Has anybody seen a PDS (or similar) for the Beyond Carbon...

Has anybody seen a PDS (or similar) for the Beyond Carbon Offering?

A TFS announcements stated that TFS would receive $100k per ha. upfront for establishment and 14 years worth of maintenance and that Beyond Carbon would acquire the land upon which its plantations are located at commercial rates from TFS at the time of planting.


I have a few questions that I am yet to answer.


The present value cost under the latest MIS project for establishment and maintenance is $138.9K + GST per ha. Thats a big difference Why?


Do Beyond Carbon investors purchase the land from the Beyond Carbon Trust? Is there an upfront payment to the trust for the land or do they rent the land from the trust?


How does the Beyond Carbon Trust Finance the land if investors are not purchasing the land and paying for it upfront?


Is the Beyond Carbon Trust going to borrow to purchase the land? Will the trust be consolidated in the TFS accounts? or is it being set up to be off the balance sheet?


Will TFS treat land sales to the trust as revenue? The last TFS accounts had a transfer of land from property, plant and equipment to inventory....


Has planting for the 350 ha commenced without payment being received? Has the land transfer to Beyond Carbon occurred?


I hope the trust structure is squeaky clean and not just an accounting mechanism to manufacture sales revenues and move some debt off the balance sheet. Given the current turmoil of the sector, a little clarity on the mechanics of the trust would be timely.


Hopefully we will soon have both results and transparency The market doesnt seem to be in any mood to tolerate uncertainty or creative accounting.