Ann: FY22 Earnings Guidance, page-65

In December 20231 CBH management announced a capital expenditure plan of $250 million per year for four years I think it was. No-one will ever be able to compete with CBH in bulk volumes; only around the edges in some containerised grain operations. .

The members also remain very committed to the Cooperative structure so there will not be a de-mutualisation of CBH any time soon. Much better strategy for GNC to look at some diversification of the business into other parts of the food chain. I have never understood why they could not make the investments in Allied Mills or the malt business work, considering the synergies they should have been able to achieve.