Good Write Up From The Boat Fund - Feb Report, page-2

Nice write up, my buy order executed today @ 1.07, will be happy to purchase more if the SP continues to fall.

The thing I see as most appealing is no debt and 15c EPS... There are only a couple of options from here, either hold a lot of cash, pay a divvy, buyback shares or make an acquisition. All are positive for shareholders compared to the last 4 years in which FRM used earning to payback debt... I keep on thinking that even with a payout ratio of 40% this is a 5.5% divvy. It could take 12mnths but the 2018 outlook should be $10-12M cash (ready to pull the pin on acquisition), 6c divvy distribution, no debt - future growth as per aussie egg demand.

The drive in SP from 2015 onwards (30c to $2.60) was no doubt driven on expectations of a distribution. A couple words of honesty in the finanial report has, presumably the same people who bought at $2.6, selling at $1... bizzare... I see a lot of upside, key is no debt , FRM can easily weather any curve balls thrown at it by the industy or oversupply and are in a position to profit from it...