Ann: Clover 2013FY Results - Investor Presentatio, page-11

re: Ann: Clover 2013FY Results - Investor Pre... Hi Alnby,

Thanks for that response.. It's rare to get something so reasonable and thought through on hotcopper. As you know, a lot of the posts here are just cheer squads working themselves into a tizzy of confirmation bias.

I think the point you have highlighted is completely valid. However, one thing to consider is that another possible hypothetical situation is that clover could just stop trying to have other projects.

Clover projects don't always work. Indeed, millions were lost on the Soy JV. On the other hand, the cash generated by the company seems to be split between dividends and innovation, which is, to be fair, what the company has stated it will do.

It's yet to record a second 'win' but at least the possibility of total capital loss is minute. Should the R&D spend be another drain, then I agree it is worth somewhere in the 30-40c range. Arguably part of the reason there was a re-rating since early 2012 was that they closed the soy RV (thus plugging a money drain).

I think its reasonable to hold.