Ann: Response to Bonitas Research report, page-34

This was never going to be a quick response from RFF & Bonitas go away, it won't be over until E&Y come back & validate PWC''s work on the accounts that aren't due to be released until next Friday.

Taking each main point.

1) Revenue 'lies' - Bonitas have misread 3rd party lease information. Not enough of a response, Bonitas will come back & say 'no we haven't, prove it'. Not that easy to do in an ASX announcement now to satisfy Bonitas but easy once audited by E&Y & PWC.
2) $14.5 debt Mangrove, poor mistake but irrelevant to asset value.
3) $30m share buy back by RFM, doesn't answer the false accusations that RFF have funded a transfer to RFM but it is a stupid point to start with.
4) Orchard valuations- Not sufficient to put off Bonitas but again what else can they do in a rebuttal. The valuations being audited by 2 sets of auditors would be overkill for any other company not being attacked.

So Bonitas will come back with further accusations & insults tomorrow & things won't improve. The audited accounts will most likely be released on time next Friday & then there will be another report by Bonitas on that & we go round in circles again.
This will go on until E&Y come back & give their verdict.

The sp will continue to be volatile at least until E&Y report back IMO, so either get out oor hold on for the ride!