2 August 2012 – trading update

A negative trading update has seen the shares slip further.  The company achieved no conventional peat harvest during July due to the exceptional weather conditions.  Although this should not have come as a surprise, the market has taken further dislike to the stock.  The company is in a period of flux and although it is not difficult to see why some investors are jumping ship, we feel that there is potential for significant shareholder value to be created.  We continue to rate the shares as a BUY at this level.