The Retirement Income Group
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The Retirement Income Group Providing certainty to retirees to manage retirement income and ensure savings will be sufficient to last throughout their lifetime.
  • Finance
  • NZ$455,300


  • 182.1% funded

  • 0

    time left

  • 3.3% - 14.6%

    min - max equity offered

  • NZ$250,000 - NZ$1,245,000

    min - max investment sought

  • NZ$0

    min investment parcel

Models and Fees 2

Thanks Ralph that's helpful. Yes please, if you were able to upload the draft Investment Statement that would be useful. Speaking of uploads, would you be able to post any of the models (demand/operating/valuation) that KPMG reviewed?

Chris W posted on 22.05.2015

Hi Chris,
Yes of course, but worry a little about to much of our IP in the public domain. We have put a huge amount of effort in to get this far. If you email me directly and are happy to complete a CA we are more than happy to provide you the information. Regards Ralph

Ralph Stewart posted on 22.05.2015

Replied to Chris W

Models and fees

Hi Ralph

Do you have a document which explains the details of the product to advisers or retirees which you could upload?

Specific questions include:

- How and on what base are management fees calculated each year?
- How and on what base is the insurance premium calculated each year?
- Is the guaranteed minimum income of 5% expressed as a percentage of invested capital or of the current balance of the investor’s account?
- Is the guaranteed minimum income of 5% before or after management fees and insurance premiums?
- How, each year, is an investor’s account balance calculated (e.g. does it include investment income)?
- Is there a withdrawal fee and how is it calculated?

Thanks, Chris

Chris W posted on 22.05.2015

Hi Chris.
Answering your specific queries:

Management fees are (0.95%) are calculated on the account balance for that year. As with most KiwiSaver like funds, the fund administrator MMC accrue these fees on a daily basis. The insurance premium (1.35%) is calculated annually based on the initial investment.

The minimum income of 5% is net of all fees and tax. It is what will actually be paid to the investor. We have a ruling binding from the IRD that sets this out so there is no ambiguity. You are right it is expressed as minimum % of the initial sum invested. However, it has the added benefit of being the higher of the initial sum invested and the account balance to reflect gains in underlying fund growth.

The investor account balance at the end of the year is based on changes in underlying fund less withdrawals, fees and taxes.

Investors can withdraw up to 20% of their investment without penalty, the annual income would be reduced proportionately from that point onwards. After three years in the fund investors can also withdraw the whole account balance without penalty. There is an early withdrawal fee of 1% if they withdraw earlier than that.

The document that sets out the details of the product is the Investment Statement. It is in near final draft. We are happy to look at uploading it if that helps.

Ralph Stewart posted on 22.05.2015

Replied to Chris W


Ralph perhaps I can re-phrase my question like this:

Lets say you only have 1 customer who invests $100m in the fund/policy. You invest this in the balanced portfolio. GFC hits and the balanced portfolio is down 20% so the underlying assets are only worth $80m however the investor has the right to withdraw their capital amount (original investment less 5%pa) so after one year $95m so you have $80m asset and $95m liability. Would such an event leave you needing to both raise capital and record a large trading loss? I am trying to get an idea on what the underlying structure of the fund/poliocy delivers in terms of P/L and balance sheet impacts on RIG from major (or any) market movement Thanks

Michael Thomas posted on 21.05.2015

Hi Michael,

The first thing to note is that the balanced portfolio has managed “downside protection” through a managed hedging risk strategy run by our actuaries Milliman. The aim of this is to manage volatility to minimise market shocks and protect our investors capital.

Not withstanding that, answering your question. We do not guarantee capital we guarantee income levels. If the asset value has fallen to $80m and the investor withdraws they would withdraw $80m less withdrawals fees and taxes. By withdrawing all their capital our liability to provide an income for life would be removed. Regards Ralph

Ralph Stewart posted on 22.05.2015

Replied to Michael Thomas

So KPMG valuation is not of RIG itself and RIG share price

Thanks Ralph. So am I correct in understanding that the KPMG valuation letter does not refer to the valuation of RIG as a company (noted as $10.75M)? - and the letter does also not refer to the valuation of shares in RIG at $1.00 each? Apologies if I have misunderstood, but in this case could you please expand on who valued the company and its shares, and how they came to those conclusions?

Wade Pearson posted on 21.05.2015

Hi Wade, yes of course. As noted earlier, NZIG was used to develop the product. All the IP and forecast revenues and expenses belong to RIG. We used KPMG to review our forecasts, do a DCF valuation on the present value of the future cash flows to drive the IRR forecast under different operating scenarios. This has been helpful and a very useful cross check, the valuation we have used is the standard pre and post money calculation which is detailed in the tables of shareholding in schedule 1 of the subscription form.

Ralph Stewart posted on 22.05.2015

Replied to Wade Pearson

Valuation letter from KPMG - refers to different company

Hi Ralph - maybe I'm missing something, but the valuation letter from KPMG that you attach refers to New Zealand Income Guarantee Limited (NZIG), but the company you are offering shares in is Retirement Income Group Limited (RIG). On closer inspection, NZIG is RIG's major shareholder (and coincidentally NZIG seems to have an unusual number of special powers reserved to it in RIG's constitution). Could you please explain why the valuation letter refers to a different company than the one you are offering shares in? Many thanks.

Wade Pearson posted on 20.05.2015

Thank you Wade. Apologies for the confusion, NZIG was the fore runner to RIG and the company we used to research and develop the product. NZIG is owned by the founders (Stewart Capital) who in turn own RIG who is selling the shares. At the time the KPMG valuation was completed RIG has not been established. We will remove NZIG from the ownership tree. RIG will be owned by Stewart Capital (the founders) and the new shareholders joining the company. The constitution was prepared by DLA Phillips Fox in Wellington. Ralph

Ralph Stewart posted on 20.05.2015

Replied to Wade Pearson


Hi Ralph, what would be the sensitivity of RIGs returns to an increase or decrease in long run investment returns from what your expected returns are? Or is it market neutral? What about a significant asset price dislocation i.e GFC?

Michael Thomas posted on 20.05.2015

Thank you Michael. The Reserve Bank of New Zealand has established a new standard for our product which sets out the parameters we must use to test the volatility of markets and as you note GFC type events. Our actuaries then calculate using these standards the appropriate level of capital we must hold to provide the income guarantee, this is reported to the Reserve Bank of New Zealand every six months. Using the RBNZ standard, initially we will need to hold between 4-5% of every dollar managed in reserves in practice we actually hold 30% more as an additional buffer. This calculation includes the volatility created by the GFC and is designed to provide a reliable buffer against major market shocks. i am more than happy to post the RBNZ standard and our initial feasibility study which calculates the market volatility to the documents section of the Equitise website if you would like this. Ralph

Ralph Stewart posted on 20.05.2015

Replied to Michael Thomas

Investment terms

Hi can you clarify for the avoidence of doubt, the wholesale offer and the equitise offer are at the same valuation?

Michael Thomas posted on 19.05.2015

Thank you Michael. The value of the shares applies EQUALLY to both Equitise and Wholesale. The only difference is Equitise investors do not have voting rights, they participate equally in every other regard, If we take the company public in the future they convert to equity with voting rights - the same as wholesale investors equity. Regards Ralph

Ralph Stewart posted on 19.05.2015

Replied to Michael Thomas

Any option to reduce the retail investment minimum from 33 to 1

Hi, I was really keen to put 5-15K into this, then got to the end of the prospectus and found the minimum of $50K investement. If you don't make your target, would you consider offering a 1% - equity stake? I think this would be about $16,600. The current minimum would unbalance our small portfolio. Thanks

Jo Lane posted on 19.05.2015

Hi Jo. Thank you.
We should have made it clearer, apologies. The IM (prospectus) was prepared for wholesale investors who make up 80% of the capital raised so far. We joined Equitise to open the offer up to non wholesale investors who also have an interest in being part of the company. The minimum investment on the Equitise platform is $500.00, sincere thanks for your interest. Regards Ralph.

Ralph Stewart posted on 19.05.2015

Replied to Jo Lane

Any option to reduce the retail investment minimum from 33 to 1

Hi, I was really keen to put 5-15K into this, then got to the end of the prospectus and found the minimum of $50K investement. If you don't make your target, would you consider offering a 1% - equity stake? I think this would be about $16,600. The current minimum would unbalance our small portfolio. Thanks

Jo Lane posted on 19.05.2015
Thank you Ralph for your reply Further to my question

So the insurance premium comes out of the 2.4% fee (cost) and the return from investment of the $100,000? So in the example $5,000 (payment per annum) + $2,400 (Annual Fee) = $7,400 annual payment from investment. In your Executive Summary you talk about a projected IRR of 35% how does this relate to an average annual real rate of return for this investment?

Garry Bryant posted on 15.05.2015

Cheers Garry. First up, from a user of the funds perspective, the fees are 0.95% for the fund and 1.35% for the guarantee. Expected investment returns (20 year view) are 5.75% net, less fees (2.30%) equals an annual return of 3.45% after all fees and taxes. I know it's simplistic, but for the benefit of all, this is the fund investor IRR inclusive of lifetime guarantee. if you did the same thing for a term deposit today you would get a slightly better IRR ~ 3.70% because of the cost of the guarantee. For an investor in the company we used a discounted cash flow model assuming the business as a going concern over 10 years and the investor remained with us for 5 years. We are a start up so don't know what our revenues will actually be but our best estimate is the reward an early stage investor with a five year horizon could expect is an IRR of circa 35%.

Ralph Stewart posted on 15.05.2015

Replied to Garry Bryant

Committd funds

From what I understand, you are raising funds in three different categories - Founders, Wholesale and crowdsourcing.

1. Are the investment terms the same for all three categories, with the exception of voting rights not being offered to the crowdsourcing pool
2. Is the Founders pool of $2m fully committed?
3. You note the wholesale pool has raise $1.8m - is this fully committed or just expressions of interest?
4. If the answer to 2 or 3 is that they aren't fully committed, what will happen if they are undersubscribed? While you proceed with less funds, is someone underwriting, will the crowdfunding raise be cancelled?

Craig Jakich posted on 15.05.2015

Many thanks CJ. You are correct the 3 founders will invest $2m in the business, if we can raise a minimum of $2.25 from wholesale investors. We have $1.8m subscribed for to date but until all the money is banked by the 22 May we won't know for sure. We are also raising a minimum of $250k from the Equitise platform. The placement will only proceed if $2.25m is raised and the Equitise portion of that exceeds $250k.

Ralph Stewart posted on 15.05.2015

Replied to Craig Jakich

Many thanks CJ. You are correct the 3 founders will invest $2m in the business, if we can raise a minimum of $2.25 from wholesale investors. We have $1.8m subscribed for to date but until all the money is banked by the 22 May we won't know for sure. We are also raising a minimum of $250k from the Equitise platform. The placement will only proceed if $2.25m is raised and the Equitise portion of that exceeds $250k.

Ralph Stewart posted on 15.05.2015

Replied to Craig Jakich

I struggle with what the difference is between staying in a Kiwisaver fund after 65 years of age and Lifetime except there is some sort of life insurance componet

Can you please provide an example based on $100,000 available from a Kiwisaver scheme at age 65 and how it would be invested in Lifetime, the benefits and where the insurance comes into play.

Garry Bryant posted on 15.05.2015

Thank you Garry. An investor at age 65 joining the fund will receive an annual in come of 5% after tax p.a paid fortnightly or monthly for the rest of their life. On an investment of $100,000 this would be $5,000 p.a. The income works as a deduction from capital, when the capital is depleted the insurance continues to pay the same level of income (5%) for life. For example a female retiree aged 65 may live to 88, if she drew down $5,000 p.a annum from capital of $100,000 it will be completed depleted when she reaches 85. The Lifetime Income fund ignores that the capital has been depleted and continues to pay the same level of income from 85 for life - this is called longevity insurance.

Ralph Stewart posted on 15.05.2015

Replied to Garry Bryant

  • > Offer Type: New Zealand Retail This offer is open to Retail and Wholesale/Sophisticated investors in New Zealand. Whilst in Australia the offer is open to Sophisticated investors.
  • > Company: Retirement Income Group Limited Securities purchased are for direct equity in Retirement Income Group Limited.
  • > Security Type: Ordinary Shares
  • > Fees Paid by Issuer: Undisclosed The fees paid to Equitise by the issuer upon successfully completing the funding round is undisclosed.
  • > Cooling-Off Rights: None This offer does not provide cooling off rights to any investors.
  • > Related Parties: None

More detailed information about this offer is contained in this Offer Document

Offer Document
Offer overview

The total round of funding

We are seeking to raise a minimum of $2.25 million in April/May 2015. Through the allotment of up to 2.25 million shares at $1.00. We will seek further institutional funding in 2017, the exact amount will be determined by how much we raise in this funding round and our growth over the next three years. Based on our business plan we expect this to be $3.00 million.

  • A minimum of 21% of the business is being sold for $2.25 million;
  • The maximum funding target is $3.00 million in the private round;
  • The shares are $1.00 each;
  • The minimum number shares that can be purchased is $500; and
  • The shares are B-Class Shares.

This crowd funding piece

As part of this round of funding, we have decided to open a section of the offer to you, the crowd.  

As noted in the funding details section of this offer this entails a:

  • minimum funding target of $250,000 for 3.22% equity; and
  • a maximum funding target of $1,245,000 for 14.61% of equity. 

The Wholesale round has raised $1.8m so far on top of the $2.0m that the founders are contributing in this round on the same terms. All of the crowdfunding will be additional to the Wholesale and Founder's investment.


Executive summary

The Retirement Income Group (RIG) intends to revolutionise the way retirees manage their savings in retirement.

RIG is here to facilitate New Zealanders retiring the way they imagined.

We have compiled a management group with decades of experience in the retirement industry, and actuarial services.  Names include Diana Crossan who was New Zealand's Retirement Commissioner for 10 years and Martin Hawes one of New Zealand's leading personal financial planning commentators. 

Our goal is to mitigate the uncertainty of not knowing what a person’s retirement income will be, or whether their savings will be sufficient to last throughout their lifetime.

We have developed a financial product we call The Lifetime Income Fund.  It is a simple, transparent, low cost, combination of funds management and insurance principles. 

This allows us to provide retirees income for life.

There are no products of this type available in New Zealand today.

The Lifetime Income Fund has been established to allow retirees the opportunity to convert part or all of their savings into sustainable retirement income that will last their lifetime, however long that may be.

We have been developing, and testing, the Lifetime Income Fund full-time for over 2 years. We are now nearing the end of that development stage, and aim to launch in June 2015.

With regulatory approval in progress we are seeking additional capital to launch New Zealand’s first retirement income product – The Lifetime Income Fund.

The investment capital that we raise will be used to fund both working capital and our insurance solvency capital as required by the Reserve Bank of New Zealand. We (the founders) have to date personally invested $0.7 million and will contribute a further $2.0 million in this round of capital raising. 

Join us and you will have a part of a company on a mission to revolutionise retirement income for New Zealanders! 

Key statistics
Investor rewards
Business model

The business model is driven by the product design, a product designed to maximise retirees golden years. 

The model is an industry first in New Zealand establishing a managed fund (Lifetime Income Fund) alongside a licensed life insurance provider to provide a new retirement product.

Lifetime Income Fund is intended to deliver long term revenue from investment in straight forward exchange traded funds (ETFs) with a conservative balanced asset allocation. The intended result is either the same or a lower risk profile than an investor experienced in the final years of saving for retirement. 

The product delivers:

  • Ownership of retirement savings throughout retirement;
  • A set minimum level of income for life;
  • Access to residual capital at any time for any reason; and
  • Payment of residual capital to the estate on early death.

The product has been designed in conjunction with global actuaries Milliman Inc, based in Chicago, the Insured Retirement Institute of America, and local industry specialists.

Historical retirement income products are ...

  • Tax inefficient
  • Not liquid
  • Deliver low returns
  • Not flexibile
  • Expensive
  • High withdrawal costs
  • Poor profitability for managers

Where as, the Lifetime Income Fund provides:

  • Regular income payments tax free
  • Redeemable at any time
  • Minimum income of 5% of savings
  • No contractual term
  • Max cost 2.4%
  • No withdrawal fees
  • Projected IRR of up to 35%


Milestones & history

We have brought our experience to bear and thoroughly researched and tested The Lifetime Income Fund.

The project has passed through three stages of development:

With initial feasability determining if the benefits, price and costs were economic, then seeking regulatory approval for a new product category in New Zealand and now the first round of capital raising before launch.

Please see the Timeline below.

Strategy & vision

RIG’s revenue is generated by the fees charged on the funds managed (95 bps) and the annual insurance premiums (135bps) paid for the life insurance policy.

The Lifetime Income Fund will be unique in New Zealand in that it offers two levels of benefit, low cost asset management in retirement and lifetime income.

The two benefits deliver two discrete levels of income to RIG.

Initially we are working with three segments of the New Zealand retirement income market:

  1. Retail - is the retirement segment serviced by Authorised Financial Advisers (AFAs). There are 1,850 authorised advisers in New Zealand, over 400 are currently registered on our online forum – To achieve our retail sales targets each of the registered members must successfully refer one Lifetime Income client per year ($100k);
  2. KiwiSaver providers - is the institutional segment serviced by banks and insurance companies who currently provide KiwiSaver funds pre-retirement. These funds are captive until age 65 after which they can be withdrawn at any time for any reason. Current experience suggests 38% of all retired KiwiSavers are withdrawing their funds at age 65. We expect to secure at least one institutional relationship in 2015;
  3. Employer based pensions - is the old work based superannuation schemes segment. There are still 86 work based defined benefit superannuation schemes offering employees a savings and pension scheme in addition to KiwiSaver. This segment manages NZ$8billion in assets. Under the new Financial Markets Conduct Act (FMCA) all employer-based schemes will have to undertake major change before December 2016. Under current New Zealand superannuation legislation the only product that can be offered to members to replace their work-based pension is an annuity. The Lifetime Income Fund will be the only licensed annuity provider in New Zealand.


Use of funds

The investment capital that we raise will be used to fund both working capital and our insurance solvency capital as required by the Reserve Bank of New Zealand (RBNZ). We have to date invested $0.7 million and will contribute a further $2.0 million in this round of capital raising.

We are seeking to raise a minimum of $2.25 million in April/May 2015. Through the allotment of up to 2.25 million shares at $1.00 and up to a total of $3.00 million.

We will seek further institutional funding in 2017, the exact amount will be determined by how much we raise in this funding round and our growth over the next three years. Based on our business plan we expect this to be $3.00 million. This $3.00 million is purely for capital requirements of the RBNZ to allow the business to grow.

Below is a table of how the funds raised will be used.


Below are costs already agreed to be paid from the capital raised that will be recouped from the Lifetime Income Fund.


Your investment will be part of a company on a mission to revolutionise retirement income for New Zealanders.

Financial summary

Our financial forecasts are based solely on our retail growth projections. We believe this to be the most conservative approach to forecasting. Achieving our retail targets provides sufficient resource and capability to develop the KiwiSaver provider and employer based pension opportunities. Actual performance may differ but the Kiwisave and Pension opportunities are upside to the business.

N.B. Both our Operating Model, Demand and Valuations Models were put together with assistance of advisors and has been signed off as sound and fit for purpose by KPMG (see documents section).

Revenue growth

Our growth is based on securing retail sales in the first year of operation and then progressively adding KiwiSaver provider and employer based pension sales from year two forward.


Retail revenue growth alone is sufficient to meet the overheads required to run RIG (and subsidiaries) and develop our key market segments.




RIG will generate revenue by collecting management fees (0.95% p.a. of funds under management) and charging premiums for the policy (1.35% p.a.). All fees are subject to change. Expenses will include the fees paid to fund managers, actuarial consultants, administrators, the trustee (Public Trust), and employment costs for the management and staff.


The retail case forecasts the business will breakeven in the 3rd year of operation and be generating $1.56m in pre tax operating earnings from $5.03m in operating revenue within 5 years.

Financial position

The forecast financial position is based on the projected retail results and a capital plan based on two stages of capital raising.


Meeting the RBNZ capital adequacy requirements is central to success. We have set the capital raising requirements to match our expected sales growth and the regulatory capital necessary to achieve our sales targets in each market segment — retail, KiwiSaver provider and employer based pension provider.

If we were to achieve significantly above forecast sales from KiwiSaver providers and employer based pension providers early in year two of operation additional capital may be required. Whilst not an unpleasant problem, we consider this unlikely.


Executive summary
Market overview

In 2007, the New Zealand Government introduced the KiwiSaver programme, a semi-compulsory national retirement savings scheme. The scheme has been hugely successful with over 2 million members enrolled.

Scheme members who have reached 65 years of age (the retirement age in New Zealand) may withdraw all their savings.

Over the next 15 years, over 500,000 people will be eligible to leave the scheme with accumulated savings of $36 billion.



Key market metrics:

  • 525,000 maturing KiwiSaver accounts over the next 15 years;
  • Estimated total value of $36 billion;
  • Average KiwiSaver account balance to grow from $19,000 to $110,000 by 2028;
  • Current account balance of high value accounts is $65,000;
  • High value accounts that represent over 35% of the value of all KiwiSaver savings is $13 billion; and
  • Over 150,000 KiwiSavers are high value members today.

As KiwiSaver schemes grow and savings increase, more funds are being withdrawn. The current experience is 38% of all maturing accounts are withdrawn at age 65.

The illustration below is an estimate of the value and volume of future KiwiSaver maturities (age 65) for the major KiwiSaver providers today.



Target market


New Zealand offers a regulated discretionary fund management industry, a large number of double taxation agreements and no income tax on foreign pensions. New Zealand is a favoured jurisdiction for non-resident UK investors to domicile their pension savings under the Qualifying Recognised Overseas Pension Scheme (QROPS). The Lifetime product is a viable continuation option in an already favourable environment. RIG has formed relationships with the UK-based Brooklands Group and the Endeavour Fund based in London.

The Australian superannuation market topped $A2 trillion in 2014; should be A$3 trillion by 2018 and approach $A7 trillion by 2028. The industry is beginning to recognise the real opportunity for the industry to think innovatively and find new solutions to provide retirement income solutions.

Recent analysis indicates that 50% of all Australian retirees could outlive their capital. RIG has established a working relationship with Challenger, Australia’s leading annuity provider (over A$50 billion invested); to further develop longevity management techniques and the use of dynamic hedging to reduce portfolio volatility. 

Key facts:

The New Zealand product draws on over 30 years’ international experience to deliver a simple, transparent solution that has immediate application for local KiwiSavers, term deposit holders and retirees in Australia and Asia.

  • 600,000 people aged 65 years or older today;
  • This is expected to double in the next 20 years;
  • New Zealand has no insured retirement products, Australia is developing with$50 billion under management.
Competitive landscape

The market opportunity, is large and unclaimed in New Zealand. It can only be assumed that market success will attract competition.

The proposition is unique in New Zealand, although established in the US and Europe and growing rapidly in Australia and parts of Asia and Japan.

The key first mover benefits RIG incorporates include: 

  1. Licensing — New Zealand regulations do not expressly provide for insured retirement products. RIG has worked extensively with the Reserve Bank to co-ordinate product design and solvency requirements needed for a licence, which is expected in May/June 2015.  
  2. Embedded IP — A New Zealand-specific product design that cannot be immediately replicated. Material customisation of similar product offered by Australian banks operating in New Zealand would be required to match RIG, price, benefit and solvency levels.
  3. Capital — Insured retirement income products are balance sheet based, requiring specific statutory account provisioning. For a bank, provisioning will compete with existing mainstream products; for a fund manager, additional operating capital will be required. 
  4. Distribution — RIG is experienced in financial services distribution and will lead the adviser education and accreditation process, and is already claiming early distribution credibility in deaccumulation.
Potential returns

The likely exit scenario is the business will be acquired by an international Fund Manager, Bank or Insurer or a potential NZX listing.

KPMG have signed off on the calculation and DCF model provided by the company and there is a conservatively forecast 22-35% Internal Rate of Return (IRR) to equity investors coming in on this round.


Ralph Stewart

See profile
Rhys Gwilym

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Casey Bright

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Information Memorandum

This document contains a detailed overview of the RIG business, expanding on the overview depicted within the Equitise platform


KPMG Valuation Letter

This report sets out the independent view of KPMG Corporate Finance of the valuation prepared by New Zealand Income Guarantee N.B. This is based on the original model and has changed slightly


RIG Constitution

RIG Constitution


The investors below have committed capital to the business in this funding round.

Peter Gregson

2015-05-22 18:56:24

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Michael Thomas

2015-05-22 18:48:02

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Marcus Gibson

2015-05-22 18:36:56

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Bruce Jensen

2015-05-22 17:45:03

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Bruce Gilbert

2015-05-22 17:07:46

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2015-05-22 16:33:15

Gary Bancroft

2015-05-22 16:26:15

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2015-05-22 15:54:32

Anna Mehrtens

2015-05-22 15:52:08

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villiers ross jamieson

2015-05-22 15:47:52

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2015-05-22 15:42:06

Jeavons Baillie

2015-05-22 15:34:29

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Russell Smart

2015-05-22 15:11:15

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Conor Sligo

2015-05-22 15:00:57

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2015-05-22 14:34:36


2015-05-22 14:07:14

Tony Marshall

2015-05-22 14:04:19

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2015-05-22 14:02:28

Robert Hunt

2015-05-22 13:21:36

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Taupaki Farm

2015-05-22 13:09:37

Michael Grenfell

2015-05-22 12:54:44

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John Crawford

2015-05-22 12:48:40

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2015-05-22 12:30:33


2015-05-22 12:15:49

William Taylor

2015-05-22 11:54:49

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2015-05-22 11:45:40

Adam Dearsley

2015-05-22 11:33:01

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Mitchell Cooper

2015-05-22 11:13:28

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Keith Standen

2015-05-22 11:06:18

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Sharmaine Naidoo

2015-05-22 10:57:33

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Michael Small

2015-05-22 10:54:20

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John Wilson

2015-05-22 10:29:17

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Alex Clark

2015-05-22 09:37:32

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David S

2015-05-22 09:28:53

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Melissa Francis

2015-05-22 09:25:06

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Thurl Gibbs

2015-05-22 08:42:28

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David Eccles

2015-05-22 07:22:26

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Ian Hissey

2015-05-22 06:53:25

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2015-05-21 23:53:27

Truman Macarthy

2015-05-21 21:49:59

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2015-05-21 21:40:42


2015-05-21 21:21:43


2015-05-21 21:11:30

Faye Christensen

2015-05-21 20:58:00

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Nicole Tonnile Edgerton

2015-05-21 20:54:40


2015-05-21 20:35:32

Douglas Mair

2015-05-21 19:57:01


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Christian Mahony

2015-05-21 18:27:53

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chris bell

2015-05-21 17:48:18

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Bernard Duncan

2015-05-21 17:36:24

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2015-05-21 15:39:47

Gay Shirley

2015-05-21 14:53:20

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David Jenkins

2015-05-21 12:30:30

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Daniel Alexander

2015-05-21 10:26:41

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Shamubeel Eaqub

2015-05-21 08:57:07

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2015-05-21 08:28:31

James Nolen

2015-05-20 21:31:01

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David Biegel

2015-05-20 19:34:06

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2015-05-20 18:25:00

Peter Hall

2015-05-20 17:29:02

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Clint Schimke-Baxter

2015-05-20 14:21:03

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Neil Drummond

2015-05-20 12:05:07

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