I presume this is BAF that is listed on the ASX. In the past the problem with this company is a lack of cash flow. Two years ago the main source of cash was share purchase plans. The last was for $1.10. They have used those funds to buy back shares at bout 85 cents, shareholders must be pleased. Last financial years their main source of cash was sale of assets. The water rights never seem to lead to a inflow of cash, The half yearly report I am looking forward to, to see if those water rights are finally making money