Farm Assets Valuation EVE appointed licensed independent valuer...

Farm Assets Valuation
EVE appointed licensed independent valuer E M Harrison (“Harrison” to carry out a valuation of the Robyndale and
Jendale plantations, which are owned 100% by Jenbrook Pty Ltd, which EVE acquired in August 2018 for consideration
of $3,400,000. The total valuation for the organic tea tree properties was $6,000,000. The Robyndale tea tree oil
plantation, including the value of the water licence and buildings, is $4,700,000. The Jendale old growth tea tree
property had a value of $1,300,000. The valuation was carried out in June 2019 with a valuation date of 30 August
2018, the date of acquisition for the properties by EVE.
Tea Tree Harvest Update
Harvesting has continued through the last quarter and is still progressing into July. The demand for Jenbrook’s organic
tea tree oil, particularly from the US market, continues to outstrip current supply.
The Company has recently completed an agronomy review to investigate options to increase the level of oil production
including the use of organic fertilisers, pH control measures, addition of compost and utilisation of surplus land to
expand the area under plantation. The Company is currently reviewing the report before deciding how to proceed.
Tea Tree Botanical Extract Update
Meluka Honey are making progress on a new organic tea tree extraction process to be super critically infused into its
honey range. The new extraction process aims to provide a more concentrated aqueous extract that can be utilised in
Meluka’s products in a more flexible manner than the current process. Once this R&D program is complete Meluka
Honey will potentially be able to incorporate a potent antibacterial tea tree extract into many of its planned organic
products.
Bio-fermented Honey Drink with Probiotics
Meluka Honey is working with a Queensland based probiotics company to refine the current organic concentrated
bio--fermented honey drink into a Ready-to-Drink (RTD) version of the product. The RTD version of the drink will help
Meluka Honey meet the demands from its distribution network.