I was of the belief that a successful plant upgrade of Kwinana...

I was of the belief that a successful plant upgrade of Kwinana was on the cards which would boost throughput and hence profitability over and above recent reports. I queried TOX on this by email and received a response from Steve Gostlow that basically stated the following: Minor enhancements have been made to both plants which has resulted in the better than forecast figures. However, TOX is now assessing the market to determine whether a major upgrade is warranted at this time.

Given my original understanding was that an off the shelf plant enhancement from Europe was available, and the intention was for it to be installed and hence boost profit, this was disappointing news to me. IMO it seems likely that $3m per annum is pretty much the likely profit outcome for the foreseeable future. Any upside in the share price beyond current levels therefore seems limited.