Ann: Sales up 132% and Strategic Review Outcomes , page-2

re: Ann: Sales up 132% and Strategic Review O... Always hard to work out whether a TFC announcement is good or bad:

Increase in sales by 132% - positive

Reversal of 580ha sales contract and receivables with ownership reverting to TFC - ??

Impact of above transaction of +$20m to net assets for TFC - how does this work. Isn't it just changing a receivable to a biological asset or are TFC saying that a differential between the receivable and the current value of the 580ha is +$20m - ???

Legal action to foreclose $6.6m of grower loans and take ownership of plantations - so this reduces receivables/ loan assets but increases biological plantation assets - also how will this result in one off asset gain ??

No mention of dividend reinstatement - negative

EBITDA of at least $35m - remember c. $16m in interest on those $150m US senior notes to deduct off this figure.

Thus still a little confusing...

Cheers
John