“if we were to fully develop MVM and install blending and...

“if we were to fully develop MVM and install blending and canning, you're talking about $100 to $200 million of CapEx. Additionally, we may consider some China market investment, but that’s likely further down the track. The M&A/JV opportunities we’re looking at in New Zealand and potentially China could cost hundreds of millions of dollars, depending on whether it’s an outright acquisition or a joint venture. We’re also preserving our balance sheet to mitigate supply chain risks and invest in developing our own capabilities and market access for the future. We’re not sitting on close to a billion dollars for any other reason. Once we have more clarity, we’ll assess how to return capital to shareholders in the most effective way.”

How long do they need to clarify how much cash they need?

“…it's more like a year or two, and I hope it’s less than that. The key determinant is the Synlait recapitalization process, which should be clarified shortly. As for our M&A/JV opportunities, we're always looking, but we can’t be certain. I hope this will be within the timeframe you mentioned. We're not sitting on a billion dollars for the next five years, if that’s what you're thinking.”