The finance comes with a 30% production hedge. That needs to be...

The finance comes with a 30% production hedge. That needs to be nominated in ozs to be useful, but I am quite happy with it. Its usual practice and has positives and negatives.

The main negative is that CCU's effective price for its production is 66% (not 100%) of any rise above current price at the time of production. Which is still pretty good.

The positive is that the debt is under control if management goes bad for any reason, or if the Ag price were to collpase.

All looks good to me..