Ann: Becoming a substantial holder, page-132

I was into about beer No 3, by the time that ann came out.

More than happy to have now read it - thanks for the heads up.

For them to be slowing the run rate of the DSO, they must be in a very sweet spot.

To put that another way, they are already preferring to retain lower value production, and add greater value just a little further down the track.

Even the DSO seems to be throwing off cash at a very handsome rate.

Plus, I doubt they're over gilding the lilly, with the statements about the interest evident in buying some of the 49% of Wodgina on the block. That's somewhat confirmed by the comments about the input into the design of the downstream processing stages, by the parties looking to buy a slice.

But, as they do, and have long done, they're structuring it so they capture the much of the value added in the processing.