Hi CockyI would have thought that property is expensive when you...

Hi Cocky

I would have thought that property is expensive when you CAN'T generate adeqate returns,
and I thought Ed made it clear that we was going to expand not contract when he stated
that his core focus this last year has been to prepare the company for change and he intends
to put the balance sheet to work in expanding and diversifying our business

Look, I am not saying this is the smart or shareholder friendly way to go, but it was flagged

You also missed the chance to have a dig at DBF....the farms we just recently purchased are straight
across the river from the town of 'Goodnight' and they where sold in a liquidation sale back 12 years
ago

The farms do stand out on an aerial image as they take up about half of an old lake or swamp system,
they were described as a previous irrigation icon with state of the art irrigation layout, laser grading
and recycle, but sold in 2012 without water by the looks of it from an ad at the time it sold

My question is how much is 8,854 ML of Annual Use Limit to extract water from the Murray irrigation scheme worth?
obviously duxton would have a pretty good idea of its value

Isnt this quite a lot of water even if low security water for 1200 hectares

The way the purchase was structured with a purchase of the smaller farm and a lease or option agreement
on the bigger and considerably more expensive farm kind of says to me that they maybe didnt have the
borrowing ability to buy it all up front, maybe they saw something others didnt or got a great deal off market,
and just thought it was too good an opportunity to pass...I dont know

anyways, its worth having a look at google earth timelapse and see how things have changed over the last 40
years, without water and with water...speaking of water D2O seem to have plenty at present as the percentage
of water sold longer term is down...maybe thats the plan as well...use some higher security water here when they
have water being underutalised...just my thoughts anyway

The last time we diversified we made good money on it in a year, who knows we may do well out of this one as well

cheers grant