Ann: Results of Meeting, page-14

Provisions are up by around 40%. Inventory has doubled. They've emphasised the costs of integrating the Everyday Cheese business. They've also emphasised the fact that not only are they not paying a dividend, but they have no intention of doing so in the forseeable future.

These are easy levers for a company to pull to make its accounts look better or worse than they really are without having much of an impact on the underlying economics of the business.

Methinks the company doth protest too much. It seems that Saputo isn't averse to down ramping WCB.

Why would they do this? To get the remaining 12% of the company as cheaply as possible!

Mark my words: the takeover is coming.