Ann: 2022 Flood Impact, page-2

Well, that took sometime to admit. Investment Manager can’t be that smart.

”A large portion of the land in the New South Wales aggregation is located in alluvial floodways; while this makes for fertile and productive land in most contexts, including in drought, it does mean that low-lying areas are subject to flooding. Duxton Farms is still in the process of evaluating the full impact of the flooding event on its properties, although it has become clear that the current season’s harvest will be severely impacted, which will in turn have a material impact on the Company’s financial results.At this stage, the Investment Manager believes that its total winter harvest will be reduced by between 60% and 80%, while it has been unable to get machinery onto its fields to plant a summer crop. At this stage, the Company expects revenue to halve to approximately $8 million, and is forecasting a net loss of approximately $6.2 million.”