Ann: COZ 2014 AGM Presentation, page-4

Good find Longreach.

Although the report is only two weeks old, I don't think it will do much to boost the share price in the short term. I suspect it may encourage some new buyers to jump in on any share price weakness over the next few months, however.

Summary:

Initiation of coverage Price Target: $0.13/sh

COZ has two primary interests being a carbon offset business and more recently an emerging aquaculture business. The carbon business ticks along generating approx. $1.5m in EBIT per annum driven by long term carbon offset arrangements. The aquaculture business involves prawn farming and processing operations which have evolved significantly over the course of the last 24 months. In our view this business is set to generate modest profits in fiscal 2015 from existing Queensland operations. The blue sky, which has considerable potential upside, is a proposed large scale prawn farming operation in the Northern Territory (Project Sea Dragon). This idea has had $12m spent on it to date with a (as yet unfinanced) Bankable Feasibility Study (BFS) planned to commence during fiscal 2015. We initiate with a Speculative Buy and a $0.13 12 month price target, valuing existing operations at approx. $0.06 and with $0.07 attached to the significantly risked blue sky.

....We initiate with a Speculative Buy recommendation; there is still lots of risk , not the least of which is financing risk, attached to the overall dream of a substantial prawn farming operation however at $53m market cap there is considerable leverage and COZ are likely further down the path than many would realise.