Ann: Annual Report to shareholders, page-2

Well that's a positive AR, particularly on the core business, feedmills. I always like widespread continuous improvement and incremental investment themes, including new plants. All under control.

The Nocacq prawn feed additive seems to have excited management, with very forward language about its potential and desire to enlarge the CSIRO license area beyond Australasia and SE Asia. A plant 'within months' to service Australia and forward plans to replicate it overseas suggests a major opportunity.

Dry Creek and Moolap land sales are more protracted than expected. They are both very big sites located inside Adelaide and Geelong. The government planners crawling all over Moolap understandably want to get its development right, particulaly as Alcoa's adjoining Point Henry site can be considered in conjunction. In my view, the delay can only add value. The Moolap site calls for a very high quality canal development. While Port Philip Bay is huge, there are very few sites that can be used this way and vendors will be able to name their price for canal frontages. Be patient.

Happy shareholder.

DYOR