I myself would like to see a capital raise, only a renounceable...

I myself would like to see a capital raise, only a renounceable rights or plain rights issue, not a raise for insiders or friends or sophs
or SPP, a raise that treats all holders equally and only if it were to be used to pay down some of this debt pile we are now building up..
its starting to get worrying a bit for me at least, I cant see a plan to pay it down other than a raise, it would be fine if rates were still
very low, but we are paying millions in interest now and in our best year since listing we have only earnt a mill and in our other years
had negative earings of multiple millions thats with low interest rates

I hold over 1% now and have broken one of my investing rules...averaging down on losing positions

I do agreed with some of you thoughts cocky, I dont think there would be many happy holders at present

We have not been told the terms or reasoning behind leasing old mate and old mates mate property up north,
the local indigenous communities are starting to get there backs up about all this cotton going on up there, we
are spending our money improving/experimenting/learning on land we dont own

Piambie farms was bought when rates had already started rising and we already had substantial debt
was the purchase prudent, if it is going to cause dilution...then clearly not IMO

I did just come back from a delivery I took up north, down the newell and across to mildura and spent some time checking
out some of our farms on the way, our forbes and west wyalong properties looked OK considering what has happened
with the flooding, the area was a lot dryer than I expected, winter crop was looking good in areas and patchy in others
but overall kind of as expected, I didnt see any movement or personal in a couple hours of driving around the area

Piambie, my thoughts from driving and walking around the farm speaking to a couple of local contractors over some
absolutely delicious dimmies and good coffeee at the Piangie store and having a good look around the area

Well we didnt by piambie for its housing...it has 4 but two need a D9, one needs a lot of work by the looks and one
looks good, I couldnt see shedding ect...it was behind the housing which were apparently relocated there some
20 to 30 years ago for workers when piambie used to grow lettuce and salads ect, I was told good soil, but has not
been that productive for a good while, I was asked how much water it had, I said nearly 9gig, he said that much and
went on to say it must not be very secure because 9meg of secure water the farm would look a lot more productive than
it has looked in the last decade or so..Both people I spoke too didnt know it had changed hands or was for sale

I also noted that the irrigation equipment looked pretty old, the sluice gate on the main channel at the main road was
completely rusted away, if the recent flood had gotton much worse they couldnt isolate the farm from the other side of
the highway, check google maps it looks to me that with that recent flood in fact our main channel was filled by flood
water that couldnt be held back by the rusted sluice gate...I didnt get to see the pumps the access looked like private road

The wheat looked good from what I could see...I didnt set foot on the farm probably a couple of hundred hectares of it,
a bit of erosion on glen innes a channel was filled with a couple of old concrete slabs, the soil looked fertile but was
strange, i really dont know what I am talking about here but it crumbled very well, it appeared like it would be easy to work

They had also dumped about 30 metres of compost at the crossover of the two farms, some was outside the fence some
was on the farm...well the pile that was outside the fence had pieces of plastic and crap through it, it looked like what I
used to get from the local tip for free, some of the plastic pieces were bigger than pen lids, I hope they are not going
to mix this in with the farm soils, you would be picking crap out for years, anyway took lots of pics, and the two locals
wouldnt tell me what they thought the farm would be worth or how much they thought the water would be worth, but
really lots of money going into the area, new citrus and stonefruit going in and lots of new big straws going in river maybe
just replacing what was damaged in the flood, Im thinking we might have to build a much bigger dam and fix the irrigation
infastructure to make a real go of piambie...it was all looking a little sad...but what do I know I aint no farmer

I enjoyed my trip

cheers grant