I’ve had a quick look at the financials and agree. This is a...

I’ve had a quick look at the financials and agree. This is a well-managed company that will reward investors.

But, I need to eat humble pie. The plantations have continued to be valued based on $US2,800 per kg of oil equivalent. The average sale price was $US3,818 per kg (see slide 38). This is still $US1,000 per kg more than the price used to value the plantations, but – a little bit of concern – a reduction from the $US4,500 per kg announced to the market in Feb.

Maybe, the Directors continue to value the plantations based on $US2,800 per kg to enable TFC to buy back MIS grower’s woodlots using this lesser value.