Well, I sold out today. Further to the above, we've now got Timbercorp and Great Southern. I think that when you have 1.7M hectares of land on the market due to distressed asset sales this will a) hurt the mark-to-market valuation of CWT's vineyards which will put massive pressure on the NAV, and b) soak up all available money from investors looking to profit from listed and unlisted rural property.
I wouldn't touch the sector with a barge pole for the next while.
CWT will probably scramble to knock out a capital raising now, if it's management is smart. Do it at a discount, but get it done. if they raise enough, they will possibly even be in a position to pick up a few bargains.
CWT Price at posting:
28.0¢ Sentiment: ST Sell Disclosure: Not Held
