Ann: Quarterly Activities Report, page-34

I'll not that familiar with the KIL history, but in broad terms (which may not be accurate) is

• as you say, Kangaroo Island Plantation was born out of the failed dodgy forestry schemes of the '90s(?) buying the assets very cheaply.
• Not sure if Samuel Terry was involved at the start - I thought not, but they may have been
• Everything was looking very good as the timber was getting close to harvest, and new export terminal getting close
• plantations were largely destroyed by recent fires
• I think ST were probably under well water at this stage
• Made a cheeky takeover offer and increased position
• Soul Patts are also on the register. No idea how long
• Now Reinventing the company: plantation to Ag business

So yes you are correct they sort of got stuck by the fires.
I stick by my position that they will find the "best return" path.
I like the way that they operate.
Cash is most likely, but would accept takeover at the right price.
They ochestrated the takeover of Spicers.
Largeish position (no board influence) in KAR Karoon Energy.
KAR is growing by acquisition.