Yeah it sounds relatively straightforward in principle at least.
SM1 is granted exclusive rights so long as they are able to delever the product in full and on time.
A2M contends that they failed to do so and therefore are cancelling the rights.
The claim is centred on English label IMF, which A2M would conveniently like to takeover at MVM, no SAMR license required.
It will be hard for SM1 to retain the rights if they did indeed miss production deadlines etc.
Regardless of the short term outcome I think the writing is on the wall for SM1. A2M is moving to take control of its English label production. It'll likely allow SM1 to continue for as long as it takes to bring MVM on line.
This is the continuation of the uncoupling of A2M and SM1, good news for A2M in the long run as it holds the power in the relationship at this point, IMO. Not so great for SM1.
Ann: Notice of cancellation of Synlait's exclusive supply rights, page-28
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