Ann: Results of Annual General Meeting, page-17

Hi AO,

Just like a failed mineral exploration company would naturally gravitate to a new, more prospective, mineral project. Or a failed tech company might gravitate towards a new tech opportunity (blockchain or AI, perhaps). So too is this the type of shell that might gravitate to other milk-related assets to generate a rebirth in the company's fortunes. One of the key issues under the new listing rules is for a shell company acquiring a new asset, not to breach one of two conditions, else risk suspension, seek s/h approval etc. Basically, four months off the board and a minimum of $4m raised to get back on.

The two conditions that could trigger a suspension are:

1) A substantial change in the nature of the entity

2) A substantial change in scale of the entity.

In the case of 1AG, a milk-related acquisition is unlikely to trigger 1) given their current business (regardless of whether you think it is a good one, it is what they are involved in). This makes the shell attractive to would-be vendors with milk related assets. Look at JAT, for example, a few months back, compared to now, having acquired an infant formula asset.