What a stunner - a bravura presentation, and one for the times...

What a stunner - a bravura presentation, and one for the times .... the outstanding competency, assuredness and see through value here, should make this a very safe investment in a volatile market. The emphasis on financial reserves and the ability to self fund RED's abundant organic growth opportunities, does not rule out further M&A ... in fact it may enhance it.
Any way M&A participants can avoid banks getting involved on banks terms is a highly desirous outcome.
PS. note the hedging is short term, and 7% of reserves .... NOT a worry.
PS. note the accumulated tax losses that can offset profit tax, and, in the case of Sugar Zone, adds to the corporate appeal of the developed prospects (?)