MarsCI should have said IMO "There has been some material...

MarsC

I should have said IMO "There has been some material changes in market conditions that will see the company through this current period." That's what I meant.

It had similar debt levels in 2013 and a lower asset base. The operating leverage here is significant, with them probably selling around 700k dozen eggs a week. 10c lift in prices adds $3.6m in operating income and so on. The breach of covenants isn't ideal but has existed since before the half year report. The bank will have them under a microscope but again if the two factors that have driven their earnings away are reversing whats the bank going to do?

Potentially we are seeing a replay of 2014 when the AI outbreak caused a large cull.

There is always risk/reward. At low .20s it's EV was around land and buildings, which would be understated with land at historical cost.