firsthalf net profit up 44pc to 18.6m, page-16

Hi Plough,

I think one thing that is holding NAM back (and helping us to accumulate) is the share buyback. This is having the effect that it looks like the profits are lower than actual and makes the divi low. All the better for accumulating and should lead to more strength as my calculations are that they have bought about 20% back now.

Of course this is only my view, though I am happy with their operation. I think this years crop will be still low, though if there can just be some water in the storages to raise the future crops, we should get another great year in 2010. Mop.