Cash has been a problem from the first year, and to be expected...

Cash has been a problem from the first year, and to be expected on a start up, especially fish that take so long to get to market.

With that in mind their constant rabbiting to get bigger, will be the death of them. There is no real "crispness" in their public plans for expansion and they appear to flip and flop on direction.

No mention of off season breeding or feed trials (remember they were going to developed a specific diet, instead of using a high fat barramundi diet) .

Aside from lacking in cash for the expansions, even if receipts grow, the costs will move up with them.

My primary concern, well I have plenty, is where is the capital for the "super hatchery" not mentioned in this report?

All well and good to smash in a heap of ponds, previously identified as unproductive through DPI research, how are they going to stock them if they are not able to invest in the next hatchery?

They have bet the company's future on selling off the assets to gain funding. If the "protein fund" falls flat, next step is partial or hostile take over.