Hi,The increase in wholesale, funds and institution sales to...

Hi,

The increase in wholesale, funds and institution sales to >1500ha/annum is very good news. Given the number of repeat sales coming through this means TFS should have no trouble covering the interest cost of the recent debt raising....very encouraging.

So if this momentum can be maintained for the next 2 years, while they also increase land holdings (they have a bucket load of cash) and continue land preparation - I see no reason why they couldn't plant say 1500 - 2000 ha / annum from here! Having said that we don't know how much TFS wishes to plant for itself...so it may keep sales at the 1500ha level and plant say 500 for itself pa / next 5 years.

Dividends are unlikely to go up until first harvest given earning per share will remain effectively the same on the 1300-1400 ha as I understand - servicing interest cost. But at least earning are maintained and will get a big hit from harvest onwards!

Also MIS who....MIS is no longer a feature of the business model ...derisked this uncertainty big time.

SD