Ann: Annual Report to shareholders-NOR.AX, page-165

I wrote a lengthy reply, but Hot Copper got the wobblies.

To summarise, tell me about the algebra. Are we talking about options valuation ?

I do know that if you have two shearers averaging 38 sheep a session each and you have 1954 sheep, you can spend your rouseing time estimating cut-out time. Not allowing, of course, for Disco's misdemeanours in the shed, and the delay in filling out forms because you have a hyphenated name and the shearers are called after their Maori ancestors with about 23 syllables each.