Timber plantation company Great Southern Plantations recently announced a deal to buy 84,000 hectares of land from Challenger Financial Services Group for $71m. The land, which includes a total of 54,800 plantable hectares, is made up of 8,800 hectares of unencumbered land and 46,000 hectares currently under plantation in Western Australia, Victoria and South Australia. To us the deal looks like a reasonable one from a long-term perspective, as Great Southern is a big buyer of land each year and this locks in a whole chunk of it at a fair price. What concerns us more is that management seems to be getting more optimistic in its projection of future opportunities. And while that's not necessarily a bad thing, it causes some angst around our office. The deal will be funded via the issue of 28.3m shares in an institutional placement at between $2.35 and $2.50 a share. Us smaller shareholders will be given the opportunity to buy up to $5,000 worth of shares at a price to be announced in coming weeks. We'll have more to say about that when the details arrive on our doorstep. But, with the stock up 8% since issue 147/Mar 03 (Take Part Profits-$2.55), although not trading again until tomorrow, it's starting to look a little steep to us. Depending on how the stock opens after trading recommences, we recommend you TAKE PART PROFITS above $2.50, although don't forget the important tax considerations we highlighted in issue 147/Mar 03.