Ann: Santalis progress and operational update, page-4

So the only guy they can find to sell to is the old company secretary, whilst the put option has been extended at a 15%pa rate.

Why would QIN extend the put option at such a usurious rate if the owner of the put option wasn't going to exercise it? Why would the owner of the put option want to exercise the option if they believed the valuation of the plantation was accurate? This looks like very expensive financing for QIN.