Hey WRCertainly agree re management performance and that the...

Hey WR

Certainly agree re management performance and that the price for the dryblender is significantly higher than it should be (of the 15x Dry blenders with CNCA approval I would easily rate B&P in the top three for quality/performance). Overall certainly understand the sentiment re this entity.

What I dispute is your logic re vertical integration being an archaic business model as it applies to the manufacture of IMF. A2 and Bellamy’s are the only ones in Aus/NZ to successfully implement this model at this point in time (bubs is still far to new). With to the best of my knowledge all the biggest and most powerful IMF brands in the world (Nestle, Danone etc) having their own wetblend and dryblend plants. Yes they outsource in plenty of country’s/regions but the in-house technical expertise gives them the credibility to assess appropriately and implement 3PM activity.

The customer base is a sensitive population and the brand could easily be destroyed by their lack of experience in this area. I think the asx and nzx participants value this brand model to highly.

my 2cents