Ann: Investor Presentation-AHF.AX, page-115

Whilst they were acquiring farm assets, having a property trust as part of the stapled offering likely made sense. This after all tends to be the preferred vehicle for publicly investing in property related assets.

However, now that the group has moved away from being a farm owner + seller of farm produce (i.e. milk and cattle), to also being a manufacturing processor of dairy products (etc), it is more imperative that they operate with a corporate structure in place without the added complications of having side-by-side property trust.

In due course, this would likely mean folding the trust assets into the company structure or alternatively floating off the trust assets.

Presently, it is still too premature for them to do the latter ( except perhaps for purposes of acquiring more farming properties but not otherwise) but both the timing, direction and future strategic intent lends itself to doing the former (I.e. collapsing the trust assets into the existing corporate structure).

Many opportunities do indeed abound but the time now is for them to actually run and operate fully integrated business rather than to continue functioning, as they have done to date, as an aggregator of property/producing assets.

The opportunities are there and I expect that the company will now seize upon them make them happen but in doing so, I agree that having complex corporate structures in place (whether considered innovative or not) can sometimes overcomplicate the investment proposition.

The art of simplicity should apply here, not the thesis of complexity.

Having thought to date like bankers, they now need to start thinking like businessmen. I'm sure that as time passes in the next few months this will become increasingly apparent in terms of their business acumen and execution.