Announcements 2014 - 2022
15 December 2022: December Quarter distributionArrow directors have declared the second quarter's distribution for FY2023 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Tuesday 31 January 2023.
19 October 2022: 30 September NAVThe Net Asset Value at 30 September 2022 was $1.2407 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 31 October 2022, calculated at $1.2407 per unit.
28 September 2022: September Quarter distributionArrow directors have declared the first quarterly distribution for FY2023 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Monday 31 October 2022.
28 July 2022: 30 June NAVThe Net Asset Value at 30 June 2022 was $1.2385 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 29 July 2022, calculated at $1.2385 per unit.
23 June 2022: June Quarter distributionArrow directors have today declared the final FY2022 distribution for the quarter ended 30 June 2022 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 July 2022.
27 April 2022: 31 March NAVThe Net Asset Value at 31 March 2022 was $1.2060 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 29 April 2022, calculated at $1.2060 per unit.
31 March 2022: March Quarter distributionArrow directors have today declared the distribution for the quarter ended 31 March 2022 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 April 2022.
8 March 2022: Fund Update issued - Northern Rivers rain event
21 February 2022: Fund Update issued - Half-year financials
28 January 2022: December NAV & Quarterly distributionThe Fund's Net Asset Value as at 31-Dec-2021 was $1.1721 per unit, an increase of 7.14 cents from the corresponding figure at 30-Sep-2021. The significant increase was due to increases in independent valuations of the Fund's properties at 31-Dec-2021, together with a reduction in the liability recorded against future interest rate derivatives.Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 31 January 2022 calculated at $1.1721 per unit.
9 December 2021: December Quarter distributionArrow directors have today declared the distribution for the quarter ended 31 December 2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Monday 31 January 2022.
30 September 2021: September Quarter distribution & NAVArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2021. The distribution will be paid on Friday, 29 October 2021. The Net Asset Value at 30-Sep-2021 was $1.1007 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on the same day (29 October 2021), calculated at $1.1007 per unit.
24 August 2021: Fund Update issued
27 July 2021: NAV at 30-June-2021 As foreshadowed in the Fund Update dated 28 May 2021, independent valuations of investment properties as at 30 June 2021 have contributed to a significant increase in the Fund's Net Asset Value, which has increased from $0.9476 per unit at 31 March 2021 to $1.0995 per unit at 30 June 2021. The Fund's Boombera Park property, which is being developed into a large scale macadamia orchard, remains at cost.Increased prices are being paid for agricultural properties and there has been a tightening in the rental capitalisation rates used for valuing leased properties. Investment in agricultural property is now being recognised in its own right with resilient and counter cyclical characteristics rather than simply being considered an "alternative" asset class. 29 June 2021: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the final Quarter ended 30 June 2021. This brings the total distributions paid and payable for FY2021 to 8.0 CPU. The final distribution will be paid on Friday, 30 July 2021.
28 May 2021: Fund Update issued
31 March 2021: March Quarter distributionArrow directors have declared the distribution for the quarter ended 31 March 2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 30 April 2021.
22 February 2021: Fund Update issued
6 January 2021: December Quarter distributionArrow directors have declared the distribution for the quarter ended 31 December 2020 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 January 2021.
30 September 2020: September Quarter distributionArrow directors have declared the first distribution for FY2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 30 October 2020.
27 August 2021: Fund Update issued
25 June 2020: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the final Quarter ended 30 June 2020. This brings the total distributions paid and payable for FY2020 to 8.0 CPU. The final distribution will be paid on 31 July 2020.
3 June 2020: Arrow leases Advinco FarmThe directors of Arrow are pleased to advise that they have secured a new tenant for the Fund’s Advinco Farm property at Nangiloc, VIC.Commencing 1 July 2020, Golden Dried Fruits 1 Pty Ltd will lease Advinco Farm on a 25 year lease. Golden Dried Fruits is a subsidiary of Australian Premium Dried Fruits, part of the Scalzo Foods Group. Advinco Farm was acquired by Arrow Primary Infrastructure Fund in December 2015 and the property was leased to Murray River Organics until that lease was terminated on 11 December last year. Arrow has been managing the property on behalf of the Fund since then.The Fund retains ownership of Advinco Farm’s current dried fruit and citrus crops. This year’s dried fruit harvest has been delayed due to the recent wet weather in the Sunraysia region and the crop harvest is only just now nearing completion. The citrus crop is being harvested in June/July this year. The Advinco Farm property has been improved significantly over the last 6 months and Arrow directors wish to express their sincere thanks to its Advinco Farm management and staff for their assistance in commencing the turnaround of this large scale vineyard. It is hoped that staff will choose to continue their employment on the property. As a long-term tenant, the Scalzo Foods Group brings additional industry expertise and they will continue with the vineyard and irrigation development work in progress, so that the Fund’s original aspirations for this premier property can be realised. The signing of this new lease will increase the Fund’s EPU and the Fund will be contributing to capital improvements which are expected to have a positive impact on the property’s valuation over the next 3 years.
30 April 2020: Net Asset Value at 31 March 2020Arrow directors advise that the Net Asset Value (NAV) of units in the Arrow Primary Infrastructure Fund at 31 March 2020 was $0.8965. This compares with a NAV of $0.9167 at 31 December 2019. The NAV reduction of 2.02 cents per unit (cpu) was due primarily to an increase of $2.329 million in the interest rate derivative liability (minus $1.37 cpu), with the balance due to a net write off of costs incurred in relation to the Fund's Advinco Farm property of $1.525 million. Future interest rates are now at all time lows and on 22 April 2020, Arrow directors renegotiated an extension of the Fund's $52.2 million interest rate derivative out from 16/07/2024 to 16/04/2030, resulting in a reduction of 0.71% in the fixed rate of cover to 2.11%. This will provide an interest expense saving to the Fund of $371,000 per annum commencing from 18/05/2020 as well as reducing the balance sheet derivative liability from future mark-to-market calculations.
17 April 2020: Fund Update issued
2 April 2020: March Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2020. The distribution will be paid on 30 April 2020.
6 March 2020: MRO Lease Surrender Fee now fully received Arrow agreed to terminate the Fund's Colignan Farm lease with Murray River Organics on 11 December 2019 on the basis that a Surrender Fee of $1,324,750 was to be paid plus the Fund was to receive a 5% equity interest in Murray River Organics Group Ltd (ASX code: MRG). Part of the Surrender Fee and the equity interest were conditional upon a successful capital raising to be undertaken by MRG. The Fund received the first component of the Surrender Fee of $824,750 via a Bank Guarantee on 13 December 2019 and has today received the balance $500,000 in cash, following completion of MRG's successful capital raising of $25 million on 4 March 2020. The Fund has also been issued with 105,035,272 ordinary shares in MRG and now owns 5% of the issued shares in that company.
28 February 2020: Fund Update issued
23 January 2020: Weather conditions and Bushfires Arrow directors are pleased to report that the drought and bushfire conditions experienced in the Northern Rivers region of NSW in November & December have now been replaced with excellent rainfall and perfect growing conditions, which has allowed planting of macadamia trees to resume next week at the Fund's Boombera Park property. It is expected that a further 50,000+ trees will be planted over the next 2 months, bringing the total number of trees planted on site to approx 85,000 before the winter recess. Rainfall at Boombera Park over the last 30 days has been 311 mm and has significantly boosted the water storage in our dams. Some recent photos of our trees and dams have been put up on our Boombera Park website.Luckily, the recent, extensive bushfires throughout eastern Australia have had no impact on any of the Fund's properties, however, we are mindfull that the normal bushfire season is only now just starting. 30 December 2019: December Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2019. The distribution will be paid on 31 January 2020.
11 December 2019: Colignan Farm RestructureFollowing lengthy discussions with Murray River Organics Group Limited (ASX:MRG) it has been agreed that it is in the interests of the Fund that the lease ofthe Colignan Farm property be terminated, effective today and that Arrow will take immediate operational control. Read today's Fund Update for further details.
1 November 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opened today and will close on 31 December 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed or posted to Arrow Funds so that they are received by 331 December 2019.The withdawal price is expected to be $0.8516 per unit and proceeds will be paid on 15 January 2020.
31 October 2019: Fund settles acquisition and lease back of new pig grow-out facilityFurther to the announcement on 21 May 2019, Arrow directors are pleased to confirm that the acquisition and lease back of the Thyra pig grow-out facility has settled today. The acquisition was funded by an existing bank facility and the transaction is immediately accretive to the Fund.
27 September 2019: September Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2019. The distribution will be paid on 31 October 2019.
8 August 2019: Default Notice withdrawnArrow directors are pleased to report that the overdue rent and GST owed by Murray River Organics totalling $689,511.52 has now been paid and that the Notice of Default has been withdrawn.
1 August 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opened today and will close on 30 September 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 30 September 2019.The withdawal price is expected to be $0.8569 per unit and proceeds will be paid on 15 October 2019.
31 July 2019: Default Notice served on Murray River OrganicsArrow directors advise that solicitors acting for Sandhurst Trustees Limited have served a Notice of Default on Murray River Organics (MRO), the tenant of the Fund’s Colignan Farm property near Mildura.The Notice was served yesterday in relation to rent and GST totalling $689,511.52 which was due on 1 July 2019 and remains unpaid. The Fund holds rent security in the form of a bank guarantee for $824,750.00 as well as a Deed of Guarantee and Indemnity from the listed company Murray River Organics Group Ltd. The Lease provides that if the above material breach is not rectified within 30 days the Lessor has the right to re-enter the property and eject the Lessee.MRO are claiming that Irrigation Works recently undertaken on the property should be treated as a “replacement” items by the Landlord and not new works, which would cause the rent to increase. The amount of rent and GST included in the disputed invoice that relates to all Irrigation Works is $81,933. Despite written requests MRO have not quantified their disputed amount nor provided any details of their claim. In regard to all capital works undertaken on the property Arrow believes it has acted entirely within the terms of the Lease and as previously agreed in writing with MRO’s senior management. Arrow has also taken up with MRO other breaches of the Lease by MRO and concerns about their management of the property generally.
27 June 2019: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the quarter ended 30 June 2019. The distribution will be paid on 31 July 2019 and Tax Statements for FY2019 issued mid-August 2019.
29 May 2019: Arrow Fund to opt into AMIT tax RegimeArrow directors have determined that it is in the interests of investors in Arrow Primary Infrastructure Fund that the Fund opts into the AMIT tax regime commencing from 1 July 2019. The Attribution Managed Investment Trust (AMIT) tax system, which was introduced by legislation in 2016, was designed to increase certainty, allow greater flexibility and reduce compliance costs for Managed Investment Trusts (MIT's) and to enhance the competitiveness of Australia’s funds management industry. To opt into the AMIT Regime requires some minor changes to the Fund's Constitution, and ASIC has granted relief for such changes to be made without holding a unitholder meeting, provided that a notice setting out the reason for the change and effect of the changes is posted on our website and unitholders are given the opportunity to request a meeting if they so wish. A full copy of the Announcement Notice can be downloaded here.Footnote: No requests for a unitholder meeting were received by the due date and the Fund will therefore adopt the AMIT tax regime effective 1 July 2019. Tax Statements for FY2019 will be issued in late-August 2019 in the same format as previous years.
21 May 2019: Fund to acquire new pig grow-out facilityThe directors of Arrow Funds Management are pleased to announce that they have contracted to acquire and lease back a brand new pig grow-out facility operated by Pigco Pty Ltd (Pigco) at Thyra, near Moama in New South Wales. The Thyra acquisition cost will be $17.045 million, representing 6.5% of the Fund’s total assets. The property will be leased back to Pigco on a 20 year lease, with a further two 10 year options. Footnote: As construction of the Thyra facility has not yet been completed, settlement of the acquisition and leasback has been delayed.
29 April 2019: 31 March 2019 NAVThe Fund's Net Asset Value per Unit (NAV) was $0.8677 as at 31 March 2019. This was a decrease of 1.32 cents per Unit compared to the NAV of $0.8809 as at 31 December 208. The decrease was due entirely to an increase in Fund's marked to market liability for its interest rate derivatives. The Fund has fixed its interest rate exposure on 85% of its current borrowings ($77.2 million) for an average 6.5 years at an average interest rate of 2.88% pa. Due to a significant decrease in global long term interest rates during March, the Fund has had to take up an unrealised loss on these derivative contracts, which negatively impacted the NAV at 31 March 2019. This is a non-cash item and the derivatives will continue to provide the Fund with cover against future interest rate rises, which is considered prudent given that the Fund has fixed future rental income from its (long WALE) property portfolio.
13 February 2019: March Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the third quarter ended 31 March 2019. The distribution will be paid on 30 April 2019.
31 January 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opens tomorrow (1 Feb 2019) and will close on 31 March 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 March 2019. Proceeds will be paid on 15 April 2019.
15 January 2019: Withdrawal PaymentsThere were five investors who applied to redeem 957,748 units in the Fund, under the Withdrawal Offer that closed on 31 December 2018. They were paid out on 15 January 2019 a total of $782,575.94 at a price of $0.8171 per unit, being the latest NAV less 5% transaction costs, as provided under the Fund's Constitution.
20 December 2018: CBA Facility ExtendedArrow directors are pleased to confirm that the documentation to extend the Fund's Debt Facility with CBA, as foreshaddowed in July 2018, has now been executed by all parties. The Facility's Term has been extended to 31 July 2021 and the Facility Limit increased to $120 million.
19 December 2018: December Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the second quarter ended 31 December 2018. The distribution will be paid on 31 January 2019.
1 November 2018: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, has opended today and will close on 31 December 2018. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 December 2018. Proceeds will be paid on 15 January 2019.
21 September 2018: September Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the first quarter ended 30 September 2018. The distribution will be paid on 31 October 2018.
31 July 2018: Extension of Bank FacilityOn 27 July 2018 Arrow received a credit approved terms sheet from the Fund’s banker (CBA) confirming that the Fund’s cash advance loan facility will be extended by two years out to 31 July 2021 and the facility limit increased by $20 million to $120 million, at no additional cost to the Fund. These amendments to the Bank Facility are currently being documented.
21 June 2018: June Quarter distributionArrow directors have declared the final quarterly distribution on units held in the Arrow Primary Infrastructure Fund for quarter ending 30 June 2018 of 2.0 cents per unit (CPU). The distribution will be paid on 31 July 2018 and completes a total distribution for FY2018 of 8.0 CPU.
7 May 2018: Interest Rate Cover Extended to 7.3 yearsArrow directors are pleased to confirm that they have extended the term and amount of forward interest rate cover held by the Arrow Primary Infrastructure Fund. As foreshadowed in the March Investor Update, they have now entered into two new interest rate derivatives on behalf of the Fund. The existing cover ensures that the Fund's BBSY borrowing rate on $52.2 million of debt is 1.75% pa plus bank margin until 16/07/2019. Arrow has now extended that $52.2 million cover by a further 5 years to 16/07/2024 at a rate of 2.820% pa commencing from 16/07/2019. In addition, Arrow has taken out a second derivative commencing on 16/07/2018 covering a further $25.0 million for 10 years until 16/07/2028 at a BBSY rate of 3.0125% pa. The additional interest rate swap contracts entered into should ensure that the Fund remains covered within its borrowing exposure benchmark of 50%-75% and will bring the term of this cover more into line with its portfolio's rental income.Arrow Directors believe it is prudent to mitigate against the risk of rising future interest rates over the medium term particularly given the Fund's portfolio, which has a forecast Weighted Average Lease Expiry (WALE) of 14.02 years as at 30/06/2018. Following commencement of the above addition derivative contracts, the Fund will have BBSY interest rate cover in place of $77.5 million at an average rate of 2.157% pa in July 2018 and a weighted average period to expiry of 7.3 years. The average hedge rate will increase to 2.882% pa in July 2019.The above derivative contracts will have nil impact on the Fund's earnings per unit (EPU) in FY2018 and will provide prudent insurance against rising interest rates which are anticipated in the future.
6 March 2018: Acquisition of organic glasshouseArrow directors are pleased to announce that they are proceeding with an investment in Green Camel's organic glasshouse at Cobbitty, New South Wales. Arrow assisted in putting together the sale & leaseback funding structure to support the building of a new 2.0 hectare organic glasshouse and aquaculture complex that will set new standards for horticultural production of organic fruit and vegetables. Further details are contained in the Fund Update of 6 March 2018 .
2 March 2018: March Quarter distributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2018. The distribution will be paid on 30 April 2018 and is at the same rate paid for the previous quarter.
31 January 2018: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, will open on 12 February 2018 and close on 31 March 2018. The Withdrawal Offer and Application Form to apply to redeem units will be available from this website under the Fund Forms tab from 12 February 2018. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 March 2018. Proceeds will be paid on 13 April 2018.
31 January 2017: Payment of December DistributionThe December Quarter distribution of 2.0 CPU has been paid on 31 January 2018. Please note that those investors who have elected to participate in the Distribution Reinvestment Plan (DRP) for the December Quarter will receive their Distribution Statement as soon as Arrow receives audit confirmation of the NAV as at 31 December 2017 (expected early February). As in prior periods, the DRP units will be issued on the same date that cash distributions are made, i.e. 31 January 2018.
15 December 2017: Early closure of the Withdrawal OfferArrow directors have determined to close the current Withdrawal Offer early and to pay out proceeds from redeemed units pre-Christmas. The current offer will close at COB Monday 18/12/2017 and proceeds will be paid out on Wednesday 20/12/2017.
7 December 2017: December Quarter DistributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2017. The distribution will be paid on 31 January 2018 and is at the same rate paid for the previous quarter.
1 November 2017: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer will close on 31 December 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.7709 per unit is available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 December 2017.
18 September 2017: September Quarter DistributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2017. The distribution will be paid on 31 October 2017 and will be at the same rate as paid for the previous four quarters.Due to the deferral of some significant capital expenditure by the Fund, the directors have decided that it is appropriate to hold the first quarter’s distribution at the same rate as paid in the previous year (8.0 CPU per annum).Investors will note that the distribution rate was forecast at 8.25 CPU for the full financial year to 30 June 2018. Once the proposed capital expenditure is locked in, the timing of the increased rental income will be known and the distribution rate should increase to the 8.25 CPU per annum level.
21 August 2017: Financial Statements for FY2017 releasedThe 2017 Annual Report for the Fund has been released today and is able to be downloaded - refer "Financials" heading below. A summary of the financial results is also available under the "Communications" heading.
1 August 2017: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens today, 1 August 2017 and will close on Friday, 29 September 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.7707 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 29 September 2017.
31 July 2017: June Quarter Distribution & Distribution Reinvestment Plan (DRP)The final distrribution for the Arrow Primary Infrastructure Fund for the Quarter ended 30 June 2017 was paid on 31 July 2017. The 72 unitholders who had elected to participate in the DRP have received a total of 747,785 new units on 31 July 2017 at a price of $0.8113 per unit, which is equal to the NAV as at 30 June 2017.
23 June 2017: Capital Raising ClosedArrow directors advise that the PDS Offer to raise $16.0 million has now closed, fully subscribed. All existing investors who applied for new units were 100% successful in their applications. A total of 33 new investors participated the Offer and represented 38% of the new equity raised. The Fund now has a total of 519 investors with 162,024,766 units on issue.
16 June 2017: June Quarter Distribution declaredArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 June 2017, payable on 31 July 2017. Please note that distributions are paid pro-rata, based on the number of days that the units were owned by an investor during the Quarter, not on the closing balance. Therefore, those investors that are participating in the DRP will only only receive a pro-rata distribution on their DRP units as they were not held for the full Quarter; i.e. only held from the date of payment of the distribution to the end of the Quarter.
6 June 2017: Supplementary PDSAs applications received for new Units under the PDS Offer have exceeded $15.0 million, the directors of Arrow have determined that the Responsible Entity will accept additional oversubscriptions to raise up to an additional $1,000,000 and have issued a Supplementary PDS. The Total Offer Amount under the PDS will therefore become Units with an aggregate value of up to $16,000,000. The Application Price for Units issued under the PDS will remain at $0.747 until the Offer Final Closing Date, which will remain at 16 June 2017, unless varied by the Responsible Entity at its absolute discretion.
30 May 2017: New Withdrawal OfferA new Withdrawal Offer will open on 1 June 2017 and close on 30 June 2017. The aim of the Withdrawal Offer is to continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on 1 June 2017 and will close on Friday, 30 June 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.6919 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 30 June 2017.
30 May 2017: Capital Raising UpdateArrow is pleased to confirm that it has now received applications in excess of $15 million in relation to the recent PDS Offer. Those applications are currently being processed and the Arrow Board will announce the status of the Offer early next week.
13 May 2017: Capital Raising UpdateA total of $12.868 million has now been received in the 3 weeks that the Offer has been open and new units have been allotted for 100% of applicant's money to date. The Priority Offer to existing investors closed on 5 May 2017 and the balance of available new units ($2.132 million) can be applied for by either existing or new investors.
1 May 2017: First allottment of new units Investors have responded quickly to the new $15 million capital raising released by Arrow on 20 April 2017. At the First Close on 26 April 2017, a total of $4.972 of new units had been applied for and these applicants have now had new units allotted for 100% of their application monies. Confirmation of allotted units have been mailed to those unitholders today. Existing unitholders who wish to take advantage of the Priority Offer Allocation are reminded that the Priority Offer closes this Friday 5 May 2017 and that online applications and funds must be submitted by that date to take advantage of the Priority Offer.
19 April 2017: New PDS now availableArrow directors are pleased to release a new Product Disclosure Statement for an Offer, with priority to existing eligible Unitholders, of new units in the Arrow Primary Infrastructure Fund to raise up to $15 million. The Offer price is $0.7470 per unit and applications can only be made using the online Application Form available from our Registry, as detailed in the PDS and available from www.boardroomlimited.com.au/arrowoffer. Existing unitholders will receive a Priority Allocation of 1 new unit for every 10 units held as at the Record Date (31 March 2017). The Priority Offer closes on 5 May 2017. Due to the expected demand for the limited units being offered, both new and existing investors are encouraged to apply for new units as soon as possible. The first closing date will be on 26 April 2017 and the first batch of new units allotted on 28 April 2017. Further new units will be allotted on a weekly basis thereafter until the $15 million is allotted. Existing unitholders can apply for their Priority Allocation amount in dollars (= current unit holding/10 x $0.7470) or they can apply for a greater or lesser dollar amount of new units. Applications for a greater dollar amount than an existing unitholder's Priority Allocation will be treated alongside new investors for any available new units.
12 April 2017: New Capital RaisingArrow directors are finalising a Product Disclosure Statement (PDS) to raise up to $15 million of new equity for the Arrow Primary Infrastructure Fund. The PDS will be released soon and all unitholders notified. The Acquisition Price for New Units will be $0.7470 and eligible unitholders will receive a priority allocation of 1 new unit for every 10 units held as at 31 March 2017. The proceeds of the offer will be used together with borrowed funds to acquire additional properties, undertake capex on both existing and new properties and to pay for related transaction costs.
3 April 2017: Acquisition of new propertyArrow directors are please to announced that they have signed an unconditional contract to acquire a new property in the northern rivers region of New South Wales with plans to develop that property into a 1,000 hectare macadamia orchard, to be called Boombera Park. The property is expected to settle mid-April 2017. The acquisition of Boombera Park represents a departure from recent transactions conducted by the Fund, which have all had leases commencing from the date of acquisition, generally as a result of sale and leaseback transactions. The Boombera property was identified as being suitable for growing macadamia nuts during Arrow’s due diligence on a much larger portfolio of properties in New South Wales. The property, known as Heaton Park together with two adjoining properties were originally used as prime grazing land and have only recently been cleared of eucalyptus plantation trees.Arrow directors believe that Boombera Park represents a unique opportunity for the Fund to gain exposure to the macadamia industry at a low entry price. The acquisition cost of $4.2 million represents 2% of the Fund’s portfolio and will further diversify the Fund’s industry exposure.The Boombera Park property has the potential to become one of Australia’s largest macadamia orchards, operating with a low cost base and producing approximately 5% of Australia’s macadamia nut production. So that the Fund can partake in the anticipated uplift in property valuation - from grazing land to land suitable for a large scale macadamia orchard - Arrow proposes to complete Stage 1, the detailed farm planning process and contracted growing by an off-site nursery of the initial macadamia trees during the first 18 months. Arrow will use this time to engage a suitable lessee for Boombera Park, prior to the initial planting out of the orchard.
8 March 2017: March Quarter Distribution declaredArrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2017, payable on 28 April 2017.
22 February 2017: Release of Half Year Financial StatementsThe Fund's interim financial report for the half-year to 31 December 2016 has been released and can be downloaded below.
31 January 2017: Explanatory note regarding distribution calculationNote that new units issued under the DRP are issued on the same date that the cash distribution is paid (i.e. end of month following the quarter), so that non-participating investors are not disadvantaged.Under the Fund's Constitution, distributions are calculated on a pro rata basis based on the daily number of units held, not on the number of units at the end of the quarter.Therefore, to check the calculation of the December quarter distribution for DRP participating investors, one needs to use the original number of units for the period 01/10/16 to 30/10/16 and the increased number of units for the period 31/10/16 to 31/12/16.
8 December 2016: December Quarter Distribution declaredAs forcast, Arrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2016. The distribution will be paid on 31/01/2017. Please note that those investors who have not yet elected to participate in the Distribution Reinvestment Plan (DRP) may still elect to do so for the December 2016 quarterly distribution, so long as their signed, emailed Application Form is received by arrow@boardroomlimited.com.au prior to COB 31/12/2016. Click on the "Fund Forms" tab to download the DRP Rules and Application Form.
12 October 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 17 October 2016 and will close on Friday, 30 December 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6780 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 30 December 2016.
12 October 2016: NAV as at 30/09/2016Management accounts for the first quarter of FY2017 have been completed and the Net Asset Value has increased marginally to $0.7137 per unit, following accrual of the first quarter's distribution of 2.0 CPU and redemption of 293,210 units ($198,591).
18 August 2016: 2016 Annual ReportThe financial statements of Arrow Primary Infrastructure Fund for the year ended 30 June 2016 have been lodged with ASIC and a copy can now be downloaded from this website - refer "June 2016 Annual Report" tab below. Those investors who have requested a copy have been emailed//mailed today.
11 August 2016: September Quarter Distribution declaredAs forcast, Arrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2016. The distribution will be paid on 31/10/2016.
1 August 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 1 August 2016 and will close on 30 September 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6773 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 September 2016.
26 July 2016: DRP Plan Rules and Application FormThe Plan Rules and Application Form for the Fund's Distribution Reinvestment Plan have been released and can now be downloaded from this website under the "Fund Forms" tab.
16 June 2016: Quarterly distribution declaredArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 1.875 cents per unit (CPU) for the Quarter ended 30 June 2016. The distribution is as forecast and will be paid on Friday, 29 July 2016. This makes a total distribution of 7.5 CPU for the full financial year ending on 30 June 2016. Directors have forecast an increase in distribution to 8.0 CPU for next financial year (FY2017).
16 June 2016: Distribution Reinvestment PlanDirectors are please to announce the introduction of a Distribution Reinvestment Plan (DRP), which will be available for investors to take up for the first distribution payable for FY2017 (i.e. quarter ending 30 September 2016).Full details of the plan will be sent to investors together with their June 2016 distribution statement. Investors will be able to take advantage of this new facility by nominating the DRP to apply to all, or a portion, of their units in the Fund. New units issued under the DRP will be issued at Net Asset Value (NAV).
16 June 2016: Capex commences on the Fund's Poultry farmsCapital development work has commenced at the Fund's Boronia poultry farm near Tamworth, NSW with the construction of 5 new breeder sheds and a Manager's house. Total cost for this work is approximately $3.5m and is expected to be completed by October 2016. Plans have also been finalised for the construction of 8 new sheds and associated infrastructure at the Fund's Breeder Complex at Coleambally , NSW which will cost approximately $6.8m and be constructed during the second half of this calander year. Funding for the above Capex will come from the existing bank facility and will result in an immediate increase in rental income.
15 April 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 18 April 2016 and will close on 30 June 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6419 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 June 2016.
31 March 2016: Quarterly distribution declaredArrow directors have today declared a distribution on units held in the Arrow Primary Infrastyructure Fund of 1.875 cents per unit (CPU) for the Quarter ended 31 March 2016. The distribution is in line with the forecast 7.5 CPU distribution for the full financial year to 30 June 2016 and will be paid on Friday, 29 April 2016.
18 February 2016: December 2015 Half-year Accounts releasedThe Fund's financial statements for the half-year ended 31 December 2015 have been audit reviewed and released by the directors. Profit before tax for the 6 months was $9.365m, assisted by property revaluations of $4.729m and offset by marked to market loss on derivatives of $0.496m. Property rentals were up $0.555m compared to the previous corresponding period due predominately to additional properties acquired by the Fund - five in July 2014 and one in October 2015 and December 2015. The Fund continues to benefit from reduced interest rates and its Loan to Valuation Ratio (LVR) was 43.2% at 31 December 2015 compared to 46.3% at 30 June 2015.Net Asset Value per unit (NAV) has increased by 4.23 cents (up 6.7%) since June and stood at $0.6748 at 31 December 2015. Distributions for the same period were 3.75 cents per unit, making a total return of 7.98 cents per unit for the 6 month period.
5 February 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 8 February 2016 and will close on 31 March 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6411 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 31 March 2016.
21 December 2015: Capital Raising closed over-subscribed and Advinco property purchasedArrow directors are pleased to report that the recent wholesale capital raising via an Information Memorandum dated 3 December 2015 closed today over-subscribed. Applications for a total of $17 million were received and new units in the Fund are being issued to all applicants. This represents an over-subscription of $2 million above the proposed maximum offer of $15 million, as detailed in the Information Memorandum. . The over-subscription will not have a material effect on any of the financial forecasts outlined in the IM and will provide additional working capital to fund future capex. It will result in a minor decrease in the gearing level of the fund, a minor improvement in the interest cover ratio and a minor decrease in earnings per unit. The forecast distributions per unit are expected to remain the same, with the full FY2016 distribution rate forecast to remain at 7.5 cents per unit.The Advinco property acquisition was also settled yesterday and the long-term lease to Murray River Organics Pty Ltd has commenced.This new property acquisition will add diversification to the portfolio and brings the total number of Fund properties to 18. As advised, it is proposed to fully convert the vines on the Advinco property over to organic dried fruit over the next 18 months.The additional capital that has been raised for the Fund places it in a strong financial position ready to undertake future capital expenditure commitments. 3 December 2015: New Capital RaisingArrow directors have today issued an Information Memorandum to raise between $10 million and $15 million to fund the acquistion of a new property, acquisition costs and provide additional working capital. The Offer of new units is being made to wholesale investors only and First Close of the Offer will be at COB on Friday 11 December 2015, given the short time frame before settlement of the property.The Application Price is $0.6878 per unit and the units will rank equally with existing units in all respects.The Information Memorandum and the Application Form can be downloaded by clicking on the below tabs
9 November 2015: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opened on Monday 9 November 2015 and will close on 31 December 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.6372 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 31 December 2015.
30 October 2015: Acquisition and leaseback of new propertyArrow directors have confirmed the acquisition of "Kelso Park", a free range egg farm located near Tamworth, NSW. The sale and leaseback transaction was settled on 30/10/2015 with Pace Farm Pty Ltd, one of Australia's largest egg producers. The acquisition cost was $6.1 million and the property is being leased back over 20 years. Four new free range barns have recently been constructed on the property and it is intended that another four will be constucted over the next 18 months. The transaction will be accretive on an earnings per unit basis in FY2016 and will extend the Fund's WALE.
30 September 2015: Increase in Quarterly DistributionArrow directors are pleased to advise that the September 2015 Quarter's distribution has been increased from 1.775 cents per unit (CPU) to 1.875 CPU. The forecast distribution for FY2016 has been increased to 7.5 CPU from 7.1 CPU distributed in FY2015, an increase of 6%. This increased distribution rate represents a distribution yield of 12.67% per annum on new Units issued at 59.2 CPU under the Public Offer in July 2014.
30 September 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 30/09/2015 there were 7 unitholders requesting withdrawal of a total of 832,059 units. DIrectors have approved the redemption of all of these units at the Withdrawal Price of $0.6009. A total of $499,984 will be paid out to those unitholders on 15/09/2015.A new Withdrawal Facility for the Quarter ended 31 December 2015 will open on 15 October 2015.
24 August 2015: Tax Components of FY2015 DistributionsTax Statements for FY2015 have now been completed and were mailed to all investors today. Tax components of last year's distributions were: Tax deferred 70.53%, Interest income 2.10% and Other Australian sourced income 27.37%. The significant increase in the tax deferred component was mainly due to depreciation and allowances available to the Fund in relation to the July 2014 property acquisitions.
30 July 2015: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer will open on Monday 3 August 2015 and close on 30 September 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.60 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 September 2015.
28 July 2015: Preliminary NAVThe Preliminary Net Asset Value per unit of Arrow Primary Infrastructure Fund as at 30 June 2015 is $0.6325. This figure is subject to audit and it is expected that the audited accounts for FY15 will be finalised by 15 August 2015. 1 June 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 29/05/2015 there were 8 unitholders requesting withdrawal of a total of 3,669,758 units. DIrectors approved the redemption of all of these units at the Withdrawal Price of $0.5857. A total of $2,149,377 will be paid out to those unitholders on 15/06/2015.
4 May 2015: Applications for New UnitsApplications for new units are currently on hold as the maximum amount under the PDS of $40.0 million has now been raised. The directors of Arrow are considering the issue of a Supplementary or new PDS. Further information will be made available as soon as possible.
4 May 2015: New Withdrawal OfferArrow directors have today announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer is open for the month of May 2015 only - closing on the last working day, Friday 29 May 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.5857 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday 29 May 2015.
1 April 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 31/03/2015 there were 18 unitholders requesting withdrawal of a total of 1,083,779 units. DIrectors have approved the redemption of all of these units at the Withdrawal Price of $0.5895. A total of $638,888 will be paid out to those unitholders on 21/04/2015.
31 March 2015: Closing Date extendedArrow directors advise that they have extended the Closing Date of the Public Offer of new units in the Fund to 30 June 2015. They reserve the right to close the Offer earlier at their sole discretion. The Application Price for new Units will be determined on 15/04/2015 in accordance with the Fund's Constitution utilising the NAV at 31/03/2015.
16 February 2015: Fund Update issued / Announcement of new Withdrawal OfferArrow directors have announced a new Withdrawal facility which will provide liquidity for investors in the Fund. It is intended that this facility will be available on a quarterly basis. Details of the current Offer (open 16/2/15 and closing 31/03/15) are available in a Fund Update released 16 Feb 2015 - available for download below. The Withdrawal Offer and Application Form to apply to redeem units at $0.5895 per unit are available from this website under the Fund Forms tab.
9 February 2015: Application Price for new Units increased to $0.6364Directors of Arrow advise that the Net Asset Value per Unit in the Arrow Primary Infrastructure Fund was $0.6205 as at 31 December 2014 (subject to audit). Accordingly, the Application Price for new Units under the current PDS has increased to $0.6364.
9 February 2015: Asset Management Services AgreementDirectors of Arrow advise that they have now formally appointed Agri Management Pty Ltd to act as property manager for the properties held in the Fund. Details of this appointment are as outlined in the Product Disclosure Statement dated 10 June 2014 (Section 2.19: Related Party Transactions).
31 December 2014: Distribution declared for Quarter ended 31 December 2014Arrow directors have declared the forecast Quarterly distribution of 1.775 cents per Unit, which will be paid on Friday, 30 January 2015.
31 December 2014: Closing Date extendedArrow directors advise that they have extended the Closing Date of the Public Offer of new units in the Fund to 31 March 2015. They reserve the right to close the Offer earlier at their sole discretion. The Application Price for new Units will be determined in accordance with the Fund's Constitution utilising the NAV at 31/12/14 grossed up by 2.5%.
15 October 2014: Application Price for new Units increased to $0.6347Directors of Arrow advise that the Net Asset Value per Unit in the Arrow Primary Infrastructure Fund was $0.6188 as at 30 September 2014. Accordingly, the Application Price for new Units under the current PDS has increased to $0.6347.
30 September 2014: Supplementary PDS issuedArrow directors have issued a Supplementary PDS dated 30 September 2014 in which they have extended the closure date of the PDS to 31/12/2014 and amended the Application Price so that it incorporates increases in net asset value, as provided in the Constitution.
29 August 2014: Offer Closing Date extendedArrow directors advise that they have further extended the Closing Date of the Public Offer of units in the Fund to 30 September 2014. As previously, the directors reserve the right to close the Offer earlier at their sole discretion. Any extension beyond 30 September 2014 will result in a reset/increase in the Application Price, in accordance with the Fund's Constitution.
31 July 2014: Units Allotted, Properties Acquired and Offer Closing Date extendedThe Directors of Arrow are pleased to advise that Applications received for the PDS Offer have exceeded the Minimum Amount of $25.4 million. Accordingly, this condition for the Offer to complete has now been met. The remaining two conditions are the execution of the new Debt Facility and the Acquisition and lease back of the five new properties. Both these matters are proceeding to plan and are expected to be finalised shortly, enabling the Offer to complete on or prior to 31 July 2014.
14 July 2014: Minimum Application Amount exceededArrow is pleased to announce that as at 31/07/14 $33.038 million has been raised under the Public Offer. On 28/07/14 Arrow allotted 55,216,412 New Units in the Fund to those applicants with cleared funds as at that date and on 31/07/14 the five new properties were acquired from Baiada Group and the leasebacks commenced.Arrow has received applications under the Conditional Withdrawal Offer for 8,904,382 units ($5.004 million) as at the closure date of 25/07/14 and has confirmed that it will process these applications in full. Applicants will be paid on 15/08/14 at the Withdrawal Price of $0.5620 cents per Unit.Arrow directors have also advised that they have extended the Closing Date of the Public Offer to 29 August 2014.
27 June 2014: Priority Allocation of Surplus UnitsAs foreshaddowed in the PDS (Section 1.10), Arrow confirms that it has now entered into a conditional subscription agreement with an unrelated third party investor to subscribe for $10 million of Surplus Units at the Application Price under the Offer. In the event that there are at least $10 million of Surplus Units available after the Priority Allocations to Existing Unitholders closes on 4 July 2014, then Arrow intends to allot these units to the third party investor in priority to applications for Surplus Units by Eligible Unitholders and New Investors.
19 October 2022: 30 September NAVThe Net Asset Value at 30 September 2022 was $1.2407 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 31 October 2022, calculated at $1.2407 per unit.
28 September 2022: September Quarter distributionArrow directors have declared the first quarterly distribution for FY2023 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Monday 31 October 2022.
28 July 2022: 30 June NAVThe Net Asset Value at 30 June 2022 was $1.2385 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 29 July 2022, calculated at $1.2385 per unit.
23 June 2022: June Quarter distributionArrow directors have today declared the final FY2022 distribution for the quarter ended 30 June 2022 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 July 2022.
27 April 2022: 31 March NAVThe Net Asset Value at 31 March 2022 was $1.2060 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 29 April 2022, calculated at $1.2060 per unit.
31 March 2022: March Quarter distributionArrow directors have today declared the distribution for the quarter ended 31 March 2022 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 April 2022.
8 March 2022: Fund Update issued - Northern Rivers rain event
21 February 2022: Fund Update issued - Half-year financials
28 January 2022: December NAV & Quarterly distributionThe Fund's Net Asset Value as at 31-Dec-2021 was $1.1721 per unit, an increase of 7.14 cents from the corresponding figure at 30-Sep-2021. The significant increase was due to increases in independent valuations of the Fund's properties at 31-Dec-2021, together with a reduction in the liability recorded against future interest rate derivatives.Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on 31 January 2022 calculated at $1.1721 per unit.
9 December 2021: December Quarter distributionArrow directors have today declared the distribution for the quarter ended 31 December 2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Monday 31 January 2022.
30 September 2021: September Quarter distribution & NAVArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2021. The distribution will be paid on Friday, 29 October 2021. The Net Asset Value at 30-Sep-2021 was $1.1007 per unit. Investors who have elected to participate in the Distribution Reinvestment Plan (DRP) will receive new units in the Fund on the same day (29 October 2021), calculated at $1.1007 per unit.
24 August 2021: Fund Update issued
27 July 2021: NAV at 30-June-2021 As foreshadowed in the Fund Update dated 28 May 2021, independent valuations of investment properties as at 30 June 2021 have contributed to a significant increase in the Fund's Net Asset Value, which has increased from $0.9476 per unit at 31 March 2021 to $1.0995 per unit at 30 June 2021. The Fund's Boombera Park property, which is being developed into a large scale macadamia orchard, remains at cost.Increased prices are being paid for agricultural properties and there has been a tightening in the rental capitalisation rates used for valuing leased properties. Investment in agricultural property is now being recognised in its own right with resilient and counter cyclical characteristics rather than simply being considered an "alternative" asset class. 29 June 2021: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the final Quarter ended 30 June 2021. This brings the total distributions paid and payable for FY2021 to 8.0 CPU. The final distribution will be paid on Friday, 30 July 2021.
28 May 2021: Fund Update issued
31 March 2021: March Quarter distributionArrow directors have declared the distribution for the quarter ended 31 March 2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 30 April 2021.
22 February 2021: Fund Update issued
6 January 2021: December Quarter distributionArrow directors have declared the distribution for the quarter ended 31 December 2020 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 29 January 2021.
30 September 2020: September Quarter distributionArrow directors have declared the first distribution for FY2021 on units held in the Arrow Primary Infrastructure Fund. The distribution will be 2.0 cents per unit (CPU) and will be paid on Friday 30 October 2020.
27 August 2021: Fund Update issued
25 June 2020: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the final Quarter ended 30 June 2020. This brings the total distributions paid and payable for FY2020 to 8.0 CPU. The final distribution will be paid on 31 July 2020.
3 June 2020: Arrow leases Advinco FarmThe directors of Arrow are pleased to advise that they have secured a new tenant for the Fund’s Advinco Farm property at Nangiloc, VIC.Commencing 1 July 2020, Golden Dried Fruits 1 Pty Ltd will lease Advinco Farm on a 25 year lease. Golden Dried Fruits is a subsidiary of Australian Premium Dried Fruits, part of the Scalzo Foods Group. Advinco Farm was acquired by Arrow Primary Infrastructure Fund in December 2015 and the property was leased to Murray River Organics until that lease was terminated on 11 December last year. Arrow has been managing the property on behalf of the Fund since then.The Fund retains ownership of Advinco Farm’s current dried fruit and citrus crops. This year’s dried fruit harvest has been delayed due to the recent wet weather in the Sunraysia region and the crop harvest is only just now nearing completion. The citrus crop is being harvested in June/July this year. The Advinco Farm property has been improved significantly over the last 6 months and Arrow directors wish to express their sincere thanks to its Advinco Farm management and staff for their assistance in commencing the turnaround of this large scale vineyard. It is hoped that staff will choose to continue their employment on the property. As a long-term tenant, the Scalzo Foods Group brings additional industry expertise and they will continue with the vineyard and irrigation development work in progress, so that the Fund’s original aspirations for this premier property can be realised. The signing of this new lease will increase the Fund’s EPU and the Fund will be contributing to capital improvements which are expected to have a positive impact on the property’s valuation over the next 3 years.
30 April 2020: Net Asset Value at 31 March 2020Arrow directors advise that the Net Asset Value (NAV) of units in the Arrow Primary Infrastructure Fund at 31 March 2020 was $0.8965. This compares with a NAV of $0.9167 at 31 December 2019. The NAV reduction of 2.02 cents per unit (cpu) was due primarily to an increase of $2.329 million in the interest rate derivative liability (minus $1.37 cpu), with the balance due to a net write off of costs incurred in relation to the Fund's Advinco Farm property of $1.525 million. Future interest rates are now at all time lows and on 22 April 2020, Arrow directors renegotiated an extension of the Fund's $52.2 million interest rate derivative out from 16/07/2024 to 16/04/2030, resulting in a reduction of 0.71% in the fixed rate of cover to 2.11%. This will provide an interest expense saving to the Fund of $371,000 per annum commencing from 18/05/2020 as well as reducing the balance sheet derivative liability from future mark-to-market calculations.
17 April 2020: Fund Update issued
2 April 2020: March Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2020. The distribution will be paid on 30 April 2020.
6 March 2020: MRO Lease Surrender Fee now fully received Arrow agreed to terminate the Fund's Colignan Farm lease with Murray River Organics on 11 December 2019 on the basis that a Surrender Fee of $1,324,750 was to be paid plus the Fund was to receive a 5% equity interest in Murray River Organics Group Ltd (ASX code: MRG). Part of the Surrender Fee and the equity interest were conditional upon a successful capital raising to be undertaken by MRG. The Fund received the first component of the Surrender Fee of $824,750 via a Bank Guarantee on 13 December 2019 and has today received the balance $500,000 in cash, following completion of MRG's successful capital raising of $25 million on 4 March 2020. The Fund has also been issued with 105,035,272 ordinary shares in MRG and now owns 5% of the issued shares in that company.
28 February 2020: Fund Update issued
23 January 2020: Weather conditions and Bushfires Arrow directors are pleased to report that the drought and bushfire conditions experienced in the Northern Rivers region of NSW in November & December have now been replaced with excellent rainfall and perfect growing conditions, which has allowed planting of macadamia trees to resume next week at the Fund's Boombera Park property. It is expected that a further 50,000+ trees will be planted over the next 2 months, bringing the total number of trees planted on site to approx 85,000 before the winter recess. Rainfall at Boombera Park over the last 30 days has been 311 mm and has significantly boosted the water storage in our dams. Some recent photos of our trees and dams have been put up on our Boombera Park website.Luckily, the recent, extensive bushfires throughout eastern Australia have had no impact on any of the Fund's properties, however, we are mindfull that the normal bushfire season is only now just starting. 30 December 2019: December Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2019. The distribution will be paid on 31 January 2020.
11 December 2019: Colignan Farm RestructureFollowing lengthy discussions with Murray River Organics Group Limited (ASX:MRG) it has been agreed that it is in the interests of the Fund that the lease ofthe Colignan Farm property be terminated, effective today and that Arrow will take immediate operational control. Read today's Fund Update for further details.
1 November 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opened today and will close on 31 December 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed or posted to Arrow Funds so that they are received by 331 December 2019.The withdawal price is expected to be $0.8516 per unit and proceeds will be paid on 15 January 2020.
31 October 2019: Fund settles acquisition and lease back of new pig grow-out facilityFurther to the announcement on 21 May 2019, Arrow directors are pleased to confirm that the acquisition and lease back of the Thyra pig grow-out facility has settled today. The acquisition was funded by an existing bank facility and the transaction is immediately accretive to the Fund.
27 September 2019: September Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2019. The distribution will be paid on 31 October 2019.
8 August 2019: Default Notice withdrawnArrow directors are pleased to report that the overdue rent and GST owed by Murray River Organics totalling $689,511.52 has now been paid and that the Notice of Default has been withdrawn.
1 August 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opened today and will close on 30 September 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 30 September 2019.The withdawal price is expected to be $0.8569 per unit and proceeds will be paid on 15 October 2019.
31 July 2019: Default Notice served on Murray River OrganicsArrow directors advise that solicitors acting for Sandhurst Trustees Limited have served a Notice of Default on Murray River Organics (MRO), the tenant of the Fund’s Colignan Farm property near Mildura.The Notice was served yesterday in relation to rent and GST totalling $689,511.52 which was due on 1 July 2019 and remains unpaid. The Fund holds rent security in the form of a bank guarantee for $824,750.00 as well as a Deed of Guarantee and Indemnity from the listed company Murray River Organics Group Ltd. The Lease provides that if the above material breach is not rectified within 30 days the Lessor has the right to re-enter the property and eject the Lessee.MRO are claiming that Irrigation Works recently undertaken on the property should be treated as a “replacement” items by the Landlord and not new works, which would cause the rent to increase. The amount of rent and GST included in the disputed invoice that relates to all Irrigation Works is $81,933. Despite written requests MRO have not quantified their disputed amount nor provided any details of their claim. In regard to all capital works undertaken on the property Arrow believes it has acted entirely within the terms of the Lease and as previously agreed in writing with MRO’s senior management. Arrow has also taken up with MRO other breaches of the Lease by MRO and concerns about their management of the property generally.
27 June 2019: June Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the quarter ended 30 June 2019. The distribution will be paid on 31 July 2019 and Tax Statements for FY2019 issued mid-August 2019.
29 May 2019: Arrow Fund to opt into AMIT tax RegimeArrow directors have determined that it is in the interests of investors in Arrow Primary Infrastructure Fund that the Fund opts into the AMIT tax regime commencing from 1 July 2019. The Attribution Managed Investment Trust (AMIT) tax system, which was introduced by legislation in 2016, was designed to increase certainty, allow greater flexibility and reduce compliance costs for Managed Investment Trusts (MIT's) and to enhance the competitiveness of Australia’s funds management industry. To opt into the AMIT Regime requires some minor changes to the Fund's Constitution, and ASIC has granted relief for such changes to be made without holding a unitholder meeting, provided that a notice setting out the reason for the change and effect of the changes is posted on our website and unitholders are given the opportunity to request a meeting if they so wish. A full copy of the Announcement Notice can be downloaded here.Footnote: No requests for a unitholder meeting were received by the due date and the Fund will therefore adopt the AMIT tax regime effective 1 July 2019. Tax Statements for FY2019 will be issued in late-August 2019 in the same format as previous years.
21 May 2019: Fund to acquire new pig grow-out facilityThe directors of Arrow Funds Management are pleased to announce that they have contracted to acquire and lease back a brand new pig grow-out facility operated by Pigco Pty Ltd (Pigco) at Thyra, near Moama in New South Wales. The Thyra acquisition cost will be $17.045 million, representing 6.5% of the Fund’s total assets. The property will be leased back to Pigco on a 20 year lease, with a further two 10 year options. Footnote: As construction of the Thyra facility has not yet been completed, settlement of the acquisition and leasback has been delayed.
29 April 2019: 31 March 2019 NAVThe Fund's Net Asset Value per Unit (NAV) was $0.8677 as at 31 March 2019. This was a decrease of 1.32 cents per Unit compared to the NAV of $0.8809 as at 31 December 208. The decrease was due entirely to an increase in Fund's marked to market liability for its interest rate derivatives. The Fund has fixed its interest rate exposure on 85% of its current borrowings ($77.2 million) for an average 6.5 years at an average interest rate of 2.88% pa. Due to a significant decrease in global long term interest rates during March, the Fund has had to take up an unrealised loss on these derivative contracts, which negatively impacted the NAV at 31 March 2019. This is a non-cash item and the derivatives will continue to provide the Fund with cover against future interest rate rises, which is considered prudent given that the Fund has fixed future rental income from its (long WALE) property portfolio.
13 February 2019: March Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the third quarter ended 31 March 2019. The distribution will be paid on 30 April 2019.
31 January 2019: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, opens tomorrow (1 Feb 2019) and will close on 31 March 2019. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 March 2019. Proceeds will be paid on 15 April 2019.
15 January 2019: Withdrawal PaymentsThere were five investors who applied to redeem 957,748 units in the Fund, under the Withdrawal Offer that closed on 31 December 2018. They were paid out on 15 January 2019 a total of $782,575.94 at a price of $0.8171 per unit, being the latest NAV less 5% transaction costs, as provided under the Fund's Constitution.
20 December 2018: CBA Facility ExtendedArrow directors are pleased to confirm that the documentation to extend the Fund's Debt Facility with CBA, as foreshaddowed in July 2018, has now been executed by all parties. The Facility's Term has been extended to 31 July 2021 and the Facility Limit increased to $120 million.
19 December 2018: December Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the second quarter ended 31 December 2018. The distribution will be paid on 31 January 2019.
1 November 2018: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, has opended today and will close on 31 December 2018. The Withdrawal Offer and Application Form to apply to redeem units are available from this website under FUND FORMS. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 December 2018. Proceeds will be paid on 15 January 2019.
21 September 2018: September Quarter distributionArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the first quarter ended 30 September 2018. The distribution will be paid on 31 October 2018.
31 July 2018: Extension of Bank FacilityOn 27 July 2018 Arrow received a credit approved terms sheet from the Fund’s banker (CBA) confirming that the Fund’s cash advance loan facility will be extended by two years out to 31 July 2021 and the facility limit increased by $20 million to $120 million, at no additional cost to the Fund. These amendments to the Bank Facility are currently being documented.
21 June 2018: June Quarter distributionArrow directors have declared the final quarterly distribution on units held in the Arrow Primary Infrastructure Fund for quarter ending 30 June 2018 of 2.0 cents per unit (CPU). The distribution will be paid on 31 July 2018 and completes a total distribution for FY2018 of 8.0 CPU.
7 May 2018: Interest Rate Cover Extended to 7.3 yearsArrow directors are pleased to confirm that they have extended the term and amount of forward interest rate cover held by the Arrow Primary Infrastructure Fund. As foreshadowed in the March Investor Update, they have now entered into two new interest rate derivatives on behalf of the Fund. The existing cover ensures that the Fund's BBSY borrowing rate on $52.2 million of debt is 1.75% pa plus bank margin until 16/07/2019. Arrow has now extended that $52.2 million cover by a further 5 years to 16/07/2024 at a rate of 2.820% pa commencing from 16/07/2019. In addition, Arrow has taken out a second derivative commencing on 16/07/2018 covering a further $25.0 million for 10 years until 16/07/2028 at a BBSY rate of 3.0125% pa. The additional interest rate swap contracts entered into should ensure that the Fund remains covered within its borrowing exposure benchmark of 50%-75% and will bring the term of this cover more into line with its portfolio's rental income.Arrow Directors believe it is prudent to mitigate against the risk of rising future interest rates over the medium term particularly given the Fund's portfolio, which has a forecast Weighted Average Lease Expiry (WALE) of 14.02 years as at 30/06/2018. Following commencement of the above addition derivative contracts, the Fund will have BBSY interest rate cover in place of $77.5 million at an average rate of 2.157% pa in July 2018 and a weighted average period to expiry of 7.3 years. The average hedge rate will increase to 2.882% pa in July 2019.The above derivative contracts will have nil impact on the Fund's earnings per unit (EPU) in FY2018 and will provide prudent insurance against rising interest rates which are anticipated in the future.
6 March 2018: Acquisition of organic glasshouseArrow directors are pleased to announce that they are proceeding with an investment in Green Camel's organic glasshouse at Cobbitty, New South Wales. Arrow assisted in putting together the sale & leaseback funding structure to support the building of a new 2.0 hectare organic glasshouse and aquaculture complex that will set new standards for horticultural production of organic fruit and vegetables. Further details are contained in the Fund Update of 6 March 2018 .
2 March 2018: March Quarter distributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2018. The distribution will be paid on 30 April 2018 and is at the same rate paid for the previous quarter.
31 January 2018: New Withdrawal OfferA new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund, will open on 12 February 2018 and close on 31 March 2018. The Withdrawal Offer and Application Form to apply to redeem units will be available from this website under the Fund Forms tab from 12 February 2018. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 March 2018. Proceeds will be paid on 13 April 2018.
31 January 2017: Payment of December DistributionThe December Quarter distribution of 2.0 CPU has been paid on 31 January 2018. Please note that those investors who have elected to participate in the Distribution Reinvestment Plan (DRP) for the December Quarter will receive their Distribution Statement as soon as Arrow receives audit confirmation of the NAV as at 31 December 2017 (expected early February). As in prior periods, the DRP units will be issued on the same date that cash distributions are made, i.e. 31 January 2018.
15 December 2017: Early closure of the Withdrawal OfferArrow directors have determined to close the current Withdrawal Offer early and to pay out proceeds from redeemed units pre-Christmas. The current offer will close at COB Monday 18/12/2017 and proceeds will be paid out on Wednesday 20/12/2017.
7 December 2017: December Quarter DistributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2017. The distribution will be paid on 31 January 2018 and is at the same rate paid for the previous quarter.
1 November 2017: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer will close on 31 December 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.7709 per unit is available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by 31 December 2017.
18 September 2017: September Quarter DistributionArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2017. The distribution will be paid on 31 October 2017 and will be at the same rate as paid for the previous four quarters.Due to the deferral of some significant capital expenditure by the Fund, the directors have decided that it is appropriate to hold the first quarter’s distribution at the same rate as paid in the previous year (8.0 CPU per annum).Investors will note that the distribution rate was forecast at 8.25 CPU for the full financial year to 30 June 2018. Once the proposed capital expenditure is locked in, the timing of the increased rental income will be known and the distribution rate should increase to the 8.25 CPU per annum level.
21 August 2017: Financial Statements for FY2017 releasedThe 2017 Annual Report for the Fund has been released today and is able to be downloaded - refer "Financials" heading below. A summary of the financial results is also available under the "Communications" heading.
1 August 2017: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens today, 1 August 2017 and will close on Friday, 29 September 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.7707 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 29 September 2017.
31 July 2017: June Quarter Distribution & Distribution Reinvestment Plan (DRP)The final distrribution for the Arrow Primary Infrastructure Fund for the Quarter ended 30 June 2017 was paid on 31 July 2017. The 72 unitholders who had elected to participate in the DRP have received a total of 747,785 new units on 31 July 2017 at a price of $0.8113 per unit, which is equal to the NAV as at 30 June 2017.
23 June 2017: Capital Raising ClosedArrow directors advise that the PDS Offer to raise $16.0 million has now closed, fully subscribed. All existing investors who applied for new units were 100% successful in their applications. A total of 33 new investors participated the Offer and represented 38% of the new equity raised. The Fund now has a total of 519 investors with 162,024,766 units on issue.
16 June 2017: June Quarter Distribution declaredArrow directors have declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 June 2017, payable on 31 July 2017. Please note that distributions are paid pro-rata, based on the number of days that the units were owned by an investor during the Quarter, not on the closing balance. Therefore, those investors that are participating in the DRP will only only receive a pro-rata distribution on their DRP units as they were not held for the full Quarter; i.e. only held from the date of payment of the distribution to the end of the Quarter.
6 June 2017: Supplementary PDSAs applications received for new Units under the PDS Offer have exceeded $15.0 million, the directors of Arrow have determined that the Responsible Entity will accept additional oversubscriptions to raise up to an additional $1,000,000 and have issued a Supplementary PDS. The Total Offer Amount under the PDS will therefore become Units with an aggregate value of up to $16,000,000. The Application Price for Units issued under the PDS will remain at $0.747 until the Offer Final Closing Date, which will remain at 16 June 2017, unless varied by the Responsible Entity at its absolute discretion.
30 May 2017: New Withdrawal OfferA new Withdrawal Offer will open on 1 June 2017 and close on 30 June 2017. The aim of the Withdrawal Offer is to continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on 1 June 2017 and will close on Friday, 30 June 2017. The Withdrawal Offer and Application Form to apply to redeem units at $0.6919 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 30 June 2017.
30 May 2017: Capital Raising UpdateArrow is pleased to confirm that it has now received applications in excess of $15 million in relation to the recent PDS Offer. Those applications are currently being processed and the Arrow Board will announce the status of the Offer early next week.
13 May 2017: Capital Raising UpdateA total of $12.868 million has now been received in the 3 weeks that the Offer has been open and new units have been allotted for 100% of applicant's money to date. The Priority Offer to existing investors closed on 5 May 2017 and the balance of available new units ($2.132 million) can be applied for by either existing or new investors.
1 May 2017: First allottment of new units Investors have responded quickly to the new $15 million capital raising released by Arrow on 20 April 2017. At the First Close on 26 April 2017, a total of $4.972 of new units had been applied for and these applicants have now had new units allotted for 100% of their application monies. Confirmation of allotted units have been mailed to those unitholders today. Existing unitholders who wish to take advantage of the Priority Offer Allocation are reminded that the Priority Offer closes this Friday 5 May 2017 and that online applications and funds must be submitted by that date to take advantage of the Priority Offer.
19 April 2017: New PDS now availableArrow directors are pleased to release a new Product Disclosure Statement for an Offer, with priority to existing eligible Unitholders, of new units in the Arrow Primary Infrastructure Fund to raise up to $15 million. The Offer price is $0.7470 per unit and applications can only be made using the online Application Form available from our Registry, as detailed in the PDS and available from www.boardroomlimited.com.au/arrowoffer. Existing unitholders will receive a Priority Allocation of 1 new unit for every 10 units held as at the Record Date (31 March 2017). The Priority Offer closes on 5 May 2017. Due to the expected demand for the limited units being offered, both new and existing investors are encouraged to apply for new units as soon as possible. The first closing date will be on 26 April 2017 and the first batch of new units allotted on 28 April 2017. Further new units will be allotted on a weekly basis thereafter until the $15 million is allotted. Existing unitholders can apply for their Priority Allocation amount in dollars (= current unit holding/10 x $0.7470) or they can apply for a greater or lesser dollar amount of new units. Applications for a greater dollar amount than an existing unitholder's Priority Allocation will be treated alongside new investors for any available new units.
12 April 2017: New Capital RaisingArrow directors are finalising a Product Disclosure Statement (PDS) to raise up to $15 million of new equity for the Arrow Primary Infrastructure Fund. The PDS will be released soon and all unitholders notified. The Acquisition Price for New Units will be $0.7470 and eligible unitholders will receive a priority allocation of 1 new unit for every 10 units held as at 31 March 2017. The proceeds of the offer will be used together with borrowed funds to acquire additional properties, undertake capex on both existing and new properties and to pay for related transaction costs.
3 April 2017: Acquisition of new propertyArrow directors are please to announced that they have signed an unconditional contract to acquire a new property in the northern rivers region of New South Wales with plans to develop that property into a 1,000 hectare macadamia orchard, to be called Boombera Park. The property is expected to settle mid-April 2017. The acquisition of Boombera Park represents a departure from recent transactions conducted by the Fund, which have all had leases commencing from the date of acquisition, generally as a result of sale and leaseback transactions. The Boombera property was identified as being suitable for growing macadamia nuts during Arrow’s due diligence on a much larger portfolio of properties in New South Wales. The property, known as Heaton Park together with two adjoining properties were originally used as prime grazing land and have only recently been cleared of eucalyptus plantation trees.Arrow directors believe that Boombera Park represents a unique opportunity for the Fund to gain exposure to the macadamia industry at a low entry price. The acquisition cost of $4.2 million represents 2% of the Fund’s portfolio and will further diversify the Fund’s industry exposure.The Boombera Park property has the potential to become one of Australia’s largest macadamia orchards, operating with a low cost base and producing approximately 5% of Australia’s macadamia nut production. So that the Fund can partake in the anticipated uplift in property valuation - from grazing land to land suitable for a large scale macadamia orchard - Arrow proposes to complete Stage 1, the detailed farm planning process and contracted growing by an off-site nursery of the initial macadamia trees during the first 18 months. Arrow will use this time to engage a suitable lessee for Boombera Park, prior to the initial planting out of the orchard.
8 March 2017: March Quarter Distribution declaredArrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 March 2017, payable on 28 April 2017.
22 February 2017: Release of Half Year Financial StatementsThe Fund's interim financial report for the half-year to 31 December 2016 has been released and can be downloaded below.
31 January 2017: Explanatory note regarding distribution calculationNote that new units issued under the DRP are issued on the same date that the cash distribution is paid (i.e. end of month following the quarter), so that non-participating investors are not disadvantaged.Under the Fund's Constitution, distributions are calculated on a pro rata basis based on the daily number of units held, not on the number of units at the end of the quarter.Therefore, to check the calculation of the December quarter distribution for DRP participating investors, one needs to use the original number of units for the period 01/10/16 to 30/10/16 and the increased number of units for the period 31/10/16 to 31/12/16.
8 December 2016: December Quarter Distribution declaredAs forcast, Arrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 31 December 2016. The distribution will be paid on 31/01/2017. Please note that those investors who have not yet elected to participate in the Distribution Reinvestment Plan (DRP) may still elect to do so for the December 2016 quarterly distribution, so long as their signed, emailed Application Form is received by arrow@boardroomlimited.com.au prior to COB 31/12/2016. Click on the "Fund Forms" tab to download the DRP Rules and Application Form.
12 October 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 17 October 2016 and will close on Friday, 30 December 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6780 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday, 30 December 2016.
12 October 2016: NAV as at 30/09/2016Management accounts for the first quarter of FY2017 have been completed and the Net Asset Value has increased marginally to $0.7137 per unit, following accrual of the first quarter's distribution of 2.0 CPU and redemption of 293,210 units ($198,591).
18 August 2016: 2016 Annual ReportThe financial statements of Arrow Primary Infrastructure Fund for the year ended 30 June 2016 have been lodged with ASIC and a copy can now be downloaded from this website - refer "June 2016 Annual Report" tab below. Those investors who have requested a copy have been emailed//mailed today.
11 August 2016: September Quarter Distribution declaredAs forcast, Arrow directors have today declared a quarterly distribution on units held in the Arrow Primary Infrastructure Fund of 2.0 cents per unit (CPU) for the Quarter ended 30 September 2016. The distribution will be paid on 31/10/2016.
1 August 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 1 August 2016 and will close on 30 September 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6773 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 September 2016.
26 July 2016: DRP Plan Rules and Application FormThe Plan Rules and Application Form for the Fund's Distribution Reinvestment Plan have been released and can now be downloaded from this website under the "Fund Forms" tab.
16 June 2016: Quarterly distribution declaredArrow directors have declared a distribution on units held in the Arrow Primary Infrastructure Fund of 1.875 cents per unit (CPU) for the Quarter ended 30 June 2016. The distribution is as forecast and will be paid on Friday, 29 July 2016. This makes a total distribution of 7.5 CPU for the full financial year ending on 30 June 2016. Directors have forecast an increase in distribution to 8.0 CPU for next financial year (FY2017).
16 June 2016: Distribution Reinvestment PlanDirectors are please to announce the introduction of a Distribution Reinvestment Plan (DRP), which will be available for investors to take up for the first distribution payable for FY2017 (i.e. quarter ending 30 September 2016).Full details of the plan will be sent to investors together with their June 2016 distribution statement. Investors will be able to take advantage of this new facility by nominating the DRP to apply to all, or a portion, of their units in the Fund. New units issued under the DRP will be issued at Net Asset Value (NAV).
16 June 2016: Capex commences on the Fund's Poultry farmsCapital development work has commenced at the Fund's Boronia poultry farm near Tamworth, NSW with the construction of 5 new breeder sheds and a Manager's house. Total cost for this work is approximately $3.5m and is expected to be completed by October 2016. Plans have also been finalised for the construction of 8 new sheds and associated infrastructure at the Fund's Breeder Complex at Coleambally , NSW which will cost approximately $6.8m and be constructed during the second half of this calander year. Funding for the above Capex will come from the existing bank facility and will result in an immediate increase in rental income.
15 April 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 18 April 2016 and will close on 30 June 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6419 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 June 2016.
31 March 2016: Quarterly distribution declaredArrow directors have today declared a distribution on units held in the Arrow Primary Infrastyructure Fund of 1.875 cents per unit (CPU) for the Quarter ended 31 March 2016. The distribution is in line with the forecast 7.5 CPU distribution for the full financial year to 30 June 2016 and will be paid on Friday, 29 April 2016.
18 February 2016: December 2015 Half-year Accounts releasedThe Fund's financial statements for the half-year ended 31 December 2015 have been audit reviewed and released by the directors. Profit before tax for the 6 months was $9.365m, assisted by property revaluations of $4.729m and offset by marked to market loss on derivatives of $0.496m. Property rentals were up $0.555m compared to the previous corresponding period due predominately to additional properties acquired by the Fund - five in July 2014 and one in October 2015 and December 2015. The Fund continues to benefit from reduced interest rates and its Loan to Valuation Ratio (LVR) was 43.2% at 31 December 2015 compared to 46.3% at 30 June 2015.Net Asset Value per unit (NAV) has increased by 4.23 cents (up 6.7%) since June and stood at $0.6748 at 31 December 2015. Distributions for the same period were 3.75 cents per unit, making a total return of 7.98 cents per unit for the 6 month period.
5 February 2016: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opens on Monday 8 February 2016 and will close on 31 March 2016. The Withdrawal Offer and Application Form to apply to redeem units at $0.6411 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 31 March 2016.
21 December 2015: Capital Raising closed over-subscribed and Advinco property purchasedArrow directors are pleased to report that the recent wholesale capital raising via an Information Memorandum dated 3 December 2015 closed today over-subscribed. Applications for a total of $17 million were received and new units in the Fund are being issued to all applicants. This represents an over-subscription of $2 million above the proposed maximum offer of $15 million, as detailed in the Information Memorandum. . The over-subscription will not have a material effect on any of the financial forecasts outlined in the IM and will provide additional working capital to fund future capex. It will result in a minor decrease in the gearing level of the fund, a minor improvement in the interest cover ratio and a minor decrease in earnings per unit. The forecast distributions per unit are expected to remain the same, with the full FY2016 distribution rate forecast to remain at 7.5 cents per unit.The Advinco property acquisition was also settled yesterday and the long-term lease to Murray River Organics Pty Ltd has commenced.This new property acquisition will add diversification to the portfolio and brings the total number of Fund properties to 18. As advised, it is proposed to fully convert the vines on the Advinco property over to organic dried fruit over the next 18 months.The additional capital that has been raised for the Fund places it in a strong financial position ready to undertake future capital expenditure commitments. 3 December 2015: New Capital RaisingArrow directors have today issued an Information Memorandum to raise between $10 million and $15 million to fund the acquistion of a new property, acquisition costs and provide additional working capital. The Offer of new units is being made to wholesale investors only and First Close of the Offer will be at COB on Friday 11 December 2015, given the short time frame before settlement of the property.The Application Price is $0.6878 per unit and the units will rank equally with existing units in all respects.The Information Memorandum and the Application Form can be downloaded by clicking on the below tabs
9 November 2015: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer opened on Monday 9 November 2015 and will close on 31 December 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.6372 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 31 December 2015.
30 October 2015: Acquisition and leaseback of new propertyArrow directors have confirmed the acquisition of "Kelso Park", a free range egg farm located near Tamworth, NSW. The sale and leaseback transaction was settled on 30/10/2015 with Pace Farm Pty Ltd, one of Australia's largest egg producers. The acquisition cost was $6.1 million and the property is being leased back over 20 years. Four new free range barns have recently been constructed on the property and it is intended that another four will be constucted over the next 18 months. The transaction will be accretive on an earnings per unit basis in FY2016 and will extend the Fund's WALE.
30 September 2015: Increase in Quarterly DistributionArrow directors are pleased to advise that the September 2015 Quarter's distribution has been increased from 1.775 cents per unit (CPU) to 1.875 CPU. The forecast distribution for FY2016 has been increased to 7.5 CPU from 7.1 CPU distributed in FY2015, an increase of 6%. This increased distribution rate represents a distribution yield of 12.67% per annum on new Units issued at 59.2 CPU under the Public Offer in July 2014.
30 September 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 30/09/2015 there were 7 unitholders requesting withdrawal of a total of 832,059 units. DIrectors have approved the redemption of all of these units at the Withdrawal Price of $0.6009. A total of $499,984 will be paid out to those unitholders on 15/09/2015.A new Withdrawal Facility for the Quarter ended 31 December 2015 will open on 15 October 2015.
24 August 2015: Tax Components of FY2015 DistributionsTax Statements for FY2015 have now been completed and were mailed to all investors today. Tax components of last year's distributions were: Tax deferred 70.53%, Interest income 2.10% and Other Australian sourced income 27.37%. The significant increase in the tax deferred component was mainly due to depreciation and allowances available to the Fund in relation to the July 2014 property acquisitions.
30 July 2015: New Withdrawal OfferArrow directors have announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer will open on Monday 3 August 2015 and close on 30 September 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.60 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB 30 September 2015.
28 July 2015: Preliminary NAVThe Preliminary Net Asset Value per unit of Arrow Primary Infrastructure Fund as at 30 June 2015 is $0.6325. This figure is subject to audit and it is expected that the audited accounts for FY15 will be finalised by 15 August 2015. 1 June 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 29/05/2015 there were 8 unitholders requesting withdrawal of a total of 3,669,758 units. DIrectors approved the redemption of all of these units at the Withdrawal Price of $0.5857. A total of $2,149,377 will be paid out to those unitholders on 15/06/2015.
4 May 2015: Applications for New UnitsApplications for new units are currently on hold as the maximum amount under the PDS of $40.0 million has now been raised. The directors of Arrow are considering the issue of a Supplementary or new PDS. Further information will be made available as soon as possible.
4 May 2015: New Withdrawal OfferArrow directors have today announced the opening of a new Withdrawal Offer, which will continue to provide liquidity for investors who need to redeem their units in the Fund. This Offer is open for the month of May 2015 only - closing on the last working day, Friday 29 May 2015. The Withdrawal Offer and Application Form to apply to redeem units at $0.5857 per unit are available from this website under the Fund Forms tab. Applications must be emailed, faxed or posted to Arrow Funds and received by COB Friday 29 May 2015.
1 April 2015: Withdrawal FacilityUnder the Withdrawal Offer which expired on 31/03/2015 there were 18 unitholders requesting withdrawal of a total of 1,083,779 units. DIrectors have approved the redemption of all of these units at the Withdrawal Price of $0.5895. A total of $638,888 will be paid out to those unitholders on 21/04/2015.
31 March 2015: Closing Date extendedArrow directors advise that they have extended the Closing Date of the Public Offer of new units in the Fund to 30 June 2015. They reserve the right to close the Offer earlier at their sole discretion. The Application Price for new Units will be determined on 15/04/2015 in accordance with the Fund's Constitution utilising the NAV at 31/03/2015.
16 February 2015: Fund Update issued / Announcement of new Withdrawal OfferArrow directors have announced a new Withdrawal facility which will provide liquidity for investors in the Fund. It is intended that this facility will be available on a quarterly basis. Details of the current Offer (open 16/2/15 and closing 31/03/15) are available in a Fund Update released 16 Feb 2015 - available for download below. The Withdrawal Offer and Application Form to apply to redeem units at $0.5895 per unit are available from this website under the Fund Forms tab.
9 February 2015: Application Price for new Units increased to $0.6364Directors of Arrow advise that the Net Asset Value per Unit in the Arrow Primary Infrastructure Fund was $0.6205 as at 31 December 2014 (subject to audit). Accordingly, the Application Price for new Units under the current PDS has increased to $0.6364.
9 February 2015: Asset Management Services AgreementDirectors of Arrow advise that they have now formally appointed Agri Management Pty Ltd to act as property manager for the properties held in the Fund. Details of this appointment are as outlined in the Product Disclosure Statement dated 10 June 2014 (Section 2.19: Related Party Transactions).
31 December 2014: Distribution declared for Quarter ended 31 December 2014Arrow directors have declared the forecast Quarterly distribution of 1.775 cents per Unit, which will be paid on Friday, 30 January 2015.
31 December 2014: Closing Date extendedArrow directors advise that they have extended the Closing Date of the Public Offer of new units in the Fund to 31 March 2015. They reserve the right to close the Offer earlier at their sole discretion. The Application Price for new Units will be determined in accordance with the Fund's Constitution utilising the NAV at 31/12/14 grossed up by 2.5%.
15 October 2014: Application Price for new Units increased to $0.6347Directors of Arrow advise that the Net Asset Value per Unit in the Arrow Primary Infrastructure Fund was $0.6188 as at 30 September 2014. Accordingly, the Application Price for new Units under the current PDS has increased to $0.6347.
30 September 2014: Supplementary PDS issuedArrow directors have issued a Supplementary PDS dated 30 September 2014 in which they have extended the closure date of the PDS to 31/12/2014 and amended the Application Price so that it incorporates increases in net asset value, as provided in the Constitution.
29 August 2014: Offer Closing Date extendedArrow directors advise that they have further extended the Closing Date of the Public Offer of units in the Fund to 30 September 2014. As previously, the directors reserve the right to close the Offer earlier at their sole discretion. Any extension beyond 30 September 2014 will result in a reset/increase in the Application Price, in accordance with the Fund's Constitution.
31 July 2014: Units Allotted, Properties Acquired and Offer Closing Date extendedThe Directors of Arrow are pleased to advise that Applications received for the PDS Offer have exceeded the Minimum Amount of $25.4 million. Accordingly, this condition for the Offer to complete has now been met. The remaining two conditions are the execution of the new Debt Facility and the Acquisition and lease back of the five new properties. Both these matters are proceeding to plan and are expected to be finalised shortly, enabling the Offer to complete on or prior to 31 July 2014.
14 July 2014: Minimum Application Amount exceededArrow is pleased to announce that as at 31/07/14 $33.038 million has been raised under the Public Offer. On 28/07/14 Arrow allotted 55,216,412 New Units in the Fund to those applicants with cleared funds as at that date and on 31/07/14 the five new properties were acquired from Baiada Group and the leasebacks commenced.Arrow has received applications under the Conditional Withdrawal Offer for 8,904,382 units ($5.004 million) as at the closure date of 25/07/14 and has confirmed that it will process these applications in full. Applicants will be paid on 15/08/14 at the Withdrawal Price of $0.5620 cents per Unit.Arrow directors have also advised that they have extended the Closing Date of the Public Offer to 29 August 2014.
27 June 2014: Priority Allocation of Surplus UnitsAs foreshaddowed in the PDS (Section 1.10), Arrow confirms that it has now entered into a conditional subscription agreement with an unrelated third party investor to subscribe for $10 million of Surplus Units at the Application Price under the Offer. In the event that there are at least $10 million of Surplus Units available after the Priority Allocations to Existing Unitholders closes on 4 July 2014, then Arrow intends to allot these units to the third party investor in priority to applications for Surplus Units by Eligible Unitholders and New Investors.