Ann: Appendix 4D - Half Year Accounts , page-4

Agree this makes no commercial sense at all declaring a dividend. Baffled by the boards action on this when they state 'earnings and cash are generated in the second half'

Allowing for Tassal a turnaround from a $2.2M loss is naturally promising but when the board goes on to say the strong A$ is creating challenging market conditions reflecting small margins, are we being softened up for a poor second half? I think so.

It appears onions will not do well this year as the market is 'soft' again reinforcing the second half could disappoint as onions were the main profit driver last year.

Lets hope the faith the company shows in stating last years profit before tax of $1.9M will be improved upon for FY12 comes to fruition by a good margin