sfg, page-96

Tricky words by many and yes I have watched closely and carefully. (Reminds of the expression that success has a thousand fathers and failure has one).

NAIF may well provide debt funding for roads in the region but not on Legune Station unless they are public carriage ways, they may well provide debt funding for development of the port facilities near the township of Wyndham (god knows the area could do with a decent clean-up) if SFG is going to commit for commercial development there, they might even provide debt funding to Kununurra airport and accesses if they thought it would support the evolution and development of commerce in the wider area up and near the Ord Valley.

That is a long way from providing direct debt funding to SGF for the PSD project, or any other SFG initiative for that matter. One of things sorely missing in Australia and has been for a long time is a government backed Development Bank or a syndicated super Superannuation Fund that only lends or participates in equity in Australian based protein production businesses. NAIF is not it.

You may well find many articles in the future that make reference to PSD or SFG or tenuous connections to both with little or no commercial substance but they are a party to it....it is about as close as someone from the moon claiming an association to Torres Strait Islanders because they have a kindred spirit sort of wellness together when they are asleep.

SFG is a commercial business with shareholders and they expect a return on the funds they have committed to the business on the basis of their representations and kindred associations don't cut the mustard in the real world.

If NAIF does ultimately provide direct funding (or even attempt to underwrite any capital raising on behalf of the government) to PSG then there will be a complete and utter uproar from many commercial operations in the Ord Valley including the fruit growers, irrigators, chia farmers, beef farmers, tree harvestors, tourist operators etc.

SFG need to step up to the plate and show a capital management plan and an updated timeframe and not point to someone else somewhere else and avoid reality. Legune Station is coming due soon and yet no signs of funding the $60m and by the way the current entire company market capitalisation is a tad over $70m so imagine if a CR or a PP was issued...as that purchase is non-yielding for at least 5 years and the title is not freehold...

Go figure but please do it without the rose coloured glasses.