Ann: Change of Director's Interest Notice, page-3

Pete11 you cannot compare the AAC of today with that of 12 months ago.

The $80M NT abbatoir was a game changing investment for AAC - for the first time in its history the company has partially separated itself from the vagaries of the live export market and international boom bust price fluctuations of it.

They can now export processed meat and premium branded higher margin product to Asia's burgeoning consumer markets for years to come, without the ups and downs of live export market prices and sovereign political/other risks entailed with it.

Strong and Co. have taken longer term game by investing in rebuilding herd after drought years last half results, rewards will be forthcoming for many years to come.

I believe it is this very game chsnging investment that will allow regular dividends to commence as soon as they are happy with the balance sheet gearing level post NT abbatoir capex.

It is for this reason that i believe you and cparker are mistaken about SP retracing to prior lows. It is just not the same company as 12 months ago (when NT meat processing facility wasn't yet live and concerns abounded around delays and the strategy of it).

Respect you gents right to be pessimistic, but genuinely believe current SP presents great value (that i didn't think we'd see again). Guess we'll see who's right in coming months.