Doubt it, but every listed company has the potential of being a T/O opportunity if the right circumstances /value metrics /returns on investment, are presented /secured. Right now, however, AHF is better served by completing on the Camperdown acquisition, then leveraging the synergies obtained, continuing to then build both scale and mass, and moving forward. Already, AHF is an acquirer of properties /farms, so likely this sort of acquisitive activity will occur especially as they build towards obtaining critical mass.
Conversely, if they secure critical mass then it could very well be that they'll be doing acquiring, not the other way round. Remember, acquisitions are not restricted to listed assets only. >90% (possibly as high as 98%) of all sourced /originating dairy assets (ie: farms) are privately held. Even the bulk of the processors, etc (by number, not necessarily by volume) are privately held, so significant scaling opportunities into the future potentially beckon. But as for being an opportunity now, or in the very near future, doubtful - first they need to get onto people's radars and this is the reason why the investor presentations will increasingly become important.
That said however, you should also bear in mind that >60% of the issued capital was held by the Top20 at the time of AR15. Things have obviously changed since then so some of the Top20 is potentially fluid. But, if you were to assume no change to the Top20 and then add to this the Loyalty Options that converted (ignoring the shortfall) plus the convertible notes being converted into shares, then the Top20 would be closer to 2/3 than to 60%, most of which is tightly held.
It is therefore one thing to build scale, critical mass and profitability whilst also forging ahead with new opportunities. It is another then to maintain and run with a tight share register. And it is another thing again to have a relatively smallish number of shares on issue (circa, 191M fully diluted including converting the convertible notes). But it is altogether something different again to hold or possess an edge on the market such as what the vertical integration (with horizontal extensions internationally as well as through product mix, etc) and that is something that AHF is about to achieve. So, yes, there is a definite future story emerging here, but whether it is as target, acquirer, differentiator or as critical mass, that all remains to be seen.
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