Michael's most of holding were converted at above 18c, Mr Paul lately contributed another 15-20% of MC, AHF's 5 yr plan had 250mil MC target, within 4 months, they moved on acquisition...
they own 6 farms totalling 20mil book values, most of them bought in 2014 and 15, in every announcement since strategic review, they flaged restructure farm asset and JV partners ... maybe the hidden JV partner will pay premium price for the farms AHF owns as 50% contribution ... and lease back the farm to AHF for operation. that will be closer to 50% of 50mil capital requirement within two three years time frame, that's half length of AHF's 5 yr 250mil mc ambition, so I presume MC would be substantially higher after Feb 18's feasibility, then they probably ask shareholder for handout ...
just guessing.
Ann: Change of Director's Interest Notice, page-34
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