Thanks Plough, this starts to give me a lot more confidence in...

Thanks Plough, this starts to give me a lot more confidence in this stock and I can only assume that the previous takeover attempt at much higher share price levels indicates that others see some value.

Perhaps the absence of opportunistic bids at this stage is more endemic of the general share market and difficulties in raising debt and capital.

The share has very low trading activity (and therefore liquidity) and I guess that investors may have dropped this stock from the radar as the share price has been on a downward trend since August 2005 and they have probably lost interest, however the price relative to earnings appears to be oversold (given the assurance we have received on the debt structure and balance sheet position).

From the CFO's comments and past performance in difficult conditions it appears that management have a good handle on things and this is really the main thing that provides confidence as the effects of good management can never be underestimated.

Management have been able to control expenses and increase profits in the past even though the cotton crops have been declining so this share should generate even better returns once drought conditions ease.

In the medium term the lower aussie dollar may also assist plantings due to the increased attractiveness of our exports.