This was a great result. I was only expecting around $7.6M. REO...

This was a great result.

I was only expecting around $7.6M. REO is up again to 21.31% or 24% for N. Revenue growth will come with the additional free range farm, which is being paid for by working capital hence no dividend. Why would you even want a dividend when the business is generating a ROE in the twenties and increasing every year.

Also lets remember the business also generated the roe while paying down all LT debt, which is at 4% (in other words by paying down debt your return is only the interest you are paying) so the result could have been much better if they could have reinvested for an immediate return. . Such as buying a business, but that can be fraught with danger so I am extremely happy that they could increase the roe while paying down debt.

I believe it's safe to assume that commodity prices are staying lower for longer at least in the medium term.

This is an illiquid stock and so 0.37% of ordinary shares were traded today which is trivial, but it knocked the share price around. I certainly don't believe the move today represented most investors thoughts.

Anyway what are other people's thoughts?