I thought the result today didn't offer much to get excited about. Debt levels are creeping up again relative to EBIT, although still acceptable, but cashflow constrained by the need to tie up more $ in higher priced wool.

The angling over the WSI wool scours seems interesting. Do we presume that the offer to WSI to purchase the scouring operations for $40m is simply to put something on the table in order to get Commerce Commission ruling that would apply to purchase of the ex-Hubbard/SCF related shareholdings? i.e. potential full take-over offer for WSI?

Do we think they could fund that from bank debt? The third quarter results from WSI would make it seem attractive at current market cap. And if CAV are willing to throw around numbers like $40m for for the wool scours, why isn't WSI looking better bid?