Ann: Correction - Exercise and Lapse of Options, page-21

Am I correct in saying that because a ship carrying phosphate from Morocco got attacked by pirates on the way to Central Asia, that they reported a outlier pink sheet number (from what I can ascertain, the non saleable amount appears to be the dollar amount of the cargo born by the buyer in the event of such a mishap?) versus the full sellable price. And due to this data, CXM tanked.

Wouldn’t pirates attacking phosphate laden ships further restrict supply especially to Asia (given the route the pirates attacked on) and in turn, would this not be positive for phosphate prices going forward and in turn CXM?

Was the dump yesterday a massive knee jerk reaction and the buying today a great buying opportunity? Or am I misinterpreting the events?