Guys,Read your posts on this with much interest.For a slightly...

Guys,

Read your posts on this with much interest.

For a slightly different play, take a look at "TPF".

It is paying a yield of 9.8c per share (roughly 9.5% yield), and its last published NTA as at 31 Dec 2006 was at $1.12.

Current share price is around the $1.03 mark, so you are getting it at a substantial discount to NTA.

The fund basically owns all the land and WATER entitlements to the MIS projects that it "farms" out (excuse the pun).

Its cash flow is secured by Timbercorp who pays the rent, and has locked in leases for approx 20 years on current projects that have already had tax rulings, so its yield is protected for the next 20 years.

I think this is a good play not only on land prices, but on water entitlements, which I expect to grow over the next 20 years, especially so once the national water trading scheme comes into play.

At a 9.5% yield, and a discount to NTA, this play has seemingly gone unnoticed by the market....

worth a look