Ann: Half Year FY21 Results Summary, page-7

Unless you want exposure to Hawaiian real estate there’s no compelling reason for HPP to own the freehold land in my view. This is a macadamia business not a property trust. If they can monetise this asset (last independent val was $42m IIRC) and still get the macadamia kernel offtake to process and sell, the market should re-rate the stock price as the EV will come down substantially with such a large cash injection and repayment of the remaining con notes.