Hello saintexTrue you didn’t give a forward forecast, but you...

Hello saintex

True you didn’t give a forward forecast, but you did say the implicit projection of no future FCF was probably too cautious. I think there are increasingly grounds for believing that south sea pearls will remain scarce for some considerable time, and that farmers of said pearls will command very high prices. In that case, it’s way beyond too cautious! In terms of your numbers for this FY, I’ve made a case for a rising percentage of marketable grade pearls, and hence a larger harvest plus b/f inventory from previous harvests - it will be interesting to see if this happens.