The essence is that profits have been generated by dubious revaluation of assets.
How is that even possible for these assets?
You go to an independent valuer & ask them to value them, it's not like there isn't an open market for agricultural assets in Australia!
They buy assets, improve them & they are revalued. Not rocket science.
False rents suggests fraud &/or collusion with some very large companies ( select investments & treasury wines?).
What possible evidence could they have for that?
Are they suggesting the rent wasn't paid? Not difficult to check for PWC.
They would have signed lease agreements.
I find it incredibly hard to believe the assets are overvalued as suggested & the suggestion the company is worthless is only valid if the debts are greater than assets.
Sure you could get a different valuation by another valuer but not materially, at least you shouldn't if the auditors have done t their jobs!
The whole management fee thing is a different issue but if true means that RFF results have been understated & should have been better.
My suggestion would be to wait to see what the mngt response is before jumping to any conclusions.
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1 | 2004 | 2.110 |
5 | 8007 | 2.100 |
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Price($) | Vol. | No. |
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2.150 | 25553 | 12 |
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