timpb conversion, page-7

Problem is - who do they seriously expect to buy the assets?

A big water trade a few months ago was rumoured to have been from TIM to the Federal Government buyback vis one of the Heritage Groups (Water for Rivers or Living Murray) but what do you reckon they will be telling the growers ?

That 'Due to low entitlements we have had to let your olives / almonds cark it' ?

or that 'Due to the fact we sold the water entitlements to keep ourselves afloat we can' water your trees'?

There is a heap of country for sale at Boundary bend with 9% plus yield and TIM as the tenant but who is going to want to buy that?

Orchard Funds had a heap of that on their books (plus McGuigan vineyard assets) with high yields and Orchard look to be in more trouble than Flash Gordon having already taken a wacking big hit on the written down values.

No other fund is going to touch this in a fit, and the weather prospects just make things worse.

Personal opinion but I just dont like the look of any of this.

And Sol can keep looking as confident as he likes but he keeps getting paid till the music stops and there aint much else out there so why not - its your money evaporating faster than the Murray.

I reckon they also know by now that there is no corporate appetite for listed ag plays. Look at PAG and at least they have some top farmers on the Board and management.

Best avoided for the moment I think.