Good to see that management is serious about starting to return...

Good to see that management is serious about starting to return capital to shareholders.

However, when the plantation land was sold in 2022, they did set expectations of $17m / 19.5c per share fully franked dividend returns in FY23. So they are behind the curve. I suspect a large part of this is because first they have paid down debt, second the cash from the sales is spread over three years, and third that the sale of Geelong Port requires $4.5m of capital improvements upfront. So hopefully we see some more cash flow from disposals coming in FY24.

Reckon the NTA of ~$1.50 (that includes the +$5m expected uplift from the Geelong Port sale) still looks attractive to the 82c share price. If they can get their operating cash flow from breakeven to positive, then we have a real potential for a re-rate on the cards.