I attended the EGM - questions were tightly moderated and Trahar...

I attended the EGM - questions were tightly moderated and Trahar avoided specific answers.

Here are my notes, in no particular order:

1. The company will not commit to regular updates to the market on progress - they consider this a waste of their time
2. The company has returned to considering phase one 360 hectares of prawn farms
3. Phase one will require $280 million - this includes approximately $150 million of capital works that will also support phases two and three
4. Phase two and three are projected to cost around $145-150 million each - once phase one, two and three are complete, there will be about 1080 hectares of prawn farm
5. Company is of the view that somewhere around late-August they will be able to announce financial close
6. This is intended to be a senior debt facility with global banks, and junior debt/bond issue
7. Nissui has not given an extension of its deadlines in the off-take agreement - or its options on the North Queensland operations. Trahar feels they have been an excellent partner, but will not go into any detail as that is a question for Nissui.