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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (5499)	12/20/1998 8:03:00 PM
From: Paul Chapman	Respond to of 78666

Point about SVIN well made! In the annual report for 1997, note 12 under Commitments and Contingencies states that farmland leases cover 1433 acres with unexpired terms ranging from 7 to 30 years. If this is part of the 3,600 acres operated for their own account, then the cost basis for the owned property (2167 acres) is bumped up to $3,000 per acre, still well below market value. In estimating this, I have not made any allowance for buildings, so the cost per acre may be high. Regarding the wine dividend, last year's was $50 for each 100 shares to be used to purchase Scheid wines up to 50% from the retail price. It was payable to holders of record May 15, 1998.