Hi Cocky....yep not a great operational result, but with all the...

Hi Cocky....yep not a great operational result, but with all the rain and the floods earlier on in the year
its kind of what was to be expected.

What you have not mentioned is the valuation increase of our assets of roughly $35 million, so all in all
we did have a very profitable year, this valuation increase accounted for $2.5mil of the $3.5 mil of your
management fees, it is basically a one off as we probably wont see property prices increase like last
year again IMO, so strip this out and the operational loss is not as bad as first glance

Like I replied earlier in another thread of yours, I would much rather that our land content has appreciated
as much as it has than the other way round, it has gone up circa 30% in the last 12 months

It seems we maybe now adding safflower and leaning more towards canola and planting more cotton

I would much rather you discuss what you think of the operational performance of DBF and ways of
improving this, than just go on about the capital trap that you think it is, yes at present we are trading
at a 30% discount to NTA, this is only a bad thing if you are a holder and want to get out, me, I am
a buyer and holder and yes I would be hansomely rewarded if this traded at NTA tomorrow, but then
I wouldnt be able to buy $1 for 65cents any longer

I do know where you are coming from, but as your not a holder you cant be wanting to sell at NTA
so if you are looking to buy, which by your sell sentiment, I dont think you are, then this discount
offers adequate protection against the management fees of .85%pa going forward IMO

The markets work in their own sweet ways, like I have said before I think that food especially grains
are going to be in shorter supply going forward and as I dont own a farm myself this is where I am
getting my exposure to this idea....its not perfect and yes it is a very illiquid stock...but that is the deal
there is no other listed share that has the risk/reward as it, especially if grain prices keep rising and
food security becomes more of an issue, thats my thinking anyway

cheers grant