Ann: First Buy-back Offers Made to Acquire MIS Assets-TFC.AX, page-24

I think there may be some confusion between tender pricing for cleaned logs available for pickup at Kununurra, and forward contract pricing for processed heartwood and oil ready for delivery to Asia/USA....

TFC purchased wood from the 2015 harvest paying $123 per kg of heartwood for 28t (see the FY15 results release P3). This equates to a $US oil price of $A123 X $0.71 exchange rate / 3.7% oil yield = ~$US2,400/kg equivalent for oil. That's the appropriate 'market price' reference point for MIS investors to consider, not $US4,500/kg for oil.