GNC General Discussion, page-322

Further to the above, HMC Capital's five per cent acquisition of GNC shares is also in 'AFR' on Monday 29 April 2024:

"...Victoria Hardie, who helms the firm’s Capital Partners Fund, says the stock’s position in the east coast export supply chain was worth materially more than its book value and share price implied.

“We believe equity markets are failing to appropriately value the critical port infrastructure under GrainCorp’s control, and there may be opportunities to realise greater value from the infrastructure assets via increased utilisation or ultimately a structural separation,” she says..."

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On Australia's east coast, GNC controls seven of the eight bulk port facilities if I correctly recall.

Appleton Dock in Melbourne is the one it does not. ASX-listed QUB is also a growing presence.

'Hc' contributor Portsmouth has often discussed how GNC clips the ticket in quite a few ways, even though it might not initially handle every tonne of export grain.