Ann: 1HFY21 Results Presentation, page-55

I have a sentimental attraction to Bega as an Australian entity (whatever that really means with an international share register) but restricting foreign ownership only destroys shareholder value - it’s a strategy that cuts off your nose to spite your face. You only have to look at Lion Dairy & Drinks where the acquisition price reduced 10% once the government prevented sale to Chinese interests. Ultimately it was shareholders who paid the price of blocking that transaction not the government and certainly not the Chinese. Security is the only legitimate reason to block a foreign buyer and there shouldn’t be anything in a spreads and dairy business to justify that kind of market intervention