Ann: Successful completion of institutional component, page-18

True, contracts have a value and if one party falls short of the contractual obligations and the other party calls it then it becomes a debt due....either catch up or pay up. BAL chose to pay up as it would appear to have been the better economic proposition with the Camperdown Powders acquisition. If they had not sought to buy Camperdown Powders it may well have been the reverse. Not a bad decision really but what a crappy position to be put in by their predecessors and a windfall for Fonterra.