completing undervalued, page-3

I think that's a fair comment, and a valid concern even if the issues in Tasmania were confined to certain areas. However, it's also the reason I was quite happy with their recent announcement regarding a 50% increase in Cowell operations, since:

"The lease also comes with the rights over the Lessor’s spat allocation entitlements that are associated with this water."

So if I may take a selfish view to the situation, with AS1 increasing their allocation rights and entitlements, hopefully it's others that feel the pinch more than AS1 if any such shortage from mortalities were to occur - since I imagine there'd be a bit more of a 'buffer' for Angel. If others in the industry ultimately sell-on or step-out, forced or otherwise, I'm sure AS1 would be too happy to take up their quota. At some stage supply/demand economics may play out on retail prices too, perhaps.