Ann: 2016 AGM - CEOs Address, page-46

That's OK

RE:AGJ, I mentioned it as of interest because, I came to similar conclusions as you. The land is worth a lot more without the trees but..... The old name was Westralia Property Trust and most their wealth has been blown. Now some person who owns substantial farm land in WA owns ~60% of the company and it has become the plaything of him.

Good quality cropping land WA is $3k per hectare. (This is cheap on global standards for row cropping land)

9000ha x $3k per ha =

minimum $27m - $10m debt =

$17m or 17.5 cents per share, versus 6-7 cents per share it is trading at.

Problem is, is there a plan to remove the trees??? No. Probably just a plan for some.

Elders said they would give gratis to the trust, their 5.7% stake, if it converted to a plain old corporation (that's on top of all the other claims via shares/debt they gave up) That was 2-3 years ago. Why haven't they done this???

It's like a zombie company. And I feel sorry for Elders, as these issues take up some of their time, stopping them concentrating on the future. Sorry if this just raked over old coals