August has been an interesting month, albeit not as productive as planned due to the flu.
Firstly, we have determined a method of valuing the gardens, and this is the company. Of course, its accuracy is debatable, and the final value will become apparent when we sell vanilla. Nevertheless, it is a midway house between optimism and pessimism.
We base each garden on its projected income over the next five years, not the fifteen or twenty usual. The yield is based on our experience and the price is less than half the current price.
While the value is interesting, the main benefit is that we shall be calculating it, in the same manner, each month, so we can see how the company is progressing over the forthcoming months. Next month I hope to have the first valuation ready.
We anticipated by now to have sold a large number of shares, and indeed we are selling our minimum requirement without too much of a problem. However, each time we enter into discussions with a large investor, they proceed under the delusion that we are in desperate need of their money and try to obtain shares for enormous discounts. We decline.
We are offering shares in the belief that investors will make a great deal of money from them. We see ourselves rather like penny shares, with enormous upside potential.
We have completed the redesign of Garden 5. Previously, it has 1,100 vines that weren't doing very well due to the existing tree cover. Originally we thought this a good thing. The landowner has been persuaded to fell the trees and we have converted them to raised beds. Now there are 1,900 vines in place and we expect them to thrive. I'll do a photo report shortly.
This leaves us with just Garden 6 with the caged tree system, and we'll leave that a little longer because they are still doing well. Garden 16 is looking very smart, with the shade trees beginning to bud. Garden 15 is receiving vines and doing well.
We have agreed on a deal for Garden 17, and it's huge. We intend to site our processing plant here and still have 5,000 vines. The contract is due to be signed on the 5th, but we have already started clearing the land.
We are launching a new service, in response to the requests of a couple of you, where we are making shares available as gifts. You will see this very shortly, where people can give a little as one share to somebody.
Thank you for the idea!
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