Ann: Microcap Conference Presentation , page-7

Thanks for coming to the (mad hatters tea?) party.

Maybe I’m giving management the benefit of the doubt, but I viewed the TGR sale as raising cash to buy Gunns’ walnut assets, ie. a strategic move. Not desperation. Please correct me if you think I’m mistaken.

I wasn’t a fan of the passive TGR shareholding. If I want to buy part of a company, I like to buy directly, not through some diluted backdoor route.

Now management runs the whole company, not just part of it. Management has a chance to prove itself. Walnuts is TGR’s future. Its managing director is a walnut man. That’s good.

I don’t know the full history of the carrots business, but I accept your judgement that management didn’t do well. But they did eventually cut their losses, and I give them some credit for that.

It seems to me WBA is a countercyclical purchase. Sentiment towards the company appears poor. Sentiment towards managed investment schemes is certainly poor. The $A is high, affecting the competitiveness of their exports. Onions are hardly a sexy product, (that said, I quite like what I’ve read about their onions business).

Like you, WBA doesn’t fit my usual investment profile. But I think it may prove to be a good business. I’m looking forward to seeing how management performs.

For the record, I’m new to the company, acquiring my stake during August last year, with a top up last month.