It is pretty quite here, hopefully it does re-rate but even if...

It is pretty quite here, hopefully it does re-rate but even if it doesn't the dividends are nice and it's a solid business for long term holding.

The Class A/Class B split will always make this a relative unknown stock I think. It makes it harder to value the business because what are the Class A shares worth? There was a takeover offer years ago that tried to lowball Class A value with some other holders wanting to move to a single class structure. I think that the classes are important though to the entire structure of the business because it's so cyclical from crop-year to crop-year and when times are tough the other parts of the business help to make sure that the farms and infrastructure are around for when times get good again. I also think that it would trade higher and with a lot more volume if there was a single class structure and every decision in terms of capital was made to benefit shareholder e.g. more profits but I think that would be a mistake and would kill the golden goose so to speak that the current structure supports.

Management are too highly paid and dilute the equity - I'm not sure how sewn up the situation is though in terms of the Class A votes I feel like probably it's all a big Riverina clique convention of nobody's kind of thing and there's not that many people voting anyway so it'd be good to get them either to stop raping the company for personal gain or to get them out because it's always a shame to see a great company ruined by time wasters. They recently continued to get labor offside with some strikes so there's that as well.

It should turn out nice profits though with the buoyant rice market + the high crop yields of recent times - will have to watch out for margin compression though as always in such inflationary times.