The proprietor of plenty of Northern Territory pastoral stations says he plans to contest claims in a media report that he has “crash landed after his most important firms have been put into liquidation”.
An aerial picture of the Maryfield station homestead complicated, and large-scale intensive cattle feeding facility (high proper).
The Australian newspaper has reported ‘Wealthcheck and The Edge companies have been being positioned within the palms of duelling receivers after banks and the Tax Workplace known as in excellent loans’.
This week, on ASIC’s printed notices, the Deputy Commissioner of Taxation filed an software for the Wealthcheck Administration Pty Ltd to be wound up with a Federal Courtroom listening to set for June 14.
Nevertheless, the itemizing exhibits that solely one in all Wealthcheck’s entities are concerned within the upcoming authorized proceedings.
It’s understood Wealthcheck’s NT’s property portfolio, together with Maryfield and Limbuyna Stations, Benmara and Conways are held by one in all plenty of entities (Wonga Ag) throughout the Wealthcheck group and isn’t impacted by the ATO software.
Sydney-based investor, Sam Mitchell, informed Beef Central as we speak he’s searching for authorized recommendation and is unable to touch upon the claims made by the Australian newspaper article. He informed Beef Central he welcomes an open dialogue and can reply within the coming days.
Wealthcheck
Wealthcheck Funds Administration is an funding and property supervisor that sources alternatives to put money into the Australian agricultural property sector.
It operates plenty of cattle breeding enterprises, in addition to broadacre and horticultural properties (rising cotton, wheat, sugar cane, almonds, avocadoes and wine grapes) throughout Australia.
The Sydney-based fund supervisor tried his first foray into the Northern Territory market in 2022 by changing into the popular bidder for Brett Blundy’s 10,034sq km Walhallow Aggregation.
The 3580sq km Walhallow Station and 6454sq km Creswell Downs are located on the northern finish of the Barkly Tableland, east of Daly Waters, 994km from Darwin Port and 1508km from Townsville.
After failing to settle the contract of sale (in what would have been the biggest single cattle property transaction in Australian historical past), Mr Mitchell turned his consideration to the intensive NT grazing properties Maryfield and Limbunya.
The 2 stations have been provided to the market in November 2020 and anticipated to realize round $150m.
After they didn’t promote, the sale course of was deferred, with agent Olivia Thompson explaining inspections had been hampered by COVID restrictions, with a number of potential worldwide patrons prevented from competing.
Maryfield and Limbuyna have been scheduled to return to the market the next 12 months (2023), nevertheless it’s understood Ms Thompson obtained an unsolicited strategy from Mr Mitchell.
In September 2022, the Sydney-based investor teamed up with Garry Edwards from the Brisbane-based AAM Funding Group and paid $175m on a walk-in walk-out foundation, together with round 50,000 head of Brahman cattle.
The partnership noticed Wealthcheck buy the land element and AAM tackle the hands-on operating of the cattle enterprise below a lease association.
In an surprising flip of occasions, Maryfield Station and Limbunya Station returned to the market in February this 12 months.
Throughout his temporary possession, Mr Mitchell gained approval for a major Human Induced Regeneration of a Everlasting Ever-Aged Native Forest (HIR) carbon venture throughout each belongings.
Regardless of rumours of monetary troubles, Beef Central was informed Mr Mitchell was eager to check the brand new frontier of Australia’s carbon market.
It’s essential to notice that LAWD brokers accountable for promoting Maryfield and Limbuyna say this week’s information won’t affect the sale course of.
Different NT investments
Conways Station
In October 2023, Sam Mitchell added the picturesque Conways Station to his rising NT cattle property portfolio, paying $14.5 million naked in a three way partnership with Viridios Capital.
Positioned 180km from Katherine, the 139,200ha runs round 5000 head of cattle, together with greater than 3000 breeders, turning off round 1500 head a 12 months.
It additionally has a big wild buffalo inhabitants that’s professionally mustered and along with the cattle are bought to home and export markets.
Conways Station participates within the Carbon Farming Initiative, with proactive farming practices recognised below the CFI to cut back emissions.
Benmara Station
In Might 2023, Mr Mitchell paid $40m naked for Benmara Station, a big breeding property on the Northern Territory’s Barkly Tableland owned by distinguished Mungindi-based producer Malcolm Harris.
The 451,200ha are located east of Cresswell and Newcastle Waters, in the direction of the Queensland border, and estimated to run greater than 20,000 head of cattle.
The staggering $40m sale worth, described by some business specialists as extraordinary, was on a land solely foundation and didn’t embrace any cattle.
Sam Mitchell background
Sam Mitchell based Wealthcheck in 2005. Previous to that he was a commodities futures adviser and dealer for Elders Danger Administration. On this position he supplied threat administration advisory companies to producers and processors within the agricultural business.
Sam has additionally labored as a monetary advisor for Commonwealth Securities providing wealth creation options to the financial institution’s excessive internet value purchasers, in addition to quite a few capital raisings.
In 2013, he started growing and actively managing greenfield agricultural investments for giant, well-known worldwide institutional traders providing property acquisition, leasing, property growth, water entitlement acquisition and operational administration.
Lately, Wealthcheck’s environmental initiatives embrace an actual give attention to carbon.
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