Ann: Presentation - FY18 Results, page-2

there is not a piece of this puzzle which cannot be described as excellent ... except the share price. Shame that soft market prices during initial ramp up period ... would have made so many differences having that additional cash earlier.

IMO the preso does have a ring of salesmanship about it ... not sure why. It does make BSE look quite attractive ... maybe industry consolidation is not over and BSE feels the need to cast itself far and wide. Don't know, we'll see I suppose.

If only it would trade at something nearer a sensible PER ... As Toliara progresses I do think that BSE will trend towards something more realistic, but until then ...

Have a great day.