Seems to me GTP have effectively placed 299 million shares at...

Seems to me GTP have effectively placed 299 million shares at 50c and received land and cattle worth $149m.

Not cash, but an excellent result given mkt cap of $60m pre deal and share price of 18c. How Wesfarmers would like to swap equity for assets at 2.5 times current share price.

This has to strengthen the company so much going forward. They will probably try to sell some of these assets and if successful, use cash on Trees buyback of some sort.