Ann: Glenfyne Farm Sale, page-19

1. It has not sold. It is listed for sale st a set price of $2,720,250.
2. After being acquired, substantial CAPEX was required. The original purchase price of $1.8m is a rookie’s mistake as the subsequent capital works undertaken /renovations are typically ignored when comparing sell to buy prices.
3. CAPEX on Ignatios was of the order of $800,000+. That’s why it converted to being a feeder, as opposed to producing, farm.
4. In AR18, the WDV was $2.37m. This was after (*) depreciation over time, and (*) writedowns /downward revaluations. Not before. So, the property has been written down over time (when compared to original purchase price, acquisition costs and CAPEX commitments).
5. The set price of $2,720,250 is quite aspirational particularly given the article that you linked too which reflected quite a -ve pricing outlook (which is contrary to the currently listed aspirational value that they are seeking).
6. Having failed to sell to date, it’s likely that a much lower selling price will ultimately be obtained (c high $2.2m range is a possibility through to break even on book value, but not much more than this). The pressure however is still on the Company given the recent average SPP outcome.
7. Bank finance is still an issue with March 2019 as a relevant date.
8. If the property had indeed sold back then (15/11 etc), it would have been the subject of an ASX announcement. It wasn’t. It didn’t. It hasn’t.

Time will tell as to whether the property does successfully sell before 31:12:18 which again would likely be considered as a critical referencing date (1/2 year close, etc).