Ann: AHF Farm Acquisition, page-17

Hmmm lets summarise it and see what we get...

Address - 294 Radfords Road, Nirranda South, VIC 3268

Size - 823 Acres (33.06 Hectare)

Improvements - Milking shed (44 bay rotary)

                        - main residence and two portable accommodation units.

                        - 700 stock feed pad and various other shedding

Pastures - 55-56 paddocks with a mix of pasture cover including A37 Perennial Ryegrass (wonder how this one goes with claiming organic as this is a genetically modified ryegrass I think).

Staff - employees or contractors are unknown but owners are departing so will need a new farm manager and transition time (does this mean Nathan Lehman gets to fly down from Qld more often at great expense?)

Transition to organic farm - ~18 months in to a 36 month process

Stock - not included and AHF claim it will stock up from its own farms? Ummmmmm umm organic calves from non-organic cows??? Next generation I think, not the current offspring but maybe the first generation after the ones fed during the transition period of paddock and feed.

Stocking capacity - up to about 750 milkers so someone else can do the calcs based on a per cow yield for organic (whatever breed - Holstein, Jersey, Guernsey, Fresian, Aussie Red, Swiss Brown, all the X-breed combinations etc etc...) milk production but sub-4m litres pa would be fair. Not exactly going to set the world on fire and besides they are buying the farm with no stock so no milk income from existing and no a delay before organic will be online for business, think closer to 2020 than 2019.

Hmmm it is certainly an improvement on the announcement is followed but funding it by debt on top of the current debt burden???? WOWOWOWOUCH! That's going to be about $4.5m on top of the current $10m from the CBA already.

Oh and is this an indication of reverting to a pre-pre-pre-pre-strategy of farm aggregation to shore up milk supply??? Back to the future huh.