Ann: FY22 Full Year Results Investor Presentation, page-2

The net debt reduction to low gearing is terrific, given that interest rates are rising. To retire $73 million of gross debt (see page 10) in FY 22 ($60.2 million of net debt) is a major achievement.

The company seems to be moving ahead fast after legacy assets such as the Bendigo, Vic feedmill were sold, and the more efficient replacement upped its productivity. Good times in agriculture helped.

The share buyback of up to $20 million is interesting given SP accretion, but on balance should be beneficial. 'Mr Market' doesn't like companies holding too much excess cash.

While RIC's market share in the rural farming subsector for sales of packaged feed is not disclosed, the company suggests it has risen. More detail would be good.

It comments about rising prices for its tallow sales, something of concern to a small company I previously held, Shepparton, Vic-based PTL that apart form White King manufactures excellent Country Life soap.

RIC's great performance must be attracting the attention of other companies such as BGA and GNC, and unfortunately. private equity funds as well.

I hope it remains a listed ASX company, as I prefer to share in its gradual growth story rather than accept a takeover bid (albeit at a premium) and then have to search for equivalent or better opportunities elsewhere on the ASX.