Ann: Independent Research Report issued on BFC, page-3

The reason for the seafood decline in FY17 is factually incorrect but obviously supplied by BFC as they used it in their AGM presentation. FY16 seafood sales were largely due to the sale of kingfish from CleanSeas. There was no issue with kingfish being sold to China in FY17 - BFC simply couldn't sell them (whereas another reputable South Australian company has).

You would have to question their due diligence in acquisitions. $12m for 20% of Neptune Bio which hasn't made a profit and isn't expected to in FY18??? $5m for 32% of Ferguson which hasn't made a profit??? Yet the CEO is apparently has international experience in acquisitions???

This company always comes back to asset value as it hasn't realised its revenue and profitability targets. It is designed to be spun off in parts as they grow so if you're happy to trust that management can get the divisions performing sufficiently well to sell but receive little to no dividend in the meantime then this is okay. They should be able to do it but the start hasn't been a good one.