Whitestone Pastures, west of Oamaru, near Duntroon, is one of North Otago's largest dairy operations. Its total 844ha is run as three farms under the Whitestone umbrella and is forecast to produce 1.263 million kilograms of milk solids this season.
Bayleys Canterbury salesperson Ruth Hodges said a "minimum portion of 25%" was being offered to the market with a price tag "in the region of $7 million" which would be used to repay a preferential shareholder.
"The only stipulation is that a minimum of 25% is introduced, which can be from either a group of interested investors or from one sole investor," she said.
"In addition, if there were investors who were interested in more than 25%, then this could also be accommodated." Whitestone Pastures Ltd's board of directors includes Christchurch QC Nick Davidson, North Otago arable farmer John Foley, North Otago sheep and beef farmer David Douglas and Dunedin accountant Murray Valentine.
Ms Hodges said the offer, which closes on October 26, could attract interest from international investors or cashed-up retired farmers looking for a passive investment they could relate to.
Whitestone began from four smaller dry-stock farms which were gradually converted to dairying during the past three years.
Whitestone has three new rotary sheds, two of which are fully automated, and nine residential dwellings across the property. Irrigation is from the North Otago Irrigation Scheme, drawing Waitaki River water to feed 11 centre pivots, plus long-line and K-line irrigators.
The revised Fonterra forecast for 2012-13 comprises a lower farm-gate milk price of $5.25 per kg of milksolids, down from a previous forecast of $5.50, and a lower forecast net profit after tax range of 40c-50c, down from 45c-55c per share. Fonterra announced a revised payout forecast range for 2012-13 of $5.65-$5.75 before retentions for a fully shared up farmer, 30c down on the previous forecast range.
Whitestone has 1,116,192 Fonterra shares, valued at $4.52 each.
