Ann: FOD facilities remain open and fully operational, page-105

DWJD, to add a little spice to your conspiracy, I reached out to the CEO last week for a quick 30min call so that I could run a number of the points I have made on this forum to him.

His response was that I would have to wait until July before he would take a call from me.

Additionally, we have seen some uncharacteristic trading flows in the name from the likes of Deutsche Bank since he came on board.

Matt Bailey has a very significant shareholding in FOD. Whilst Matt is independently wealthy, there is absolutely no way that he would allow an investment of this size to underperform so significantly for so many years. Matt has a reputation of doing deals and getting things done, so that angle makes sense as well.

The streamlining of the OBL juice label is a much stronger business/product/brand for any potential acquirer.

Coca Cola Australia is struggling significantly and they have been making efforts to move into healthier options over the last couple of years. However, I don't know the intricacies of Coke's portfolio and how well FOD would fit into their portfolio of brands. But that's not to say one of many other beverage manufacturers based in Asia/Pacific wouldn't run the ruler over FOD.

In saying all of that, this is not the first time a Coke take over of FOD has been mentioned in this forum.

Regardless of the M&A speculation, this stock is grossly undervalued on a fundamental valuation basis in my opinion. My sentiment would be a "Buy" if it were not for the continuous lack of transparency from management, past, and present.