Ann: Preliminary Final Report, page-20

Think about Manuka... If you explore join venture with Comvita, you will see huge investment in last two years that made loss $600k... That joint venture will boost Capilano profit 35-50% in next 2 years.... (without calculating positive currency exchange)

Diversifying supply, lowering cost and creating new JV (WA and VIC)... Splitting Beehives in last 2 years also will start to bear fruit this year.....

At the end company is cheap as chips and in 3 years should heave at least $2 EPS imo.

I don't see any premium with current offer...