Ann: TFS Exceeds Sales Target , page-37

I am veryconcerned at the debt level and its impact on returns.Just look at the USA and European countries, debt finally catches up on you. I am also concerned that Mt Romance's distilation plant is inadequate if Mt Romance buys the logs from the growers.(Yes I have been there as well) This is of course assuming that the Indian buyers don't turn up at the public auctions of the cleaned logs and ship them back to India for distilation. Mt Romance is 3600km from Kunanurra and has limited capacity so a new distilation plant eventually needs to be build in Kunanurra as it is more cost effective to ship oil rather than logs. This takes money and TFS has indicated by past actions that it is more than ready to sell off equity to raise cash. The end result is more dilution on the horizon. My advice to investors is to sit on the fence until all infastructure is in place and paid for