Greetings
We are now in full tax season (like spring time on 
the farm) and our move to Xero is starting to show efficiencies. The team are still refining their abilities on the new system, so further efficiency awaits….I hope.
On the MAAT front, we completed the $42m purchase of Cameron Road, Tauranga and our investors are enjoying a 7.80% p.a. return, paid monthly.
Farming has had its most challenging season that I can recall, at least the payout has settled for the moment with $6.75 – 2017/18 and $7 predicted for 2018/19 season. 2019/2020 season is also predicted to be $7 and hence the dividend is expected to fall which in turn will drop the share price. So, anyone needing shares should look to buy around the current $5 mark rather than the $6 they have been averaging. With the dividend yield at 5.29% this covers your borrowing costs.
Jacinda made the right call to attempt to eliminate the Mycroplasma Bovis. Thank goodness we have not seen this in Taranaki. I hope that MPI are successful in identifying the initial breach in our bio-security controls and that penalties are imposed. We feel for farmers forced to destroy their herds and hope that the compensation package is sufficient to allow those affected to re-establish.
Meanwhile, lets hope for some more beautiful autumn/winter days.
Talk soon, Mark