An interesting problem. I had sold down parcels bought at 5.13...

An interesting problem. I had sold down parcels bought at 5.13 and 4.13 for about break-even, anticipating further weakness, say to between 2.00 and 3.00, keeping a parcel at 4.01. Just as well I did hold some.

Now we have a takeover offer at 5.80 and a CR at 4.20. SHV is trading at ~5.00, so holders have every incentive to take up the CR - some are selling down to raise the cash, others just playing the arbitrage. There is money to be made.

I think the SPP will be very well supported by little shareholders - well beyond the $20m projected.

My gratuitous advice to SHV: don't scale back eager holders and return the excess over-subscription, please. I think the growth choice (no pun intended) is to plant more almond trees.

The Canaccord broker report (thanks inchiquin) values plantations at $17 to $30,000 an acre. An extra $10m would fund at least an additional 333 acres at $30k per ac in June 18 - probably more. If some kind soul has a better estimate of plantation costs please share.

I want to see an heavy planting program to grow the business. Yes, it is a looong 7 years until they mature, but that barrier stands before all almond growers. The grower who plants aggressively secures their future and frightens their rivals. I appreciate the buying of existing plantations is another way to grow. I want to SHV to pursue both, as they have done with considerable success.

Ash