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Jackob,

I think the $4,300 figure is the return from the 1996 project (delivered in 2007).  So i suspect the answer to your question is #2 - its bad so they dont want to talk about it.  Not sure where i read that though and they should really be disclosing this stuff to the ASX.  Pretty sure there is still "topping up" in that as well but dont quote me on it.

If anyone else out there still thinks MIS is viable after companies have to actually pay out returns (yes they get to hide things for the first 11 years and then a few more if they "prop up" returns) look at their latest acquisition (ASX announcement dated 05/11/07):

They bought 14,700 hectares of hardwood plantations for $47.3 million.  And the plantations were established "between 1993 and 2003". 

Assuming an average planting date of 1998 this means they have effectively bought 44,100 (14,700*3) "year 9" woodlots for $47.3million.  Dividing $47.3million by 44,100 equals $1,072 which means they have bought "Year 9 woodlots" for $1,072.  Now given they sell a year 1 woodlot for $3,300 and sell them based on research which somehow predicts 7% returns (with alot of disclaimers).  Assuming "woodlot investors" expect a return (surely they do and would expect at least 7%) they would be expecting something around $6,000 after year 9.

AND:

1. They have now increased the upfront fee making the hurdle rate higher. 

2. I have assumed that the 50% interest in the woodchip mill that was in the same transaction is worth nothing but was instead just a smokescreen to stop this type of analysis.

I realise that this is a very crude calculation but I think people get the point.  Hows that for cynical. Now you will think Jackob is a bull on GTP.