Ann: FY23 Full-Year Results Presentation, page-3

It will be very interesting to understand whether this decision to write-off the DTA was discussed with the banks involved in the new financing arrangement... debt appear to be approximately $44m, and with total equity now much lower at approximately $33m, the gearing is well and truly >100%.

If you assume that BFC are able to recover 90% of the value of the assets in the discontinued ops in cash, and repay debt with all of these funds, gearing still remains around 100%.

Also, interesting the the results which have been provided at this stage remain unaudited - there must still be some major issues preventing the auditors from signing the audit opinion for the financial statements.

My concern is that the circa $8m improvement in the whole of business EBITDA (including discontinued ops) against FY22 looks suspiciously like the sales of lactoferrin held over from the prior year - which means the improved result is not sustainable.

More red flags than gold stars from my perspective, but the backslapping and self-congratulation in this morning's announcement presentation suggests management and the board think otherwise.....