Australian Dairy Farms backdoor listing

Just came across this one and been doing a bit of research. Risk to reward here is looking quite attractive to me given the recent success of other companies within the sector.

Key points to take into consideration
Market
- Huge success for recent listings within the sector i.e. Warrnambool takeover, Bega SP doubled in 9 months
- estimated worth of $4Bn - with virtually no consolidated Australian dairy farms
- huge demand increase from Asia, especially China
- YoY CAGR in Australia forecast at 5%
- Influx of FDI from overseas funds - recent Scandinavian pension fund put $20m in
- Considerable success in NZ whereas Australia still has a lot of room for growth

ADF Specific
- ADF to raise up to $14m (~$8m already raised from instos) to acquire 2 initial dairy farms in the South West Victoria.
- already have higher productivity than benchmark - only due to improve as the company achieves economies of scale
-Established customer base e.g. Fonterra
-Growth strategy of further acquisitions
-Already a profitable business
-$1 free unlisted oppie for every 2 shares (exercisable at $0.25c before 31/03/2016)

Not the most seasoned investor within this industry, but this looks quite interesting to me. Feedback and thoughts would be appreciated. Find investor preso linked below.

http://www.asx.com.au/asxpdf/20140825/pdf/42rq69rtgd0j6t.pdf

Cheers,
NW