Ann: Response to ASX Query, page-9

Bond amounts are "drawn down" and the wording is 150,000,000 is the total bond amount that the wholesaler has listed. PDF obviously will draw down what they need to purchase whatever the farms they want to purchase. These bonds may also be available to other entities. Nothing settles until money is in PDF bank accounts as it states in Ducketts response. And that then triggers what looks like a 6 months in arrears payment so I would guess when they get money they will purchase farms individually or collectively that is their call.