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It is pleasing to report a much improved season for agriculture in general. Maize prices recovered from the low of R660 a ton reached in 2005, recording highs of over R2 300 a ton during the last season, though prices have dropped sharply to around R2 000 a ton after June 2008.

Important Note

To more closely align the Group’s financial year with the summer agricultural season in South Africa, the Board elected to change the Group’s financial year-end from 28 February to 30 June during the current reporting period. This report reflects the activities of the Group for the 16-month period to 30 June 2008. Direct comparisons with the 12-month period to February 2007 are therefore inappropriate.