Rural Funds Group
(ASX:RFF) says that it has negotiated an option to buy 3 mature macadamia farms in Bundaberg Queensland.
Of the three orchards, two are encumbered by a tax effective management investment scheme with the purchase condition on growers in the scheme appointing Rural Funds Management as the responsible entity. The current responsible entity has agreed to retire.
If this happens RFM will buy the orchards which will be initially debt funded and booked as $8.6 million of assets with no change to distributions expected in the short term.
Rural Funds Group reported a net profit of $10.15 million for the 2015 financial year.
