Ann: Appendix 4C - AHF, page-24

Last year, they did not issue a JunQ commentary. They then went on to announce a $3.7M FY loss, compared to a 1/2 year profit of $300,000. This year, H17 was a loss (not a profit) and now, with performance, utilisation, sales, margins, and failure to even match up to their own rhetoric, it is very likely indeed that there is simply not enough upside (through farm revaluations, sales, milk, cattle or otherwise) to overcome the $1.085M H17 loss. In other words, there will likely be no commentary at all because of what they're going to end up announcing as part of the FY results.

As it is, they should already be considering pre-announcing their position.

The longer then that it takes for them to release a quarterly commentary, the more likely then that the FY results will be significantly -ve. After all, right here, right now, they are repeating the pattern of F16 (right down to the digits).

Michael, either release the quarterly commentary, or pre-announce. Which one is it going to be?