2021-22 Harvest Updates, page-27

Great average price for your GNC shares! I've held GNC for years and never sold a single share (or its spinoff UMG).

After wind power generator IFN was taken over Spain's Iberdrola about 12mo ago, I used funds from that investment to double down on GNC (now my avg cost/share ~ $3.57).

Keep accumulating where possible. GNC is a perfect example of buy-and-forget investment. Great relationships with farmers, great business model, great assets, great management, great customer value. It is a solid organisation overall.

GNC is no stranger to the acquisition space. LTAP about 2 years ago and Archer Daniels Midland in 2013 when at the time Treasurer Joe Hockey blocked the takeover. I agree it is a perfect acquisition, but would the Australian Government and/or the FIRB would allow it, even more so in our current times post-COVID. The reality is that GNC is a perfect TO target and an acquisition is always a real possibility.

GLTAH