Full ASX listing with a board refresh or consider a merger with BGA. At least go back to a full co-op or divest any semblance of the co-op but dont stand still in the current twilight zone.
Product strategy? Exit $1/milk contracts, exit .80/litre cheese contracts...review current product/market mix. Current dom/exp is about 50%-50% give or take a few percent and it probably about right but drive export into high value products in differentiated markets or expand offshore with presence in low value markets with rehydration plants for pushing out low cost product in the region.
Supplier strategy? Complex but essential for both MGC and its suppliers. remove umbilical cord between being a supplier and holding shares including addressing the various share classes and units. May take a couple of years but needs to be done.
Capital management? Needs work to say the least including putting some discipline in capital projects and assessing current plants and processing.
Plenty of other areas need a torchlight shone on them to see what value there is, what can be done to improve or divest and where they might sit on the list of priorities for a looming business transformation exercise under new stewardship.
All the above was done over a coffee in 15 minutes so not alot of depth of thought went into it, is merely an opinion.
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