Ann: Ceasing to be a substantial holder, page-6

You would expect any take over to be at or above NTA  (would of course be lower offers or indications to start with), especially if the benefit of focusing on high quality, higher margin meat sales continues.  However!!!!  Any talk of a take over has always been speculation only.  The short to medium term opportunity with AAC is getting confidence that the operation of the company can consistently deliver profit and cash.  We have seen evidence that it is possible in the last 5 years, lets hope that can continue and be more consistent. 

The current share price flies in the face of all the talk and focus on Ag and land value.  No question AAC has some of the highest quality cattle production assets and highest value cattle and it is reasonable to expect those assets would make at least their carrying value if they were sold.  Surely the base share price should be somewhere close to NTA.