Strategic Position in Food Supply Chain, page-2

Thank you aend and I agree wholeheartedly.

I am a little troubled by the Investec consultancy - though I support the idea all options should be considered.

Let me explain.

A small feed company acquires a revolutionary food additive. It dramatically lifts prawn growth and shrinks mortality. Research is needed to quantify the prawn gains, refine production, scope marketing, test on other species and another hundred things beyond my imagination. Research takes money.

Meanwhile, the feed business needs capital to upgrade facilities and product in the normal course of business.

The potential up-side of supplying a unique in-demand ingredient to the world's prawn farmers is very large. So are the risks, up to and including the possibility Novacq is a dud.

Should RIC share the risk and reward? Is the existing capital base large enough to support the development of Novacq? Would shareholders support a capital raise or raises? Would an outside investor bring needed expertise? Can RIC retain control over this asset with unknown, unlimited potential?

The BoD need to satisfy themselves on these matters and more. To a complex set of equations like this, there are many coherent answers.

For my part, I can say:

I will support a capital raise and low dividends in view of these brilliant prospects.

I want RIC to practice good science.

Ash