Ann: 2023 AGM Presentation, page-2

The decline in gross margins is concerning.

How dependent is this newly listed company on 'crop production?'

Some of the metrics look good, but with a drought extremely likely in northwestern and probably western NSW and elsewhere, sales to graingrowers and other farmers are set to decrease one would think.

The company says macroeconomic conditions are 'uncertain'.

Describing these as 'challenging' or 'on the verge of being unimpressive' would be more accurate: a flailing Federal Labor government whose Prime Minister seems to prefer spending time overseas rather than addressing the cost of living difficulties and a Treasurer who gives coded lectures to the RBA but won't reduce the size of the Federal 'public circus', 15 per cent of Australians with mortgages having to reduce other spending, inflation spurred on by unsustainable wage increases gained by militant unions, poor productivity with working from home still prevalent in some subsectors and horticulture that like agriculture may suffer from lack of rain.

Many will quote Buffett's saying 'buy when others are fearful' but he has been silent to my knowledge re 'when others find a stock uninspiring'.