Ann: Annual Report, page-3

The report says that debt fell from $4.2 million to $1.1 million during the FY (page 11) (and will be fully repaid by the end of September). Is the $2.9 million number from the interim report or am I missing something?

Perhaps a little simplistically, if that $3.1 million debt reduction can be taken as a proxy for free cash flow not required for capex and was be distributed as dividends going forward, that equates to a dividend yield a little over 24%. Obviously, I don't expect anything like that but it gives an indication of just how cheap this company is at the moment. Even discounting for the biological, political and climate risks, it seem like the shares should be trading much higher.

The 14% fall in share price really surprised me (even allowing for the usually anaemic volume).