Upcoming AGM..., page-114

For a retail spread the IGA comment in the announcement is also important, given IGA is a national franchise model and that opens new avenues as well. Not to be underestimated from two dimensions - increased geographic spread (addressable market) and increased product suite (brand and revenue diversity) into their butters and yoghurts. Of course these can easily be put into the WOW product mix as well if not already there.

All the above drives domestic revenue and in theory should contributed to an improved market cap and rising share price and as well as reduce lending risk (i.e. reduce the criticality of Resolution 1 in the EGM).

The online strategy with Aussie Farmers Direct is another sleeper as more and more consumers move to an online purchasing of groceries.