very good announcement today, page-4

Well spotted, Charlie.

Two thoughts on this:

If I default on my mortgage and the bank sells my house and it is worth more than the mortgage, they pay me the difference. Howc ome TFS can pocket the difference?

If it is possible to spend $20m and just over a year later it is worth 68% more (using your figure), why isn't everyone doing this? And TFS say that the valuation was based on the standard valuation method applying to their own plantations. Does this raise questions about their valuation methods? (I have some little experience in forestry valuations and typically the value remains at cost till there is a salable product worth more then the planting and maintenace costs as required by tax rulings.)