I'm a bit late to the growth conversation but I would think with...

I'm a bit late to the growth conversation but I would think with limited current funds for acquisitions TFL would probably look for some add-ons to the Dairy business. They picked up Pyengana cheaply and in Pyengana have the benefit of a known brand and a premium product in the cheddar cheese range.

With Jane Bennett's experience in the dairy product field they have been able to expand the range of milk and cheese products and add ice-cream.

This has been a classic low risk acquisition compared to the left field Shima Wasabi purchase. And smart people like the current board members wont make the same mistake twice. Aquaculture would appear to be capital intensive and a specialist field. High risk.

They have $6mil in cash less the $2.5mil set aside for the poultry expansion. You don't buy a lot for $3mil but another Pyengana would be very handy.

I just hope there is no rush of blood to the head to do a capital raising at these low share prices and dilute our equity. I would expect any capital raising to wait until after the share price rises above the level of the last raising (17 cents).

The company is on track for a good year and I am hoping that profit will be $2mil plus for the year. That's half a mil per quarter on average. This is very doable and we will see a share price resurgence when it happens. $2 mil profit would put TFL on a P/E of 12 and for a company growing revenue yoy at 20% that is extremely cheap.

Gool luck.