Have to hand it to the new management, making things a lot more...

Have to hand it to the new management, making things a lot more transparent now for investors and kudos to David for making the hard decision to write down all that excess inventory. Unfortunately, when the company was cash rich, they didn't know what to do with it, a significant portion should have been invested in growing the China label to daigou-proof the business. The purchase of MVM is just to show the investors that they're doing something with the cash (perhaps vertically integrate for a takeover.....?) so investors would stop asking for dividends. Synlait had more than enough capacity to manufacture for many years to come. As for the rest of the cash, it will diminish when class action settlements occur, and they always settle. With declining number of births, different consumer sentiment and saturation of IMF brands in China, there is no better reason to look at other markets, but the road from here on out will be slow and steady, share price growth somewhere between Danone (+3% YTD) and Nestle (+12% YTD) maybe.