I suspect the water rights had a lot to do with it. Water...

I suspect the water rights had a lot to do with it. Water security was really the last piece of the Walnut puzzle.
Not so long ago Webster was basically being prepped to be sold to elders to house their agriculture holdings, Since that fell over Webster has done a very good job in transforming itself into an integrated walnut company with a very different share register.

The land bank is the type of asset the major shareholders like to own, Webster is an ideal vehicle to own it. If the debt ever becomes a stretch there is no shortage of firepower amongst the shareholding to recapitalise.

Agriculture exposure/diversification is still pretty trendy and the increase in size is going to bring more attention and maybe an expansion of the book multiple people are eventually willing to pay.

The real test though will be to make a decent operating return on the money paid. If they can do this as people are becoming more familiar with the new Webster, the share price will respond accordingly.

Given that Webster needs immediate experience in Row Cropping to make these properties work I’m not too disturbed by the placement to AFF to bring them on board – but they are turning into serial diluters with selective placements. The CC placement still irks me, though his deep pockets and board participation probably make it worthwhile on a big picture.