In a very recent announcement, TFS have reported company owned...

In a very recent announcement, TFS have reported company owned plantations of about 25%. In that announcement they also mention their intention of increasing the company owned plantations.

I wouldn't mind betting that we hear about the purchase of some of the Elders plantations very soon. I'm sure these trees will be owned by TFS, and this will increase the company owned plantations. These trees are closer to harvest than beginning a complete planting regime now and waiting 15 years plus for additional return.

I do agree, shareholder value has been diluted. I see this as a result of Investors valuing dividend payments too highly , requiring TFS to pay out funds instead of using it for growth.

Insufficient support from shareholders(the recent rights issue was undersubscribed), has prompted TFS to seek institutional funds to assist growth. If shareholders want dividends, but won't support the company, then TFS need to get the funds from somewhere to pay for company owned plantations.

If you didn't take part in the rights issue then you only have yourself to blame for your holding being diluted more. You may however (if you actually believe in the product) get to buy that stock cheaper if Mr Market continues his irrational behaviour!