This is a great post. This company has a long history of burning through money. Five year plans are all well and good, but given their track record I'd be very wary on whether they can actually execute on it. Your point about the farm in Whyalla being a great example. Five years is a long time. In that period they may find that their first mover advantage has been eaten away and they are left selling an expensive commodity. I can't see the mid-term upside here, cash flow is weak and profit is supposedly swimming around in cages in the Spencer Gulf. Aquaculture is inherently risky and the large investment they have made into their bio assets could be wiped out before it ever gets to market. The use of debt to fund the expansion at that point would be near fatal for equity.
There's got to be easier ways to make money than this.
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