Ann: TFS Exceeds Sales Target , page-16

With TFS only owning 300 hectares you can't blame the shareholders for not supporting the capital raising. I remember well when they knocked the share price down from $1.15 to $0.95 with an ill conceived capital raising. The shareholders who supported the company in that capital raising would not be too happy to see the next one come in at $0.80 This is not a return for shareholders this is the company making money from shareholders instead of making money for shareholders. What happens next year when they burn all their spare cash. Another capital raising probably around $0.60 a share. Shareholders would like to see the company change its focus to building shareholder value, buy up the woodlots on the secondary market and start planting for the benefit of TFS. With the privately owned woodlots going to public auction as cleaned logs and the TFS product disclosure statement saying they envisage perfume manufacturers being the buyers there is nothing here for shareholders except to keep the dividend going. There can be no rise in the share price while the company depends on forestry management income alone there is simply not enough money in it. We need sandalwood trees owned by TFS and processed by TFS for the benefit of TFS then and only then will the share price rise. ie a vertically integrated company. ( I think I read that somewhere)