Ann: Conversion Notice in Relation to Convertible Notes-AAC.AX, page-6

I would say that export markets are facing headwinds. Buffalo boxed meat headed into Indo, US cattle prices have slumped pretty badly.
Our prices have largely driven by "grass fever" as restockers bought whatever they could to take advantage of one of the best springs in living memory. Processors have been bleeding for months now and probably taking this opportunity to knock the prices back.
Generally, numbers will remain tight as the herd rebuilds but I'm sure we can say that we have seen the peak of this cycle. We have certainly put it in our diary as the peak occurring several weeks ago but who knows.
The thing that really worries me is the exuberance among people wanting to get into beef especially large outfits. This sort of behaviour usually signals the top to me.
Longer term I think prices will be profitable but it's always a numbers game, the effect of the A$ and overseas production. Brazil will be a significant competitor to Australia.
Good luck if you decide to re enter. I've never held AAC as we are exposed to the beef game via our own property. (Nth east NSW)