I agree, the de-mergers I mentioned are not of the same ilk. I...

I agree, the de-mergers I mentioned are not of the same ilk. I used them to illustrate that those transactions are / were strategic.

What HLF calls a 'commissioning of a strategic review' is in my view a euphemism for 'please make us an offer for all and sundry'. ... and if you are interested some or all, please call Modus Partners for access to the data room.

I haven't totalled up the sales for the last 5 years (like you have). I take your word for it. But, so far, I would estimate the accumulated losses up to end March 2023 to give or take $29m. If the total of turnover for the last 5 years were say $290m, then management and shareholders would have sponsored every dollar of sales with another 10c of their capital during that period. One has to say, that this is over this long period. For the last quarter the sponsoring was only 1c for every 25c in sales.

And here we come to Fronterra or any other suchlike company: If they can purchase product that is sponsored by the manufacturer at their own detriment - why would you want to buy them as a company? It makes business sense to award them with a contract and buy goods cheaper than one could produce oneself.

If I were Modus (which I am not) I would not operate on a finders fee only (because there might not be any taker). I would have a retainer, hourly charges etc. Watch the next 4C for an increase in fees.