Ann: Victorian cattle property acquisition, page-26

From today's Q&A some snippets:
- No new acquisitions anticipated, RFF is at their comfortable limit with debt and Bryant does not anticipate another equity raising. They still like cattle and cotton prospects best, and anticipate those will be the main focus.
- Bryant clearly pleased with Kerarbury re-valuation of +10% ($15.6m)
- Mutton Hole and Rewan have not had rent review yet, Bryant was optimistic about their valuations increasing due to the productivity improvements at the next rent review due.
- They do not seem to be inclined to sell any cattle properties at this point (apparently there was an expression of intrest towards the Comanche but they want to do the productivity improvements and see where it leads).
- Poultry requires additional investment of $2.1m this year, not attracting rent, to support RFP. Bryant emphasised this was "a pragmatic decision" to maintain RFP viability through to the completion of the 5 year rental period (presumably, that is, to not lose Baiada as a customer). Bryant mentioned they are looking to retire the older sheds in 5 years time and are investigating with the local council for permits either to refurbish the old sheds completely or build new ones to replace them.
- Some 6-7 properties in QLD are now drought affected, they do expect rainfall to come to alleviate the situation as it is not in arid climatic zone and in areas that have an average annual rainfall of 700-900mm.
- I did not hear too much about the floods in QLD affecting RFF properties - but maybe I missed that part, so if someone was on the webcast please correct.
- And lastly, The Cobungra "party property" is included in the lease agreement with the Stone Axe and they will likely use it as an executive showroom for their Waguy produce to prospective customers, VIP guests etc.