Interesting to see Cooke Inc continuing to accumulate Tassal around the same price they made an offer (non-binding, indicative, incomplete, conditional etc.) to buy out the company last month. The offer of $4.85 was rejected by the Board but the share price immediately appreciated to that level suggesting the market thought a superior offer might be forthcoming. If Cooke do intend to up their bid it makes sense to take some shares out of the equation at lower levels. I think there is a very good chance that Tassal will no longer be a listed entity in the next 12 months,

From an ESG perspective this book is very damning of the salmon fishing industry in Tasmania and predicts it's demise due to the disruption of land based salmon farming and the lack of sustainability. Pollution, animal rights, environmental destruction, animal rendering used in feed, false health claims, community opposition, high emissions. It certainly has made me decide against buying Tasmanian salmon.

In my ongoing (and frankly losing) war on the use of questionable accounting measures I present to you Tassal.  Flat on an EBITDA basis year on year, but up 21% on a 'controllable EBITDA' basis.  

Hey Andrew, my Strawman performance is up 2000% on a 'controllable' basis.  Do you mind fixing that up for me?  Now if I can just get Nabtrade to update my RL account...

[Not held]