There may be a really elementary mistake in the SHV part of their argument. This is the "main evidence" table on the Bonitas long form report:
Per the Bonitas report they have accessed Arrow ASIC report and surmised that Arrow's share of the SHV paid rent is $2.892m (no reason to suspect this). But if you look at the table above they seem to be saying that SHV total rental expense for the period of FY2018 is $2.986m - which leads them to conclusion that RFF only received $94'000 rent for the 1,221ha Hillston property. It does not seem plausible.
If, however we go with the SHV expenditure commitments table:
Take $24.114m, subtract $2.892 for Arrow = $21.222m. In addition to the Arrow property, SHV is leasing 1,221ha from Rural Funds and total of 2,382ha+292ha=2,674ha from First State, therefore very rough guesstimate can be 1/3 of that $21.222m is Rural Funds' share -> $7.074m.
Per 2018 RFF financial accounts rental income was $49.462m
Per RFF HY18 presentation (21 Feb 2018) SHV forecast share of rental income was 17% -> $49,462m * 0.17 = $8.408m. There's admittedly gap - but not a "giant lie" as Bonitas report claims.
I will say I'm not quite comfortable with the J&F transaction in it's entirety, I am very disappointed with the Poultry side management and I miss tremendously Ms Andrea Lemmon. But if the Bonitas main argument rests on SHV leases been over reported by RFF, then their case is a dud.
- Forums
- ASX - By Stock
- RFF
- glass ceiling
glass ceiling, page-77
-
- There are more pages in this discussion • 43 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add RFF (ASX) to my watchlist
(20min delay)
|
|||||
Last
$2.00 |
Change
0.015(0.76%) |
Mkt cap ! $777.8M |
Open | High | Low | Value | Volume |
$2.00 | $2.01 | $1.99 | $1.192M | 596.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4996 | $2.00 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.01 | 20417 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 4996 | 2.000 |
3 | 6044 | 1.995 |
9 | 18468 | 1.990 |
5 | 25687 | 1.985 |
14 | 75480 | 1.980 |
Price($) | Vol. | No. |
---|---|---|
2.010 | 20417 | 4 |
2.020 | 42865 | 5 |
2.030 | 33698 | 6 |
2.040 | 11560 | 3 |
2.050 | 9297 | 5 |
Last trade - 16.10pm 12/09/2024 (20 minute delay) ? |
Featured News
RFF (ASX) Chart |