I have been digging into the half yearly a little further. A...

I have been digging into the half yearly a little further. A couple of things stand out;

1) TFC purchased 354h of mature plantations off Mr Wilson and 5 other directors/seed investors for what seems like $50m..so a valuation of about $140k/hectare.

2) Meanwhile the company now carries a valuation on its balance sheet of $261m for 1714h owned plantations and $64m for 626h of managed plantation. Total $325m for 2340h. Average valuation $138k/hectare.

So in reality the company already carries the value of the future oil yield on its balance sheet after discounting and costs are reflected. This represents the companies assessment of the fair value of the future oil yield from the plantations.

But looking deeper you can see that this is based on the assumption of $2500/kg for the oil whereas the company is now saying closer to $4500 is the mark. Hence the uplift to the balance sheet values should be around 100% or $325m placing the value at closer to $650m.

The impact of this on the current NTA of the company would be to raise it to about $1.87...assuming that the only deduction from equity is the $20m in goodwill.

Interesting times.....but good news all around it seems.