Fund Overview
	Fund Assets
	Performance & Financial Information
	Share Prices
	Distributions

 

LFL Update

Return of capital to shareholders commenced with the payment on July 1st 2010 of the first of three distributions. The second distribution is expected to be paid 1st July 2011, with the final distribution to be paid by 31 December 2011.

LFL made a profit in the 2009/2010 financial year and is thus required to pay tax. Paying the first distribution on 1 July 2010 ensured any franking credits will flow through to investors.

As the return of capital exceeds 10% of LFL’s capital base, it required shareholder approval before the payment of any distributions. Approval was duly obtained at a meeting of LFL investors on 16 June 2010, of an ordinary resolution regarding capital reduction.

After the meeting of Shareholders in June, the Directors of LFL declared the following:

1. That the LFL Shareholders be paid the first distribution of capital with the Record Date of 30 June 2010 and Payment Date of 1 July 2010.
2. That the total payment of $18.6m will be paid as follows:

* The income amount will include a franking component. Confirmation of the franked amount and any corresponding franking credits will be confirmed in the LFL Tax Statement issued as soon as possible following the end of the 2011 Financial Year. The 2011 Taxation Statement will contain the final distribution information and Shareholders will therefore need to wait for the Taxation Statement to be issued in order to correctly complete their 2011 Tax Return.

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Fund Overview

Lachlan Farming Limited (LFL) is an unlisted public company, which was previously involved in large-scale cotton farming in the Hillston district of central New South Wales. It was established in June 1998 and at that time was one of the largest agricultural developments in Australia.

LFL ceased farming operations in June 2008 and is close to finalising its strategy of selling down its land and water assets. LFL's remaining asset, Mooral, was recently sold to RFM RiverBank for $13.782m.

LFL is closed to new investment.

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Fund Assets

Expected timetable of payments to Shareholders:

 

Table 1: LFL Assets

Post distribution of $18.6m in July, LFL holds $1,025,814m in cash and is expected to receive further payments representing repayment of vendor finance over the next 18 months.

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Performance & Financial Information

Table 2: LFL Financial Year Returns

Returns inclusive of Franking Credits.
Past performance is not a reliable indicator of future performance.

 

Table 3: LFL Rolling Annual Returns

Share Prices

Click here for historical share price information

Table 4: LFL Share Price History

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Distributions

Table 5: LFL Distribution History

Payment Date	Record Date	Distributions Paid (per share)	Tax Deferred	Income	Franking Credit	Total
01/07/2010	01/07/2010*	$0.5891	$0.5127	$0.0764	To be advised**	$0.5891

* This distribution is the first distribution for the financial year ending 30 June 2011.
**The franking of the income component will be determined at the end of the 2011 financial year to ensure the franking is maximised. Franking credits will be provided to shareholders in their September 2011 Tax Statements.

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• Offer Documents
• Newsletters
• General Meeting Minutes

  16 June 2010

• Half Year Report

  31 December 2009

• Annual General Meeting

  Minutes

  20 November 2009

• Annual Report

  30 June 2009