Ann: Corporate Update, page-4

Read the report twice and could not see the 5% lease rate with respect to the dairy enterprise , could you please point me to the exact citation stayer .
It would need to be 5% of the 4.5M they paid for the property I take it so around 225,000 .

I think the Chairman bought 10k Hectares of the original property and is the one leasing the potential dairy enterprise property of 1,640 Ha next door .

Company had $2.1 M loan 11 months ago that is now down to $1.75 M so 350k paid off .

However there was income of around $2.6 M from Agroforestry in that time plus the $225K estimate for the dairy lease so around $2.8M in income

2.8M - 350K = $2.55M .

cash and receivables have increased from $1.7M to 2.5 M so up 800 M

$2.55M - 800 K = $1.35M

I am guessing that $1.35 M is the cost of overseeing the operation for the last 11 months and doing a scoping study .

Guess we will see the actual results in the Annual report .

TO me it looks like this should be wound up with assets returned to shareholders , which would be worth more than the current cap .