Ann: Market Update - Management Rights for Olam O, page-12

re: Ann: Market Update - Management Rights fo... I agree, $6 is conservative, prudent current value, especially considering SHV's recent contract, if we knew its terms, could be a downside risk even to that...

Just this morning, however I did an income sheet and ratio analysis compared to the 'glory days' of 05/06.....SHV's revenue has increased quite a bit and profitability ratios have only deteriorated relatively little...For example, SHV's own orchards were a massive, massive contributor in those 'glory days'

I guess it's a matter of perspective........back then, it was a smaller business with higher almond prices and water....both things 'out of managment control'

I would prefer to own a bigger business, maybe earning less profit........but with massive leverage to rising water flows and almond prices

SHV's simply harvests a lot more almonds than back then....and it will keep rising......that will be massive leverage as undelying conditions improve.......with acqriculture, it should be a question of 'when' rather than 'if'