Ann: Market update deleveraging plan, bank covenants, guidance, page-99

They have admitted here are no "credible" offers for Dairyworks. Which tells me they have over valued it.

They have admitted Pokeno is underutilised. That tells me book value has to be less. I recall they are due to conclude a review of that asset sale by the end of July. But I presume anyone interested would already be putting in bids. Milk supply could well be an issue as well as a lack of customers

That leaves Dunsandel. That contains a liquid milk processing plant that sells low margin milk to a supplier in Nz's south island. So probably not getting a decent return on investment there.

Which leaves the SAMR infant formula processing / blending and Canning of any chance of returning a realistic value.