the future, page-9

Hello Cashew

In the market update of 13/8/10 Webster noted that the capital gains tax base for the Tassal shares was 74 cents- this also gels with the $8,705,000 in note 3 of the 2010 annual report for deferred tax liabilities relating to investments in associates. They sold at $1.79 which was their book carrying value so the $8,705,000 will transfer from deferred to payable without need for adjustment - this equates to about 13.5 cents per share. Hopefully we will see some fully franked special dividends.

If the Gunns orchard (land) is acquired by Webster at the right price - I would see that as a positive. If Webster's have got a future than It must be in Walnuts. I see potential in the Walnut business but let's hope they don't do anything stupid and purchase the MIS grower loan books (etc.) as part of the deal.

The latest substantial holder notification is interesting. David Cushing and his Father Sir Selwyn Cushing are behind the NZ Company "Rural Equities Limited".

The substantial holder notifications has transaction details back to the 1 September - In that time they have been accountable for 75% of all purchases, Including 709K of the 904K that traded last Thursday, post the Tassal sale announcement. Maybe they are deep value players or perhaps they are looking for an Australian vehicle. Whatever their intentions the building of a position has been fairly aggressive and shown an absence of any substantial blocks for sale at recent prices. Interesting!

Still wondering what Chris Corrigan's intentions are. There hasn't been a substantial holder notification, so he has retained his entire stake to date despite the abrupt resignation in July. Also Interesting!