Ann: AHF's Infant Formula Facility Obtains Export Certification, page-28

ODFC, Five am, Pacific Dairies to name a few....all organic aspirants of organic dairy production in the most lush regions of Australia. All failed or sold at severe discounts when the truth was revealed. Schulz Organic Dairy is about the only one I can think of that has survived and continaued to produce and its market is local to where they operate from SW Victoria. There are possibly others...again they will all be local produce supplied tolocal outlets where they operate.

Organic dairy farming and organic dairy products are a boutique past time for alternative lifestylers or small thinkers certainly not a robust commercially viable choice for an ASX listing.

Dairy is actually a seasonal product and anything dairy that wants to be listed needs scale (aka Norco) and / or diversity (aka Bega) to survive...and that means scale from milk production (or supply) right through to scale of produce presence in the market(s) it chooses to delivery to. In order to achieve this requires capital, lots of capital and lots of capital and if debt then at a rate far better than the junk bond rate the AHF lived with for years.

AHF has never had either the capital structure nor the scale to achieve anything. History is your evidence.

Its integration model was conceptually correct for the time, its development and execution was flawed from the start and then constantly marred by poor initiaties and campaigns all the way through under the CEO leadership.

To recover? Delisted and go unlisted public and possibly redevelop with a new management team Or puddle along on until bankruptcy as it is cashflow negative and trading at net asset backing or less with no growth or yield prospects. Because they dont have SCALE and what they do have is to expensive to produce.