If that was the case I think you would see substantial...

If that was the case I think you would see substantial impairments of Non Current Receivables coming through in group financials which wasn't happening as of the recent Quarterly.

Also if growers can't pay their annual maintenance fees they can elect the deferred fee option that will give TFC a ~3% share of harvest proceeds for each year of deferred fees. It is how TFC has an 'indirect' interest in harvest proceeds.

Sounds like something got a bit mixed up. The UBS analyst who covers the stock must know about deferred fees