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Cattlemen's Heritage answers are clear
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Posted 11/23/2021 16:21 (#9337098 - in reply to #9336788)
Subject: RE: Cattlemen's Heritage answers are clear

Thank you for the explanation, it is helpful.

This project would be great for Mills County and neighboring counties if it proves successful. It could be devastating to investors and our community if it is not. I was only asked to review this document so I only know what I read. Healthy skepticism on any investment, especially one like this is important.

Your point that the main organizer has incurred expense to this point is understood and was acknowledged in my post. Your point that Class B shares will need to be issued to future management is a good one as I would think it would be necessary. Buying the land at the proposed valuation seems reasonable to me.

My simple way of looking at it and why I decided to see if anyone could explain this to me was that as proposed in the sources of funding page:

Class A puts in $4MM
Class C shareholders put in $150MM
Grants are $38MM
The rest to fund the project is debt
Total Equity = $192MM

With a total of 294,200 shares the simple book value is $653 per share, that Class C folk literally just paid $1500 per share for.

When you say Class B is responsible to secure 2/3 of the total capital, I understand this but much of this money according to the sources of funding page is going to be bank loans and to a lesser extent government grants. In a nutshell, it still seams to me that Class C pays in 150MM of the total $192MM or about 78% of the capital to only end up with about 33% of the company.

Also, I did in fact in my earlier post thread suggest that people reach out directly to your company.
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