page 10 of the presentation may be a major factor in the current price.
it shows that once completed the value of the new almond orchards and new investments is expected to increase the value of assets by approx $100m from $300m to $400m approx.
so current price is below expected future NAV by my by understanding and share market is meant to be forward looking.
Ann: Bell Potter Conference Day Presentation, page-12
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