Ann: Webster announces purchase of Kooba Aggregation, page-4

I wonder if the water entitlements were a big part of the attraction? It would be tragic to have all those trees in the ground, with such long producing lives, and lose them to drought (the global warming scam seems to have been well and truly busted, but drought remains a fact of life).

So perhaps an element of risk management in the acquisition? But there also seems to be a fair bit of ambition behind it - as the announcement says, they've got a large land bank now.

I wonder if they'll be happy carrying $80-90m in debt? Could perhaps be a rights issue soon, to complement the placement? But maybe not - they seem to have bedded down the walnut acquisitions / expansions very well, so maybe they'll feel comfortable carrying a bit of debt. Gearing won't be particularly high, and cash should start rolling in over the next few years.