Based on the breadcrumb trail in the 4C, I suspect what happened...

Based on the breadcrumb trail in the 4C, I suspect what happened is they received some unsolicited interest from an ag investor (lot of activity in the real assets of late space, eg Vitalharvest’s recent takeover battle) but couldn’t agree terms, so now they are appointing a corporate adviser to oversee a formal process / auction. Hence the delay…

In today’s low interest rate environment, the orchard’s
likely to be pretty attractive if it’s priced on a reasonable cap rate with long term offtake arrangements in place.

Assuming the board manages to get anywhere near fair value for Kapua, this is an absolute gimme. Although the market obviously doesn’t believe the orchard is worth anywhere near $45m otherwise we wouldn’t be trading at our current EV of around the same number. The operating business (brands, IP, know how etc ) has got to be worth something.

At this stage the market isn’t buying it but time will tell
who’s right…