To be classified as an independent brewer according to the IBA...

To be classified as an independent brewer according to the IBA you have to brew less than 40 million litres per annum, or not owned by another brewer who does so.

Gage Roads did 6.1m in the half year to the end of December. I'm not sure exactly how may litres Coopers do, but it is enough that the IBA don't classify them as independent (>40m).

There is surely no room for growth in Becks and Stella in Australia. Of all the brands that Asahi own post CUB merger, these are the ones they decided to ditch. Given we wouldn't have the capacity to currently brew then and as you said we would need to cap raise, I'd be surprised if they had any interest in taking on these brands.