Ann: Half Yearly Report and Accounts , page-10

That's a good article......and explains what is a very complex situation

Difficult to weigh up some of the reasoning.....

The reasoning that its a bonanza for Select is interesting since obviously the project is in early stages.....and is a capital expense rather than cash cow...that is why MIS investors are walking away..the bonanza for Select would come in high almond prices when the orchard is producing....

The article also describes California as 'high cost' production......whilst the data I've seen has shown Australia is actually a lower cost producer......there is not much in it...California is of course about 90% of global production, so how could it be high cost?

Granted that, the lowest cost producer in any field will always have a special margin advantage.....this one special project could of course be as valuable as the article suggests....

At the end of the day, Select's long term fortunes seem to hinge on the same things.....the price of almonds and their costs base....one's investment depends on a favourable view on these things