glass ceiling, page-77

There may be a really elementary mistake in the SHV part of their argument. This is the "main evidence" table on the Bonitas long form report:

Per the Bonitas report they have accessed Arrow ASIC report and surmised that Arrow's share of the SHV paid rent is $2.892m (no reason to suspect this). But if you look at the table above they seem to be saying that SHV total rental expense for the period of FY2018 is $2.986m - which leads them to conclusion that RFF only received $94'000 rent for the 1,221ha Hillston property. It does not seem plausible.

If, however we go with the SHV expenditure commitments table:

Take $24.114m, subtract $2.892 for Arrow = $21.222m. In addition to the Arrow property, SHV is leasing 1,221ha from Rural Funds and total of 2,382ha+292ha=2,674ha from First State, therefore very rough guesstimate can be 1/3 of that $21.222m is Rural Funds' share -> $7.074m.

Per 2018 RFF financial accounts rental income was $49.462m


Per RFF HY18 presentation (21 Feb 2018) SHV forecast share of rental income was 17% -> $49,462m * 0.17 = $8.408m. There's admittedly gap - but not a "giant lie" as Bonitas report claims.

I will say I'm not quite comfortable with the J&F transaction in it's entirety, I am very disappointed with the Poultry side management and I miss tremendously Ms Andrea Lemmon. But if the Bonitas main argument rests on SHV leases been over reported by RFF, then their case is a dud.