|
Oak Valley Truffles Project 2008 |
|
Cash Rebate |
8.25% |
|
Closing Date |
CLOSED |
| Minimum
Investment |
$13,626 (ex
GST) |
| Term of Project |
20 years |
|
Research |
Adviser Edge |
 |
|
ATO Product Ruling |
2008/1 |
|
Telephone: |
(08) 9758 8633 |
|
Fax: |
(08) 9757 3999 |
|
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|
** Oak Valley
advise that as June 15 falls on a Sunday
applications received for Trufferies under the PDS/Prospectus
for the Oak Valley Truffle Project 2008, lodged with
the ASIC on 10 March 2008, received by post from
Monday, 16 June 2008 and for two working days
thereafter shall be accepted conditional upon the
applications being dated on or before Sunday, 15
June 2008. In addition any applications received by
facsimile or by email on Monday, 16 June 2008 (the
next business day) will also be accepted.
"This is a fully integrated Truffle and hazelnut
investment opportunity in Manjimup, Western Australia, providing
investors with land ownership and participation in all aspects of
Truffle and hazelnut production and sale.
This offer invites investors to participate in cultivation and
harvesting of up to 45 hectares of oak and hazelnut trees, inoculated
with French Black Truffle (Tuber melanosporum), at Manjimup in
Western Australia.
The oak and hazelnut trees which have already been planted are fully
irrigated and will be cultivated over a number of years under specific
conditions as they grow and mature. As the root system on the trees
expand so the fungus develops in symbiotic harmony. Eventually the tree
and fungus reach a “critical mass” and the “mature” fungus creates fruit
bodies; these are the highly sought after French Black Truffle.
The Oak Valley Trufferie (plantation) is on land situated on Seven Day
Road, Manjimup and this location is approximately three kilometres from
the Hazel Hill Trufferie, which is also located on Seven Day Road. The
planting of the Hazel Hill Trufferie was undertaken in late 1997 and
1998 and comprises twenty-one hectares of oak and hazelnut trees.
Dr Nicholas Malajczuk is the scientific expert who was responsible for
establishing the Hazel Hill Trufferie. He is a former CSIRO scientist
with more than twenty-five years experience in studying fungi, including
the black truffle fungus.
Wally Edwards has been the Managing Director of Hazel Hill Pty Ltd since
its inception.
The Hazel Hill Trufferie has provided an excellent opportunity to
continue a scientific study of the truffle fungus with particular
emphasis on studying the commercial production factors and issues. The
plantings at Hazel Hill are large enough to facilitate large scale
research. In September 2007 the Hazel Hill Trufferie was awarded a
Federal Government Research Grant for $755,000 to be expended on truffle
research over 3 years.
This is a fully integrated investment opportunity, giving investors
participation in the production and sale of Truffles and hazelnuts and
ownership in the Land owning entity. Based upon the extensive research
that has been undertaken at the nearby Hazel Hill trufferie over the
past 11 years, and the resultant Truffle and hazelnut production, I view
the Oak Valley Truffle Project 2008 with great pride and hold tremendous
enthusiasm for its future. I invite and welcome your participation in
this exciting venture."
Geoff Barrett
Managing Director, Watershed Premium Wines Ltd (issuer of the
Trufferies)
Chairman, Truffle Properties Limited (issuer of the Land Shares)
ABOUT TRUFFLES
The truffle is an edible fungus that grows
underground through a symbiotic relationship
with the roots of specific host trees. When the
tree and the fungal filaments reach maturity,
usually after about five years, the fruiting
body or truffle is produced and occurs
seasonally thereafter.
Truffles have always existed in their natural
habitat in Europe and are highly-prized. The
Greeks and Romans attributed them as having
healing and aphrodisiac powers, while today they
are regarded as the pinnacle of haute cuisine
and are revered by gourmons worldwide.
Truffles can be described as ‘gourmet
mushrooms’. They have a pungent, intense, earthy
fragrance and lend a unique flavour to food.
They occur naturally, mainly in France and
Italy, and are sometimes referred to as ‘black
gold’ or ‘black diamonds’ because of their
scarcity and worth.
Fresh truffles are available in Europe between
December and February, and the Western
Australian production season is the opposite of
the European season offering marketing and
exporting opportunities. The gourmet’s dream of
extended availability of fresh truffle is now a
reality.
TRUFFLE GROWTH
CONDITIONS
In contrast to most edible fungi
in the market place, the truffle fungus grows
completely underground, developing from the
mycelium, a network of filaments invisible to
the naked eye. The truffle fungus represents a
mushroom that develops underground. It lives
symbiotically in association with roots of
trees, nourishing its tree partner with minerals
such as phosphorus while receiving organic
substances such as sugars in return. Only
hazelnut and some varieties of oak trees can
support the black truffle, which in turn has
limited their distribution to the natural
occurrence of the species to areas of southern
Europe. Black truffles grow in soil that is
shallow, free draining and with a high limestone
content.
The climate must have distinct seasons, hot in
summer and cold in winter. Only when these
conditions are met will the black truffle grow
and produce its subterranean mushrooms.
The French Black Truffle occurs naturally on
calcareous soils in France and limited
occurrences in Italy, Spain and Portugal at an
elevation of 100 to 1000 metres between latitude
40°N and 47°N.
TRUFFLE INDUSTRY
The Manager believes that the time is right to
expand the plantings of truffle producing
plantations based on current significant
research results relating to the increased
production level of Truffles at Hazel Hill.
The world market and demand for truffles is
huge. World supply from native areas has
steadily declined since World War II from around
one-thousand tonnes to a reported eight tonnes
in 2004.
Historically, very little research or science
has been applied to truffle production in
Europe. Production is typically from small scale
farmers who take a very “traditional” approach
to the art of production.
The spectacular growth rates being achieved in
trial areas at the Hazel Hill property give
enormous encouragement that commercial truffle
production is a reality.
The product is high value and has a fresh shelf
life of approximately four weeks. Air-freight
transport is very cost effective and efficient.
The product can also be tinned and bottled.
Second and third class product can also be made
into processed products such as salsas with a
considerable increase in value.
Truffle Projects Pty Ltd have an agreement with
Hazel Hill Pty Ltd that will allow a complete
and open transfer of information and knowledge.
Dr Malajczuk will continue to consult to Hazel
Hill and continue to expand on his research into
the commercialisation of truffle production. All
information gained at Hazel Hill will be
available to Truffle Projects Pty Ltd and will
be implemented at the Oak Valley Trufferies.
MARKETING OF
TRUFFLES
The Manager will adopt a wait and see approach
as to how approach the marketing of the
Truffles. The agreement with Hazel Hill will
allow all marketing information to be made
available to Truffle Projects Pty Ltd. Hazel
Hill are now actively marketing truffles both in
and outside Australia.
They have been approached by a number of truffle
dealers from France, Spain and Italy. They are
also having the international market surveyed by
Austrade. Hazel Hill will have an increasing
amount of truffles to sell into the world
markets. Over the next 2 or 3 years as this
product begins to enter the world markets Hazel
Hill will discover many of the issues regarding
the international market for Truffles. The
Manager will observe and analyse these issues
and then develop strategies to enter the market
with the objective of optimising the price
received by 2008 Growers.
There is more than enough evidence to be
satisfied that the fresh truffle market can and
will absorb much more truffle than Oak Valley
and Hazel Hill can produce. The truffles are
produced 6 months out of season to the northern
hemisphere production. There are currently no
commercial quantities of truffles being
currently produced in the southern hemisphere
for export markets.
Truffle Projects Pty Ltd will also explore the
market for processed truffle and for truffle
products to determine the most profitable way to
develop these markets on behalf of the 2008
Growers. Again Hazel Hill is doing preliminary
work on both of these product groups and the
Manager will access their research and then
develop a marketing and sales strategy.
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