That’s a large amount of funding required - $63m. Assuming $2.00...

That’s a large amount of funding required - $63m. Assuming $2.00 CR price that’s 31.5m shares. They currently have 151.43m shares on issue, so possible dilution effect of 83% giving last close price of $2.26 a new price of $1.88.

This is assuming though break even benefit of new JV. I think though this JV is the right idea, securing a very decent supply of organic milk powder for WHA. Similar approach to BUB with this vertical integration. But no need for WHA to buy all output if it doesn’t want to. Right of refusal. Long term should be good. Short term may see some price depreciation until sales come online.