RFM Almond Fund

The RFM Almond Fund (RAF) operates a 592 ha
almond orchard, located on a property called Mooral, in Hillston, New South Wales.

Hillston is known as a production centre for agricultural commodities including citrus, wine-grapes, cotton, potatoes, cherries and tree nuts. The Mooral property, and water entitlements, are leased from the Rural Funds Group (ASX:RFF), a trust also managed by Rural Funds
Management (RFM).

RAF provides investors (Unitholders) with the opportunity to participate in an almond growing

As Responsible Entity, RFM is responsible for orchard operations, maintenance, harvesting,
pre-processing and delivery. Management have significant expertise in almond orchard design,
development and operational management. RFM also manages all accounting and
administrative functions of RAF.

The almonds from RAF are delivered to the Almondco Australia Limited processing plant where
they are processed and marketed.

The RFM Almond Fund was formed on 30 August 2019 following the merger of RFM Almond
Fund 2006 ARSN 117 859 391 (AF06), RFM Almond Fund 2007 ARSN 124 998 527
(AF07) and RFM Almond Fund 2008 ARSN 127 947 960 (AF08) (collectively referred to as
Schemes) and an area operated by RFM.

Information regarding the merger is contained in the Explanatory Memorandum dated 25 July
2019, which can be accessed under “Investor Information”. For historical information regarding the pre-merged Schemes please use the relevant link below.

RAF unit price

RFM advised RAF unitholders in the half-year investor update dated 20 April 2020 of the possibility of an early liquidity event through the potential sale of the Mooral orchard. On 24 August 2020, RFM as responsible entity of Rural Funds Group (RFF), the owner of the orchard, announced that conditional contracts have been exchanged for the sale of Mooral.

On 11 November 2020, RFF announced that the sale was unconditional and settlement is expected by 30 November 2020. The RAF monthly unit price has been suspended pending an outcome of the sale.

Date RAF unit price1
30/06/2020 $0.9603
31/05/2020 $0.9950
30/04/2020 $0.9793
31/03/2020 $0.9649
29/02/2020 $0.9506
31/01/2020 $0.9399
31/12/2019 $0.9365
30/11/2019 $0.9341
31/10/2019 $0.9315
30/09/2019 $0.9347
30/08/2019 $0.9617

1The unit price recognises the forecast 30 June Net Asset Value on a monthly pro-rata basis to show the ongoing value of the crop throughout the growing season.


RFM Almond Fund 2006

Historical Fund information

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RFM Almond Fund 2007

Historical Fund information

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RFM Almond Fund 2008

Historical Fund information

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