Ann: D2O Acquires $39 million of Water Entitlements, page-5

I wonder if someone can explain the deal logistics to me.

The Company states it will receive 4.5% yield on the purchased value of the water.

Elsewhere it states it will add 1.4 million in lease revenue, but 1.4 million of 39.1 million is 3.6% on my calculator.

It's a very long term lease at these what appear to be low yields: if inflation continues up and interest rates as well, it's a relatively fixed low yield bond.

Finally they are raising 44 million, so the overall return to the company is much less than the 4.5/3.6%

I hope they aren't buying the vineyards themselves in another Duxton fund because this would seem a pretty sweetheart deal to whoever buys the TWE estates.

But... I know very little and happy to be corrected