Ann: BFC Announces Share Purchase Plan, page-20

If as Sexton has quoted the assets are undervalued, it would be due to poor performance, we see the market cap at $40 million, BPAM are paid on $200 Million asset value , I would suggest their biggest asset is the farms. Surely the assets are worth at least $120 Million with approx. $40 million of debt. Unfortunatly those farms would be the security for the bank debt which appears to be being called in, which is probably why the farms are being sold.

Their factorys I see as a concern due to location which is probably why the old united factory that they purchased cheap didn't survive when it was united. Like you said is their enough supply around Murray Bridge.

Agree liquidation is a concern all depending how much that $26 million loss can be turned around, No doubt a lot of that loss would have been a bit of fluff as they knew the year was bad so took every opportunity to pump the losses into that year so they can start a fresh in 2020.

I cant see too much support from the banks as it would be irresponsible lending to do so based on historical financials

This share issue may tell us a lot especially when it gets closer to the date and how the current shareholders feel and if any of them want to invest more after most of them bought their shares at 30c and now they are worth 8c. I wont be putting my hand in my pocket