Ann: Sale of Drumborg farm unconditional, page-10

Are you so sure about a great selling price for the Drumborg farm....original purchase price ($4.85M) + stamp duty + Capex spend + selling costs = be lucky if they broke even at $6M

Besides the SW VIC rural property marketplace has jumped quite significantly in farmland price since the Drumborg purchase in 2015....wonder if the Drumborg property was discounted by the buyer due to the lower productivity under the current organic production system

Ironically AHF dumped purchasing Yaringa farm way back in 2015 in favour of then subsequently purchasing the Drumborg farm.....now the tables have been turned with AHF going back to purchase Yaringa in 2018 and now selling Drumborg in 2020....talk about changing strategic direction and a costly exercise

600 acre Ignatios farm purchased in 2014 and Sold in 2019
1,000 acre Drumborg farm purchased in 2015 and Sold in 2020

Now the rest of the dairy farm portfolio is getting hawked around by rural real estate agents to potential buyers in an off market scenario....FACT

If this last sell down of the farming assets occurs, the AHF shares will have buggerall NTA backing....just more liquidity in the form of cash to burn in their operational running costs and fund building the new milk processing plant

So all the Capital raising spruiking by AHF in 14/15 to buy quality farmland assets is now getting realised back into cash to keep their milk processing business afloat....hard to fathom as they sold this concept to the shareholders of a vertically integrated business model where they controlled the ‘product’ from ‘paddock to plate’