Ann: Half Year Report to Shareholders, page-163

I've been watching and reading for 2 days and as a aparist myself I am surprised at the enthusiasm about the company. I have watched it from listing and have been amazed that no risk concerning the product/commodity/actual producer (bee) is priced into the SP. The risk to the actual bees, standard of honey and overall yield of hive is at the highest risk levels ever in Australia. Extreme weather patterns, increased use of pesticides (not so much killing bees but eraticating natural food sources), invasion of asian bees (massive understated risk in Far North QLD), mites and other hive diseases all can affect yields and product quality. The one threat that hasn't hit Australia as far as I know is Colony Collapse Disorder, CDD is where the worker bees just disappear from the hive.

I'm in no way downrampiing CZZ, I'm just highlighting some risks I see that aren't financial or basic supply/demand based arguments. Could ramble on about other countries as examples and their lack of bio-security controls but wouldnt want to bore you.

Warrigals