appalling lack of candour, page-102

Jack - they have $17m in the bank as of the 19/01/10 and all bank facilities have been re-paid leaving them with no debt. This position de-risks the company in the short term IMO.

The intellectual property values within the intangibles have been dealt with severely by the market today. What also killed it was the $14.2m loss for the last half of the 2009 calendar year and the kingfish business look like it's on the rocks. This is coupled with the apparent poor survival of the Bluefish.

On the positive, feed trial are on track and their research relationships remain strong. The new Chairman who was appointed in 12/09 has inherited many problems and obviously their business plan is needing to be substantially reviewed.

For me, it's important to recognise that the no. of shares grew from 202m to 411m in the last 6 months of 2009, principally to pay off debt. This has been achieved.

In the short term, pending fruther details for the company and subsequent possible internal review, I contend that CSS is at bargain prices (all things remaining equal).

Reasonable finish today at 9.1 (VWAP 9.4). I'd say a substantial holder or two has reduced.

Happy to hold this one for more but shareholders who participated in the recent SPP (25c)for example have every right to be angry at their lack of transparancy. I know they mentioned in mid Jan that more will be released within the Half Yearly, but the result should have been flagged previously.

IMO, this one is aching for a decent bounce on confirmation from the company about their potenital re-structuring, business plan and asset values.