Ann: Market update, page-6

I’m inclined to agree with Rothbard and was a buyer today. Of course, the update was disappointing...I was thinking a profit of around 500K in the second half, and now it’s forecast to be nothing. What’s a bit unclear though is how much of the lost profit is due to ‘competitive pressures’, and how much is due to
spending to prepare for exporting. If it’s mainly the latter, then it’s money well spent, as it is the potential in this area that has attracted my eye. I suspect it’s more the strong competition than export prep that has hurt us. Still, there is very little impact on the medium term story (which hopefully will include substantial profits from US export). I too think yesterday’s selling was overdone. I’ll be looking to add further if further parcels appear for buying at current prices.