Ann: SFG AGM Presentation, page-53

This is from a fairly uneducated position but this is what my gut feeling is telling me, and my brain.

firstly, it’s producing revenue and has zero net debt. Sure, the zero net debt comes on the back of a big raise and subsequent exorbitant expenditure, but their NTA was previously close to 50m if I remember correctly. My thoughts are that since 2020, the company dragged its self and investors through the mud through their lack of vision and as such subsequent board spill. Imo the damage was completed at .007, which is around 36m mc on what is likely +20m and g rowing yearly revenue with improving margins. Frozen is larger than fresh and just think I’d they can increase that export segment significantly moving forward- cue in PSD for scale. But big project aside., I think that sfg’s production didn’t have the chance to reach the full businesses potential. Now from what I’m gathering, the start of last year to date, production has been stable and so I’m assuming it’s rising as my base case. Imo, the China reopening could have a big impact on the agricultural sector, particularly in the seafood market. Ultimately I’m hoping Ian’s renewed confidence comes off the back of the same idea of increased demand for sustainable seafood and a marked improvement in the performance of the business. I mean, it’s practically been shit for the sfg business the last 3 years so time for redemption? Would be interesting to see if bemused observer thinks there is any chance of redemption to this. Has to because what’s the point of holding then?

So I’m bias and think sfg could see some revenue growth but question is what margin and what sp would be reasonable? That’s why I think for now .008 and .009 is floor. Hoping anyways as I’ve accumulated ~2.2m shares at.009 and have a little more I’d like to get to get to my position size. Thought I could maybe get .008 but something is up with the sp. we need more volume and as such interest. The upcoming reports might garner some interest perhaps.