Project Horizon · Confidential Investment Opportunity

Cable Bay Adventure Park — a scarce, revenue-generating adventure tourism estate in Nelson, New Zealand

Horizon Foundation's vision is to create world-class adventure tourism experiences on land we own and steward directly — so quality, safety and environmental integrity are never compromised by short lease terms or absentee ownership.

View the Opportunity

~492 haFreehold estate, Nelson

NZ$1.84mEquity raise (of NZ$4.05m stack)

NZ$2.2mFY27 forecast revenue

8Distinct revenue lines

The Opportunity

An operating asset, not a startup pitch

Cable Bay is an established, revenue-generating adventure tourism and forestry estate — not a concept. It has hosted the Enduro MTB National Championships in 2023, 2024 and 2025 with Nelson Mountain Bike Club and Cycling New Zealand, and sits within a region carrying IMBA Gold Ride Center status.

~492 haIndicative, subject to title & surveyLandholding

NelsonTe Tauihu / Top of the SouthLocation

OperatingAdventure tourism & recreationCore platform

6+Tourism, hospitality, lodging, forestry, events, ESGValue drivers

7–12 yrsPatient capital / strategic ownershipInvestment horizon

Pre-transactionDiligence & capital formationProject status

Revenue mix

Eight distinct revenue lines

Day-pass, guided, shuttle, events, F&B, ancillary retail, and staged accommodation — reducing reliance on any single stream.

Capital structure

Disciplined ~46% senior debt

Leverage sits inside conservative guardrails rather than being stretched to make the numbers work, alongside vendor finance and equity.

Moat

Structural, not just brand

A contiguous freehold estate with an established event-hosting track record — land access, consenting history and event relationships are difficult to replicate.

Investment Thesis

Five pillars behind the case

Project Horizon is underwritten on the combination of operating tourism cash flow, extensive land, destination-development capacity, forestry value and environmental optionality — developed incrementally as demand and approvals allow.

Scarcity

A large contiguous landholding near Nelson with established recreation infrastructure is difficult to replicate. Focus: confirm title, zoning, access, easements and development envelope.

Operating base

Existing visitor activity supports immediate revenue while the expansion plan is developed. Focus: validate historical attendance, pricing, margins, maintenance and safety performance.

Yield expansion

Accommodation, events, F&B and premium experiences can lift spend per visitor and length of stay. Focus: prioritise low-capex tests before major development.

Portfolio resilience

Tourism, forestry and land-value drivers reduce reliance on one revenue stream, though each carries its own cycle. Focus: model operating, forestry and property economics separately.

ESG alignment

Conservation and sustainable land management strengthen brand and licence to operate. Focus: measurable baselines — no speculative carbon or biodiversity revenue in the base case.

Financials & the Honest Ledger

We show our own homework — including what isn't perfect yet

Our internal viability score is 3.29 out of 5.00 — "Conditional," not "Investable" — and we lead with that rather than around it. Sophisticated investors read confidence into a founder who volunteers the weak points before being asked.

What's strong

NZ$3.69m indicative purchase price within a NZ$4.05m total funding requirement
Base case: FY27 revenue of NZ$2.2m, EBITDA of NZ$418k
Return is built from EBITDA growth and debt paydown, not exit-multiple expansion
Base-case exit at 6.5x EBITDA — deliberately below the 8.83x entry multiple
Bottoms-up market model cross-checked against an independent DCF/multiple valuation

What's still open

Independent land valuation not yet complete — engagement scope already prepared
Vendor Quality-of-Earnings review not yet complete — accounts are not yet audited
CEO/GM and specialist advisory bench not yet appointed — role spec is written
OIO consent required for any offshore participant given sensitive-land status
No principal protection in the Downside scenario — mitigated by a >NZ$250k liquidity reserve and staged capex

"We invest in real property because enduring experiences require enduring commitment to place."

Horizon Foundation — Vision & Kaupapa

Māori Partnership & Community

Structural co-governance, not a token gesture

Horizon Holding Company is structured for 50% Māori equity participation — reflecting genuine Treaty-partnership practice in Te Tauihu, the top of the South Island, home to eight recognised iwi and the December 2023 "Together Te Tauihu" collaboration agreement between local iwi and regional councils.

Why it matters commercially

Strengthens the OIA/OIO consent narrative, unlocks funding eligibility (Te Puni Kōkiri and similar), and deepens the regional legitimacy an events-led destination depends on.

Blended capital stack

Horizon Foundation's structure — a named foundation, genuine Māori co-governance and a demonstrated community/youth-access angle — qualifies for funding categories a purely private operator would not, reducing pure risk-equity exposure over time.

Regional funding fit

Alignment with Kānoa/Grow Regions, Te Puni Kōkiri, Sport NZ – Ihi Aotearoa, and the Rātā Foundation's existing Nelson/Tasman active-recreation and rangatahi programmes.

Data Room & Diligence

Where the raise stands today

A full institutional data room framework is built and organised across eight workstreams. Confirmatory diligence is in motion; nothing in the Base case is presented as audited fact.

Executive Summary, Investment Memorandum & financial model complete

Bottoms-up market model & independent DCF/multiple cross-check complete

100-day post-close operating plan complete

Independent land valuation — scope prepared, not yet commissioned

Vendor Quality-of-Earnings review — scope prepared, not yet commissioned

CEO/GM & advisory bench appointment — role spec written

OIO consent process — required for offshore participants

Lead investor & senior lender indicative approval

Next Step

Request the full investor pack

The pitch deck, Investment Memorandum and integrated financial/valuation model are available under NDA. Sign and register below for the fastest path to data room access, or send a quick note first if you'd rather talk before signing anything.

Gillian Martini
Founder, Horizon Foundation

Data Room Access

Register & sign the confidentiality agreement

Project Horizon — Investor Confidentiality & Non-Disclosure Agreement

This Agreement is entered into between Horizon Foundation ("Discloser") and the individual or entity registering for data room access ("Recipient"), effective on the date the Recipient accepts it electronically below.

1. Purpose

The Discloser is prepared to share confidential information relating to Project Horizon, the proposed acquisition of Cable Bay Adventure Park, Nelson, New Zealand (the "Opportunity"), solely to allow the Recipient to evaluate a potential equity co-investment.

2. Confidential Information

Means all non-public information disclosed relating to the Opportunity, including the Investment Memorandum, financial models, valuation analysis, market research, capital structure, operational plans, and related commercial, financial, legal or technical information, however disclosed.

3. Recipient's Obligations

Use Confidential Information solely to evaluate the Opportunity.
Not disclose it to any third party except professional advisors bound by equivalent confidentiality.
Protect it with at least reasonable care.
Not use it to compete with, or to the detriment of, the Discloser or the Opportunity.

4. Exclusions

Does not apply to information that is or becomes public without the Recipient's fault, was already lawfully known, is independently developed, or must be disclosed by law (with prompt notice where legally permitted).

5. No Offer, No Reliance

This Agreement is not an offer of securities or financial advice, and does not commit either party to proceed with any transaction. Any capital raising described is subject to the Financial Markets Conduct Act 2013 (NZ), applicable wholesale-investor exclusions, and, where relevant, Overseas Investment Act 2005 (NZ) consent requirements.

6. Term

This Agreement remains in effect for two (2) years from acceptance, or until the information ceases to be confidential under Section 4, whichever is earlier.

7. Governing Law

Governed by the laws of New Zealand; the parties submit to the non-exclusive jurisdiction of the New Zealand courts.

8. Electronic Acceptance

By checking "I have read and agree" and submitting your full legal name below, you electronically sign this Agreement and confirm your intention to be bound by it, in accordance with the Contract and Commercial Law Act 2017 (NZ).

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