Ann: FY19 Results Presentation, page-12

The big thing for me is the complete lack of new outlets. Also how many of the closed outlets were the ones identified in the strategic review as being loss making compared to ones where franchisees didn't renew?

With such a fixed cost business model, lower and lower outlet numbers will eat into that small profit in no time.

It's seams every part of the business except Dairy continues to perform very poorly. It's not just the domestic franchise business that's the drag.

They have been talking restructuring and asset sales for what 2 years now and nothing. No one wants to paid the price RFG need to keep the banks happy. There is no competitive bidding out there. There's only 1 party willing to look at restructuring the debt and equity. They are in the box seat to own the bulk of the company leaving current equity holders with next to nothing. What happens if they walk away?

I can't believe this didn't get any press over the weekend!

Also, the government is due to announce changes to the franchise industry in November and you guessed it, at a huge expense to franchisors.

I can't believe the stock is still trading at these levels. It's a binary outcome over the next 7 weeks. It either survives at the expense of current equity holders or administrators are appointed.