Ann: Operational Update - Strong Start to FY17, page-4

Yr numbrs are not quite right but yr conclusion is correct. As per prev qtrly there will be a shortfall hence part of spp and placement to sophs will be used to fund opex.

The current stk of fish r mature so require higher feed costs based on relative biomass. We cant sell these as it will just depress prices. The co has got a glut of fish. Per recent convos and recent co updates the glut wont be cleared/normalised until FY18.

I was expecting this to occur in this financial yr but are delaying this in favour of other initiatives. Nonetheless operations are improving as flagged earlier.