I recall they got into all sorts of bother a while back with...

I recall they got into all sorts of bother a while back with growing out a heap of biomass and having no buyers. While this is always going to gnaw on the confidence going forward, I am quite sure that current management have no intention whatsoever of running the risk of this happening again. Given that, as Timber said, farmgate price have lifted significantly this last year, and the guidance for FY18 is very strong, though still quite linear with recent growth trajectory, they clearly see a big market opening up for us in the mid-term future.

Unfortunately, the nature of our business is that we have to plan for demand a couple of years out so we can firstly get infrastructure in place, and secondly to actually breed and grow out the product. The fact that they are asking for this chunky amount says they mean business, and that they likely have suitors who want product that we just don't have.

Same issue struck MCA (one of my other fish plays), an Asian hotel chain wanted 500t of Murray Cod and they just didn't have anything like that capacity at the time, much less biomass. To me, this CR is a big play, and I feel very confident that the Board would not be looking to accelerate expansion without some very strong leads for a buyer

Pity about the SP hit, but I can handle one step back, two steps forward