25,000 tuna next year ramping up to 200,000 tuna40 mill cash for...

25,000 tuna next year ramping up to 200,000 tuna

40 mill cash for working capital and no debt

A profitable YTK business with sales of $40m and positive margins expected to increase.

Margins in SBT will be very high as CSS will be one of the few producers of SBT left in the world - actually of any bluefin tuna.

On conservative management estimates of $10/kg margin - which equates to a $20 selling price and $10 in costs, if CSS are selling 10,000t of SBT and 4000t of kingfish then they will be making $85m in NPAT - 20cps on 15x gives $3.00

The upside to these numbers is if CSS goes well beyond 10,000t and if the price is significantly above $20/kg (which it has been historically). Any price above $20 is pure profit.

Comments?