Ann: AHF Strategy Overview Presentation, page-60

Have looked at this mob on and off for a while, this is more off and nil on.

Page 12 - this is code for sale and leaseback - at a guess sale of the farm assets to an institutional investor at market price or a slightly inflated value on a rental yield acceptable to the investor (Agriculture is between 7% & 12% - See RFF: Rural Funds Group as an example of a buyer). Great idea in principal but if you are not making 7% return on your assets you have just made a decision to go out of business via a slow bleed. Pretty sure the quantum of the asset sale would require shareholder approval.

Not a holder but would watch closely the terms of any potential sale of 80%+ of the Enterprise Value of this business on a sale and leaseback basis. This is normally a great way of taking a 'success fee' along the way let alone other cash leakage, suspect the bank wouldn't be sticking around with no assets as security - would question what is left except a shell, some cows and some stainless steel in a rented tin shed.