the future, page-10

Hello Cashew

What do you think of the Gunns Orchard purchase?

In typical Webster fashion the announcement was exceedingly thin on relevant detail. It's enough to send you nuts.

Whatever you thought of Tassal, at least there was enough information in the public domain to make an informed decision on its investment merit. Now that investment has been swapped for an investment in Walnuts and we have next to no information to judge the merits.

Whatever the merits of the move - There could be some pressure on the price, as those who were interested in Tassal exposure or cash return from the Tassal divestment, exit the stock. Maybe it will be countered by people wanting to invest in straight agriculture exposure, or have ownership designs.

I'm nuts - I mean I like nuts... I think there is potential here but I have some questions to answer, starting with.

Was the 23Million price tag a good buy????

I understood the two properties to be 1900 Hectares, but the announcement only mentioned the 950MIS plus 400 Freehold Orchard. Is there another 550 hectares included in the price and are they suitable for planting Walnuts?

What's the quantum of the water rights???

What's the expected IRR or puchase metrics. What's the immediate impact on the financial? Considering the transaction represents nearly 2/3rds of their Market Cap you would think they could come up with an Investor Presentation on the transaction.