Mixing bowl, page-156

It is really hard to understand what is going on with the Alterra investment which this CCIL deal is associated with. SNC began investing in 1AG in 2018 when prices were around 3.2-3.5c. That was the original appprox 5% holding. They have since built their holding to around 24.9 % while the price has dropped to just .005c. 1AG has a 15% holding in CCIL which is an unlisted company. That 15% holding is on the 1AG books equity valued at around $1.15m. That valuation of the 15% of CCIL in Sept 2023 does not give a 100% valuation of $11.6m. More like $7.6m+. Something must have increased the value of that farmland substantially to create a supposedly good deal at that price. I understand that there is some interlocking projects between !AG and CCIL and this may have something to do with it. Maybe SNC can throw a bit more light on it.