Ann: TFS reports first buy-back offer closes with 66% acceptance-TFC.AX, page-5

“The next buy-back offers will shortly be issued to growers in the TFS2002 scheme which is due to be harvested in 2017.”
I got this wrong. I thought the offer to buy the pre 2008 MIS interests was occurring at the same time and not year by year.
This puts significant doubt into my theory TFC is offering to buy the MIS interests prior to increasing the price used to value the plantations in the financial statements for FY2016. Notwithstanding, I will be very surprised if the $US2,800 per kg price is used when TFC has sold all of its 2016 and 2017 harvest at $US4,500 per kg.
I am still comfortable being heavily overweight in my superfund, but have not added to my main portfolio.