Ann: Update on ADP protein Plant, page-13

PBP is a mishmash of businesses that have little synergy or cost benefits to work together. High value milk fractions and weight loss products need heavy bullshit-marketing and a publicity-savvy management whereas contract pharma manufacturing needs exquisite operational and cost management expertise. The one in the middle - their ethical product line is a tired bunch of me-too products that will take a magician to squeeze out any sales or profits. These three businesses should separate and one or two might just need flogging off or euthanasia. Of course, the cynical minded would say that it is a good living for the management to keep investors strung along for a good while yet.