It's certainly an interesting one. At ~$1.50 or so there could be enough value to really take a deeper look.
There wasn't really a CR (putting aside the $1m or so), and much of the stock was already firmly held, so it's not surprising that the initial volume on both sides is anemic.
There could be good value in the SPC business, and maybe also the juice business if run well... but I don't really know about the dairy business.... It's just one example, but if you take a look at the Nature One Dairy Australia Facebook pages, there's something like 10k followers amongst the two accounts, and their many Facebook posts over the last 6 months average 0 "likes", whilst it's maybe 2 "likes" on average for Instagram. I only got to looking at their Social Media because most of the other news/information I could find related to a court battle with Jan Cameron a few years ago and there wasn't much about the actual products.
The claimed synergies and marketing benefits of the combination are somewhat hard to identify also IMO.
SPG Price at posting:
$1.50 Sentiment: Hold Disclosure: Not Held
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