paying the price for excess debt, page-18

Hi B

The reason they delayed the dividend payment was because CBA wanted their loan repaid ( internal bank decision on agri sector risk) and secondly a cash flow timing issue because regulators took longer than expected to give title to land and therefore settlement of cash by fund investors into plantations.

TFS requires capital to grow. To acquire e.g CPC land will cost 80 million alone. They need land for ontinued expansion which wil add value.

Shareholder value is being built. One day soon the market will begin to recognize this.


SD