This makes for unpleasant reading, and I am very sorry to the...

This makes for unpleasant reading, and I am very sorry to the shareholders out there. My reading of it is simply that the unit economics of Project Sea Dragon doesn't stack up, even if they get the NAIF funding, and the capital markets aren't willing to keep investing in to it. There has also been extensive investment in south and south east Asia for prawn development, which makes the prawn export market increasingly difficult. I doubt this is preparing for a new capital raise. This is an admission of "let's move on" and focus on Banana/Tiger prawns in Queensland, which seems like a more reasonable pathway to growth.

I highly doubt there is a takeover in the wings as a result of this or the price drop. I mean, the balance sheet is so fraught. Tassal have enough CAPEX opportunities to fund prawn growth on their own, that acquiring SFG wouldn't make sense. Not sure what the catalyst for shareholders is from here..