Company Website, page-16

Last we heard from the Company was via the Chairman's Address at AGM on 10 Nov 2016 (almost 5 months ago). As what MeToo said, we were informed via that announcement that the acquisitions progressed significantly and Fijian has good progress with pre-feasibility work.

Going back to history (I summarized for easy glance-thru) -

28 Jan 2016 It was decided that the 5 farms to be purchased by PDF via different
contracts with the respective vendors instead of via GRS Foods Pty
Ltd.

24 Feb 2016   ICBC Capital was appointed funding advisor/facilitator.

26 Feb 2016   SH was advised funding still pending

29 Feb 2016   Signed conditional contracts for the acquisition of 5 farms + farm
management  -   subject to funding arrangement flexibility

10 Mar 2016 Announced proposed capital raising of 6 million with further
announcement of equity raising to be provided

21 March 2016 Lusona Capital appointed as corporate advisor/facilitator
   of debt funding (afterwhich ICBC Capital's services was
terminated)

7 April 2016   1st Agreement on 1st Farm - subject to funding arrangement

27 April 2016 Announced Loan Notes oversubscribed which will be used to
commence the proposed acquisitions of 5 farms.

Announced Lusona Capital arranging for debt funding and equity
raising.

Proposed EGM in June 2016 for acquisitions of 1st and 5th Farms

17 May 2016 Announced "ASX advised Company that due to change of scale of
business of PDF, shareholders' approval is required".

Thence, suspension of PDF counter commenced.

10 June 2016 Notice of EGM issued. EGM to be held on 13 July 2016

Agenda : To approve scale of business change and to approve the
issuance of 600 million of shares at not less than $0.025
(only stated 2 of the Agenda)

SH noted Company is still finalising funding.

13 July 2016 EGM - Resolutions approved.

Acquisitions of Farm 1 & 5  to proceed subject to funding.
Acquisitions of Farm 2,3 & 4 - Management to decide after
acquisitions of Farm 1 & 5 completed.

Prospectus is required for equity raising (600 million of shares)

15 July 2016 Fiji Agreement (binding Heads of Agreement)

5 September Patersons Securities Ltd - appointed the Lead Manager 2016   equity funding (Almost 7 months since appointment)

10 Nov 2016 Announced Chairman's Address at AGM: acquisitions progressed
significantly and Fijian in good progress with pre-feasibility work.
(Last notification received by SH on status of Company)

22 Nov 2016 Company changed name to PDF


Are they trying to get the funding now in-totality for the acquisitions of the 5 farms and the Fiji investment? As part of the requirements for the Prospectus which is subject to ASX clearance as I guess justification of the Company's revenue is required?

I gather "multiple entities" mentioned in the email could be due to the fact that they have to liaise with different vendors and different funds companies.

And as what Dixie said, experience in farming business is so important - this may be the root problem with seeking funding as the management agreement with the vendors for stay-in to manage the farms was around 12 months only/at least 12 months. Wonder what happened to the Loan Notes which was oversubscribed as announced on 27 April 2016.

Indeed, the whole funding process is taking too long ...

As I was informed, they can't provide any update now but will, once they have the final agreed terms - and indeed, we are hearing the same thing.

Cheers