Pastoral Dairy Investments cans public offer   18 May 2012

Pastoral Dairy Investments, a company associated with farm management firm MyFarm, has canned plans for an initial public offering after failing to attract its minimum $25 million subscription.

The company won't extend its closing offer from today after indications of interest didn't translate into actual investment, it said in a statement. PDI was offering 25 million shares plus oversubscriptions at $1 apiece, and was also seeking $50 million from high net worth individuals.

"We suspect that this lack of demand is mainly due to general investor caution related to the current uncertain economic climate and a lack of familiarity with dairy farming as an asset class," spokesman Neil Craig said.

"We are continuing our efforts to secure one or more large scale cornerstone investor who will provide value endorsement to the PDI opportunity, and provide PDI the scale it needs to be successful," he said.

PDI launched its offer in February in a plan to buy eight or nine farms, most likely in the South Island.

The company planned to list the units on the Unlisted bourse, and offer a formal listing on the stock exchange after its first year of operating.

(BusinessDesk)

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