Ann: 2012 Results Presentation , page-11

Now we know why Ceo was sacked. Writedowns suggest that the WA venture is pure fiction and management was lying for long time.. A cap x nightmare, not viable. This could have been very quickly bankrupt under former management.

Love the way business is being run. Brutally honest, cutting capx, micromanaging cashflow and maximising value of current assets, not wasting cash and diluting capital and trashing share price.

Question: will there be enough of a bussiness when management squeezes everything out of the tube to cut costs and retire debt and sell off assets?

Chairman's share buys suggest yes, but its a fine call. I say yes too, but even if they 'work out', the poential for return is under 100 percent of current share price.Debt maintence is a substantial part of Ebita and growth is constrained by balance sheet.

A change to cyclical factors such as almond price and exchange rate will be major and this management is making sure Shv is alive when that happens. They should be paying a div but thats life