Needs the rand to weaken. The preferential price into the EU is no longer meaningful in light of the recent run in the sugar price; AND they have huge capex commitments which have already lead to substantial additional shares being issued (dilution is never a good thing - short term.) BUT if you have a longer term view... it must be one of the best pure sugar plays available on any market. The chart looks like it has bott-out for the time being. I will look to buy a few at around these levels. IMO.