Ann: Select Harvests Market Update , page-4

Rainmaker, reading their recent updates it sounds like the chances of a capital raising have reduced significantly even prior to this debt re-financing.

The latest agreement to lease additional acreage in the Hillston area shouldn't take long to become eps positive. The plantings were in 2007/08 so they'll start producing next harvest or the year after, with full maturity reached by 2013.

I meant to mention about the potential acquisition in the Lake Powell area but forgot to. There is a vote on that sometime this month. I'd expect another update from SHV in early April.

With the improved water situation these almond orchards (the mature ones) will be a cashcow which will fund expansion. I don't see debt reducing much unless they sell & lease back the water rights. Remember once the WA orchards start producing they'll need processing equipment for those almonds.