# VTH - Vitalharvest Freehold Trust



## System (13 July 2018)

Vitalharvest's objective is to provide unitholders with exposure to real agricultural property assets whose earnings profile and underlying value are exposed to the growing global agricultural demand for nutritious, healthy food.

Vitalharvest's investment and growth strategies will be to focus on investment-grade, mature, operating agricultural assets within Australia and New Zealand which are:

strategically located in excellent farming locations in Australia and New Zealand;
leased to quality operators/managers;
diversified by crop, geography and tenant;
subject to long-term leases and attractive lease terms;
adhere to capital structure and capital management considered by the Manager to be appropriate for Vitalharvest and
consistent with the investment objective and strategy of Vitalharvest
pursue acquisitions, divestments and investment opportunities consistent with Vitalharvest's objectives
It is anticipated that VTH will list on the ASX during August 2018.

http://www.vitalharvest.com.au


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## Dona Ferentes (30 June 2020)

nothing that excites me, here. Smells like one of thoe managed agricultural schemes. Complex, and a clip at each step of the process

_*"Vitalharvest Freehold Trust* owns citrus and berry farms which are leased to Costa Group Ltd. The current setup is that Vitalharvest earns two types of rent. It earns a fixed amount of rent from its farms, there is also a fixed return for any improvements made to the farms. However, Vitalharvest also has a profit-share agreement with Costa at the Vitalharvest farms. There has been some difficulties at the farms recently, which has hurt the variable earnings and sentiment. 

But things could soon improve for Vitalharvest after it was announced that *Primewest Group Ltd *(ASX: PWG) had acquired the management rights of Vitalharvest. Primewest is a property manager that manages $4.1 billion of assets across a number of sectors. Primewest has also acquired an 11.8% interest of Vitalharvest. Vitalharvest will be renamed Primewest Agri-Chain Fund. It will invest in agriculture property and other assets that are critical to the agricultural supply chain like processing and manufacturing facilities for food, food and beverage packaging facilities and storage facilities related to food. It will be looking for long-term tenants and it will target high quality locations throughout Australia and New Zealand."_


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## Dona Ferentes (9 November 2020)

_and yet, Macquarie sees potential. Bid at $1.00_


Vitalharvest owns one of the country's biggest portfolios of berries and citrus farms, with land in NSW, South Australia and Tasmania, which is mostly leased to ASX-listed Costa Group.

The group listed in 2018 at $1 a unit and has performed dismally for investors. The stock fell below $1 on listing and has closed at or above that mark only a handful of times in the two years since.






Vitalharvest is managed by private estate funds management group Primewest. According to Vitalharvest's annual report, its biggest shareholders at August 31 were Primewest (13.92 per cent), Australian Ethical (8.11 per cent), Salt Funds Management (8.07 per cent) and Costa Asset Management (6.24 per cent).

Macquarie Infrastructure and Real Assets (MIRA)'s two-pronged offer for Vitalharvest,  via a  scheme of arrangement, or if that fails then it proposes to pay $300  million for all of the trust units, was designed to get past a potential no vote from Primewest.


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## Dona Ferentes (24 April 2021)

Dona Ferentes said:


> _and yet, Macquarie sees potential. Bid at $1.00_.



nothing like a two way tussle

_Macquarie is back in front in the prolonged battle for Costa fruit orchard landlord Vitalharvest, outbidding Roc Partners with a $1.19 per unit offer amounting to $220 million or alternatively $335.15 million to buy all of the trust’s assets.

The Sydney-based private equity firm briefly seized the advantage last week when it raised its offer to $1.18 per unit ($218.3 million) just a day after Macquarie’s real estate arm improved its own bid to $1.16. This was to match an earlier offer of the same amount from Roc._

_Vitalharvest shares hit a new high _*of $1.27 as investors anticipated the bidding war to continue.*

_The battle kicked off in late February when Roc Partners lobbed a $1.08 per unit bid for Vitalharvest just a week before unitholders were set to vote on MIRA’s binding $1 per unit offer or $300.5 million for all the trust’s assets including the four berry and three citrus orchards leased to fruit and veg giant Costa Group.




_


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## Dona Ferentes (30 April 2021)

Dona Ferentes said:


> nothing like a two way tussle...



And looks like the games continue



> Vitalharvest said that it has received an increased offer from Sydney   private equity firm Roc, at $1.25 per Vitalharvest unit, for its assets. It’s the *sixth *offer from Roc for the berry and citrus grower and Vitalharvest said that it will consider the new proposal.


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## Dona Ferentes (10 June 2021)

Dona Ferentes said:


> And looks like the games continue




Vitalharvest said it has received a tenth offer from MAFM,* this time at $1.33 per unit *and is reviewing the terms of the fresh proposal.

MAFM is locked in a bidding war for Vitalharvest with Roc, which made a ninth offer for the company at $1.33 per unit on June 8.


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## System (14 July 2021)

On July 13th, 2021, Vitalharvest Freehold Trust (VTH) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between VTH and its unitholders in connection with the acquisition of all the units on issue in VTH by Macquarie Agricultural Funds Management No. 2 Pty Limited as trustee for the M2 Acquisition Trust.


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