Ann: Half Yearly Report and Accounts , page-5

I was waiting to process numbers post Olam.

I can be honest, I'm deploying serious capital at this at the moment, not all at once but out to the June selling season.

Those numbers make it clear that previous management has mismanaged this business to an extreme that I can't convey due to Australia's defamation laws.

We just have to accept previous management raised, from memory, 40% extra company stock at 3$ to dig into the ground out in WA.....let's call it Keynesian stimulas for the WA economy.....EPS would have been much higher right now.

On to the core business, current management's focus on efficiency, crop management, asset utilization, working capital management is far, far superior.

To be fair to previous management, the cyclical factors are flowing Shv's way now....higher almond price, weather and water.....but not the aussie dollar....guess which one of those would have the biggest effect? Still, overall cyclical factors are on the low side but at least price has a momentum at moment.

The key is debt, asset utilization and further creeping acquisitions. Management is playing this out exactly how I would want and I can sense some serious share price appreciation here just with sensible capital management, debt retirement and a tiny bit of luck. Another capital raising is the biggest risk but no sign of that now and the risk of that will dissipate quite quickly with more of the same 'steady as she goes'.