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  "notes": "The slide highlights a discrepancy between the accounting label 'Investment in own plantation' and the actual nature of the transaction (offsetting debt from defaulting growers).",
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      "text": "Investment in own plantation: During the year the Group acquired mature sandalwood trees from existing growers and re-acquired mature sandalwood trees from growers who had defaulted...",
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      "text": "As the Arwon loan allows these transactions to be conducted as in-house journal entries, this cash outflow is a net figure of the buyback sum offered against amounts outstanding by defaulting investors.",
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      "text": "We think it is convenient for Mr Wilson that put options were only offered to investors in June 2014, and not in subsequent or previous years.",
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      "text": "During the year the Group acquired mature sandalwood trees from existing growers and re-acquired mature sandalwood trees from growers who had defaulted on their loan repayments and part of the proceeds ($40.08m) was offset against amounts the growers owed to the Group (included in Current Trade and Other Receivables). — Note 25(iv) TFC Annual Report to Shareholders 2014",
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