTion - RFM Almond Fund 2007

The RFM Almond Fund 2007 (AF07) is a managed investment scheme providing investors (Growers) with the opportunity to participate in the business of growing and selling almonds for the world market.

Growers in the 2007 Almond Fund operate 72.94 hectares (ha) of almond orchard near Hillston, New South Wales. The Australian almond industry is now Australia’s most valuable horticultural export industry. The Australian Almond Board reported an increase in export sales of 19% to AUD740m over the 2015 marketing year, with Australian almonds sold to 50 countries and India comprising close to AUD200m in sales. World almond demand has now surpassed production, and according to the Australian Almond Board, sales volumes are constrained by the availability of almonds. Opportunities for growth in production are made possible by cost effective mechanised production systems and Australia’s proximity to major developing markets such as India and China.

Fund overview

The aim of AF07 is to provide investors (Growers) with the opportunity to operate an almond growing business. The business attracts tax deductions supported by ATO Product Ruling PR 2010/27. AF07 Growers participate in the business of growing and selling almonds for the world market. Each Grower is licensed to occupy and farm one or more Groves each consisting of an area of 0.2158 ha. Each Almond lot is planted with approximately 60 almond trees and has sufficient water entitlements delivered via a highly efficient irrigation system to cultivate and farm the trees. Grower returns are dependent upon the performance of their almond growing business. Returns are generated from the almond sale proceeds, less the annual operating and management costs including the lease of land and operational infrastructure. AF07 terminates on 30 June 2027 with no further obligations to the Growers. The operational management of AF07 is undertaken by the RFM team. This team has significant expertise in almond orchard design, development and operational management, and is currently responsible for maintaining approximately 600 ha of almond orchard at Hillston in New South Wales. RFM is responsible for orchard operations, maintenance, harvesting, pre-processing and delivery. RFM also manages all accounting and administrative functions of AF07. AF07 is closed to new investment.

RFM Almond Fund 2007

Assets & Operations

Growers in AF07 have a licence to occupy and operate an area of the Mooral property in Hillston, New South Wales. The Mooral property is leased from the landowner, Rural Funds Group (RFF), a unit trust also managed by RFM. Hillston is known as a production centre for agricultural commodities including citrus, wine-grapes, cotton, potatoes and cherries. RFM, as the Responsible Entity for the AF07, has a long term Almond Crop Supply Agreement (Agreement) with Almondco Australia Limited (Almondco), whereby Almondco processes, markets and sell the almonds on behalf of the AF07 Growers. The almonds from AF07 are delivered to Almondco’s processing plant where they are graded according to quality, size and colour.  The Agreement obliges Almondco to use its endeavours to sell the almonds at the best price available at the time of sale.  As part of this obligation Almondco determines which value added processes should be applied to maximize the value of the almonds.

RFM Almond Fund 2007

Financial Information

Growers are required to pay annual fees and expenses, which includes Management Fees, Operating Costs and Licence Fees in accordance with individual agreements entered into with RFM.  The fees may be deducted from returns on the investment. In the years in which a Grower’s proceeds from the sale of almonds exceeds their fees and expenses, a statement will be sent showing the amounts of revenue, annual fees and expenses and payment will be made from the net return.In the years in which a Grower’s proceeds from the sale of almonds does not exceed their fees and expenses, a statement will be sent showing the amount of the revenue and the annual fees and expenses, and an invoice for the balance payable will be sent by 1 July of that year which shall fall due for payment on 31 July of that year.

Forms

Almond Fund 2007

Investor queries for this fund can be directed to RFM Investor Services on 1800 026 665 or by emailing investorservices@ruralfunds.com.au.

Historical informaTion - RFM Almond Fund 2008

The RFM Almond Fund 2008 (AF08) is a managed investment scheme that provides investors (Growers) with the opportunity to participate in the business of growing and selling almonds for the world market.

Growers in the 2008 Almond Fund operate 206.30 hectares (ha) of almond orchards near Hillston, New South Wales. The Australian almond industry is now Australia’s most valuable horticultural export industry. The Australian Almond Board reported an increase in export sales of 19% to AUD740m over the 2015 marketing year, with Australian almonds sold to 50 countries and India comprising close to AUD200m in sales. World almond demand has now surpassed production, and according to the Australian Almond Board, sales volumes are constrained by the availability of almonds.  Opportunities for growth in production are made possible by cost effective mechanised production systems and Australia’s proximity to major developing markets such as India and China.

Fund overview

The aim of AF08 is to provide investors (Growers) with the opportunity to operate an almond growing business. The business attracts tax deductions supported by ATO Product Ruling PR 2010/28. AF08 Growers participate in the business of growing and selling almonds for the world market. Each Grower is licensed to occupy and farm one or more Almondlots each consisting of an area of 0.2158 ha. Each Almondlot is planted with approximately 60 almond trees and has sufficient water entitlements delivered via a highly efficient irrigation system to cultivate and farm the trees. Grower returns are dependent upon the performance of their almond growing business. Returns are generated from the almond sale proceeds, less the annual operating and management costs including the lease of land and operational infrastructure. AF08 terminates on 30 June 2028 with no further obligations to the Growers. The operational management of AF08 is led by the RFM team. This team has significant expertise in almond orchard design, development and operational management, and is currently responsible for maintaining 600 ha of almond orchard at Hillston in New South Wales. As Responsible Entity, RFM is responsible for orchard operations, maintenance, harvesting, pre-processing and delivery. RFM also manages all accounting and administrative functions of AF08. AF08 is closed to new investment.

RFM Almond Fund 2008

Assets & Operations

Growers in AF08 have the licence to occupy and operate an area of the Mooral property in Hillston, New South Wales. The Mooral property is leased from the landowner, Rural Funds Group (RFF), a unit trust also managed by RFM.Hillston is known as a production centre for agricultural commodities including citrus, wine-grapes, cotton, potatoes and cherries. RFM, as the Responsible Entity for the Project, has a long term Almond Crop Supply Agreement (Agreement) with Almondco Australia Limited (Almondco), whereby Almondco processes, markets and sell the almonds on behalf of the AF08 Growers.The almonds from the Project are delivered to Almondco’s processing plant where they are graded according to quality, size and colour. The Agreement obliges Almondco to use its endeavours to sell the almonds at the best price available at the time of sale. As part of this obligation Almondco determines which value added processes should be applied to maximise the value of the almonds.

RFM Almond Fund 2008

Financial Information

Growers are required to pay annual fees and expenses, which includes Management Fees, Operating Costs and Licence Fees in accordance with individual agreements entered into with RFM. The fees may be deducted from returns on the investment. In the years in which a Grower’s proceeds from the sale of almonds exceeds their fees and expenses, a statement will be sent showing the amounts of revenue, annual fees and expenses and payment will be made from the net return.In the years in which a Grower’s proceeds from the sale of almonds does not exceed their fees and expenses, a statement will be sent showing the amount of the revenue and the annual fees and expenses, and an invoice for the balance payable will be sent by 1 July of that year which shall fall due for payment on 31 July of that year.

Investor Information

Publication year

16
Jun
2021
|
Publication

RAF final wind-up distribution announcement

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7
Jun
2021
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Publication

RAF - Amendment to the December 2020 distribution

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20
Apr
2021
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Publication

RAF Historical unit price information

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30
Mar
2021
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Publication

RAF March 2021 initial wind-up distribution announcement

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18
Dec
2020
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Publication

RAF wind-up distribution - updated record date

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30
Nov
2020
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Publication

RAF wind-up letter and distribution announcement

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3
Sep
2020
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Publication

RFM Almond Fund (RAF) liquidity update, FY20 financial results and tax information

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20
Apr
2020
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RFM Almond Fund (RAF) half-year investor update

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