Ann: Annual Report to shareholders, page-8

The cash take out looked "greedy" in the PDS, hence I stayed away from the IPO. I like the business, but the decision was made to list and the lack of experience in the listed environment means there is visibility over their mistakes.

I have a feeling these guys should have remained unlisted if they wanted to acquire direct property.

Why chew up cash buying land, which takes time to develop, grow and produce positive cash flow. They have a landlord in Arrow Primary Infrastructure and should have used them or another landlord to buy additional property... use operating cash flow to pay rent, not make land acquisitions.

It's a long way back to $1.30, but if experience can be added to management and board, land can be transacted on a sale and leaseback, and management focus on growing, packing and selling, then it is achievable.