Ann: Maryborough acquisitions, page-7

This will be interesting - big purchase.

Had a quick look around for other comparable prices, and they seem to have done quite well per hectare/ML particularly considering the scale. I reckon the water rights are worth around $15-20m alone - though scant details on location and reliability of the rights.

Clearly macadamias are an area RFF have wanted to expand for some time. The conversation to macadamia is a 10x scale up into macadamias (assuming the transition of 2200ha, based on current 250ha representing 2% of revenue). This could represent based on current rates around $7m of revenue per annum, or +17% on current revenue levels. Also macadamias use less water than sugar (source: Irrigation Australia), so should be some spare water rights available for to sell or lease out.

It wasn't clear to me, but is the expectation for 3200ha to remain as sugar and continue to be leased out at prevailing rates? Not much upside on that, but they seem sufficiently happy with the average returns on it.