I have read through this report several times now, first a skim...

I have read through this report several times now, first a skim through then in more detail and focusing on specific sections.
I have to say I am impressed with the progress and the reporting in this presentation and sympathetic with the delays to advance the digging of the ponds but understand the reasons stated.
I was interested firstly in the comments on page 10 regarding the New Development proposal and the stepped approach to construction requiring less capital expenditure up front and the comment later about maintaining shareholder equity.
Obviously the head-work costs have to be met and expended before a single prawn can be delivered to site, but lets look at the comment regarding the first farm of 400 ha. and compare this to the existing farms in operation in Queensland which now total 160 ha of ponds.
The 160 ha produced 1700 tonnes (just over 10 tonne/ha) at $15/kg = $25.5 m.
the 400 ha should produce about 4250 tonnes using the same ratios returning nearly $64 m.
The combined income before costs would be in the vicinity of $90 m. and growing each year as every new farm comes on line.
Certainly i am awaiting the next announcements informing us that further finance has been signed off and the photo of the Directors and Politicians standing in a row with shining shovels in hand for the "ground breaking" news.