Ann: Board Update, page-5

Got a bit more work to do before that happens. Also infant formula is not in its infancy, a marketing nut might offer it is mid-life in its current form.

The Board needs to completely clean up the (Alan Kohler expression) groupclusterfornicate that is techncially referred to as the stapled investment and stop any future transactions related to anything to do with the various trusts that abounded as part of the previous administration and ensure those trust are sunsetted completely plus theree is the various P/L companies that were used in the past as some of their historical transactions were a little too slick for an auditor.

Then they need to do a capital restructure to get themselves a better class of investor in their top 20 shareholders including a possible consolidation then a private placement and an SPP to get some serious fresh capital in to the company to underpin a more robust, achievable and realistic strategy for the business.

Once that is done then maybe, just maybe, the could grow. To start with the CEO's package needs to be revised and be founded on the basis of 40%/60% with the 60% being incremental performance thresholds over a three year period so to prevent short cheap announcements to bounce the share price around a little and get the bonus and ensure a multi-financial year sustained performance.

Then come back in about 18 months and see how they are progressing.

Let alone the challenge the diary industry will throw at them as a processor. Cost of milk, cost of energy, maintenace requirements and finding half decent, reliable employees et al...