Ann: Golden Palm Growers Scheme , page-12

I'm not sure that the biofuels component has anything to do with the share price movement. It is much more likely that the plantation development is the reason.

They stand to collect about A$70mil from the selling of the grower plots (stage 1 and 2 are sold out, stage 3 is being sold for 10% more than the previous stages). For the first 6 years they then have to shell out 6% to the buyers. As mentioned previously, SBI are also planting up their 1370 ha with the money from the growers scheme. So, I'm assuming that the $70 mil would cover plantation development to maturity for the whole 11,280ha (including the 6% payments to growers).

I don't know much about plantation economics, but a quick look at details on Riverview Rubber Estates Berhad figures (maybe someone can find some better ones) showed that nett profit per ha on palm oil in the second quarter of 2011 was approx A$990 (rough and ready as probably based on different plantation sizes etc). So, that would be approx $1.4 million profit on their plantation per year once it's producing.

Looking at another palm oil plantation company Asian Plantation Ltd (20770 ha of developed and semi-developed plantations in Malaysia) they report that mature palm oil land is valued by the markets at between US$20-30,000 per ha
(http://www.asianplantations.com/en/corporate-profile/business-description.html). I guess this is approx 25 years (average plantation life) at about $1000 profit per year per ha.

So, that's potentially a A$27-40 mil resource (just the SBI 1370 ha) that is being created. With about 65 mil shares that makes for about 42c-62c per share.