Ann: Results of Meeting, page-11

This is a very sound strategy to pay out shareholders. Shareholders would receive the original share price and the balance of the buyout price as a franked dividend I know this was used very successfully in a private company to buy out minority shareholders . WCB has sufficient franking credits for this strategy to work, the losers are foreign shareholders for which Australian franking credits are worthless. I don't know why WCB need to get a tax ruling, the tax liability is transferred to the shareholders being bought out. It is beneficial for shares held by superannuation funds

I don't understand why Lion stay as a shareholder of WCB I would have thought they are making nothing from their milk business ' Dairy Farmers' margins are being squeezed milk production will dip this years and all the big dairy companies are trying to increase milk intake. The only way the milk factories will increase milk intake is to increase farm gate prices further reducing margins.

Older lower producing dairy cows are being culled and sold for slaughter and not replaced , sale yard prices have doubled in the last few months the reduced numbers of producing cows will further reduce milk production.