To me it's not so much the directors as it is the management -...

To me it's not so much the directors as it is the management - see 12.5 Executive Remuneration tables at the bottom of page 73 in the 2021 Annual Report. I'm not a fan of dilutive equity payments but I don't think they're terrible people I was probably a bit reactionary with my previous comments.

There are a comparatively large amount of directors but I think it's crucial to realise the structure and width of the business dictates that to a large degree and it isn't necessarily a bad thing especially the grower directors if they are properly representing the growers.

In terms of the RMB directors quote I'm not sure how you see that as too much influence given the controlling Class A shareholders voted to reduce the number of RMB positions and the single desk gives Sunrice a fantastic position. Class A growers control the company, that's just how it is - it's their assets and hard yakka that prop up the company especially the grain infrastructure that has enabled the establishment and purchases of the other profit businesses. There was a lowball takeover attempt that would have collapsed the share structure into a single class and given control to some Spaniards but look at Tully Sugar and ask yourself if growers should be masters of their own destiny with the assets the previous generations of the hard laboring local community built up and entrusted them with or slaves to an international owner who can lock them out willy-nilly.

There is one substantial Class B shareholder if you see the announcements on 20/10/2021.

I understand your frustration because on the surface it should be valued much higher and it being consistently "undervalued" doesn't make sense but I think it's crucial to realise that the Class A/Class B structure is more co-operative in nature than just purely profit driven. I like this personally because it means that the Australian rice growers are supported when times are tough so that they can be around when things get good again. I have sized my position taking in all these factors, it will never be an aggressive position to me - unless it becomes ridiculously undervalued again like in March 2020 - precisely because of its structure but like I said I don't mind this at all because of the benefits it provides to the growers.

Check out pages 9-25 of the 2021 Annual report to understand the rice pool and profit businesses and how they co-operate. I wouldn't expect any type of major restructuring, they are co-operative not just purely profit driven and it's up to the individual shareholder to decide if they're ok with how things are before investing.

$/ton you can find on page 19 of the 2021 Annual report and if you go back through the announcements there are plenty of letters to Class A shareholders in regards to the various CY pools and their statues/pricing.