Some random thoughts:

D20 could be attractive especially if we enter a dry couple of years. NSW/QLD has been wet but SA and VIC have been quite dry.

Bull

Decent discount to NTA and on buyback starting. Decent fully franked dividend. Regal could easily decide to take it over - they're acquiring every other asset manager under the sun at the moment.

"Government plans to recover up to 450 gigalitres of water entitlements. This equates to approximately 5% of water entitlements on issue in the southern Murray Darling Basin. However, this represents a much larger percentage of free float." 

Bear

Dividend needs profits to remain sustainable. Decision to start using forwards to hedge prices could limit any upside from dry conditions and higher water prices (shouldn't they have introduced this a few years ago when prices were high and had been for a while) not now when prices are low.

Do have some concerns about Grant Thornton being appointed as auditor given recent history though.

Last capital raising was a placement to instos only.

Also could be some more tax loss selling into June 30.

Neutral

Received cash from recent TWE call option exercise.