Ann: Becoming a substantial holder, page-4

So example A2 milk net profit after tax around 140 million and growing 25 percent year on year 3.5 billion dollar market cap. IEL facing slowing growth 20 percent growth net profit after tax 160 million 6.1 billion dollar market cap. You’re moving towards an PE ration of 30 times because of the risk. You moving back to a 4 billion dollar market cap and maybe lower because your net profit this coming year will be impacted.

Fair value based off risk and competition growth in the market your looking at a 15 dollar share price and could go lower as more competition comes in.