very good announcement today, page-3

I found note 26 of the accounts interesting.

I'm happy to be corrected but as I understand it, TFS sold 384.07 hectates for $26.16 million and the debtor refused to pay. After negotiations, the debtor has agreed to pay $5.57 million by 30 June, 2012 for 80 hectares. As a result TFS have taken possession of the 304.07 hectares.

In the process of taking possession TFS have booked a loss on the land of $1.026 million and a gain on the uplift in the value of the plantation of $10.03 million.

This $10.03 million is 68% higher than the plantation fee, so put in very simplistic terms, they planted the trees and 12/18 months later those trees are worth 68% more than the cost of putting them in the ground?

I no longer hold TFS but am an interested observer, best of luck to all holders.