Ann: Extension of Voluntary Suspension, page-153

it looks very much like the put option was a distressed debt deal.

TFS had given guidance for plantation sales in FY14 to increase on FY13. They increased by about 1%, but that was only because they 'sold' plantations to Davidson Kempner and Frank Wilson personally with these put options that guaranteed a cash return of ~15%pa - that means that these 'sales' were functionally equivalent to a 15%pa loan, backed by the plantations - exactly the type of deal a distressed debt investor would take on.