Ann: SFG EGM Notice of Meeting, page-23

Muffin thanks, heated and with real butter.

My post got moderated due to my last comment but suffice to say I don't disagree with anything you posted in principle however the proposed design layout uses the non-flood plain areas for the tiger prawn pond development and this renders the station of low value for continuance of any form of bovine production other than maybe wild water buffalo. Also the live export market is not where the station should have headed but more so into carcass through either Livingstone (AACo) or even the old defunct Kunanurra abottoir and do this through a JV - AACo / Elders / Ruralco plus RIC for feed production for both prawns and bovine. Combine these into a multi-party JV using a unit trust basis for the acquisition of the station and allocate the acquisition cost and capital improvement cost across the parties or fund externally and also spread the revenue risk.

The current approach pushes too much earnings risk to the potential new buyer of Legune Station whilst wanting the best part of the station for its own purpose on a low cost lease arrangement. Not an appealing proposition for an incoming owner.

If SFG acquires the station then it has the challenge of the cost of development as the station is a leasehold arrangement and cant be secured against pushing SFG up against the wall for securing funding as it will depend on either the freshly inked off-take arrangement to support capital funding for future product or a massive range of CR's on the market which will dilute you all beyond believe or a range of debt instruments.

In the meantime it has the existing business to run and other plants to manage and the financials aren't looking to exciting right now based on the last set of announcements.

It just doesn't sit well from a retail share investment perspective right now for either growth beyond an indexed market fund or any possible yield inside the next 5 or so years if not longer.

Now, where is my muffin?