Some Qs for the AGM, page-28

Even if you come up with a NTA above the current share price, how will that value find its way into shareholders land? Assuming the wharf is approved, you have a 15 year wait until newly planted trees have grown enough to be harvested. That's a long time to wait for a dividend and a lot of opportunity cost. Would you rather be invested in KPT for the next 15 years or a growing technology company? Now think about what could go wrong in the next 15 years. Another bush fire, the wharf is damaged, disease, etc etc.

Where you could recover the NTA is if the company were liquidated, but unlikely the directors will do that. Perhaps a takeover??