As this article from earlier in the week mentions, how is it the dairy & nutritionals business performed so badly?
The nutritionals section in particular was supposed to be the great growth driver for FNP.
The AGM in late Jan will need to show it's back on track and that 35%+ earnings growth also gets reflected on the bottom line.
As for the white knight coming to our rescue, still the big unknown. I'm hoping that the delay has given FNP time to sure up their numbers, as this article suggests.

Freedom Foods grows rapidly and loses big

By Dairy News Australia

Three directors will be leaving Freedom Foods.

Employees and shareholders of Freedom Foods have a “right to be angry and frustrated” as the company seeks to recover and focus on growing dairy and nutritionals segments.

The company, which operates a major dairy processing plant in Shepparton, is seeking to raise up to $280 million to recapitalise and has sold its two most recognisable operations — snacks and cereal — for $20 million to Arnott’s Group in an effort to simplify the business and find money.

Freedom Foods delayed reporting on the 2019-20 financial year after discovering it had a warehouse with $60 million in out-of-date, unsaleable and obsolete products.

Trading in Freedom Foods was suspended while an investigation took place.

Revealed in early December, the total write-downs for FY20 and adjustments to previous annual accounts totals $590 million.

“The rebuilding of Freedom Foods Group will not be a quick or easy process,” non-executive chairman Perry Gunner said, although he won’t be around to lead the recovery.

Mr Gunner, finance committee chair Trevor Allen and part-owner and corporate farmer Ron Perich will not seek re-election at the AGM on January 29.

“We have faced genuine challenges — some external beyond our control and others internal that have required urgent and intensive intervention by the board and our new executive team,” Mr Gunner said.

It comes after law firm Slater and Gordon filed a class action against Freedom Foods Group Ltd and its auditor, Deloitte, following the announcement of write-downs and adjustments to its balance sheet totalling $590 million.

The class action alleges eligible shareholders have claims against Freedom Foods and Deloitte as a result of acquiring shares between December 7, 2014 and June 24, 2020.

The proceeding alleges Freedom Foods contravened its obligations of continuous disclosure of price sensitive information under section 674 of the Corporations Act 2001 by failing to release material information relevant to its financial performance in respect of inventory, property plant and equipment, goodwill, trade and receivables, bad and doubtful debt, and other matters.

It also alleges Freedom Foods made statements about its financial performance that amounted to misleading or deceptive conduct and that half-year and full-year financial reports did not provide a true and fair view of Freedom Foods’ financial position.

Total revenue increased 26 per cent to $580 million, dairy and nutritionals was up 37 per cent to $362.9 million — yet the company booked an annual loss of $174 million.

Interim chief executive Michael Perich said systems and processes had not evolved with the rapid growth in assets and revenue, while Mr Gunner said the problem was that growth in some businesses was not “profitable growth”.

A review of the economics of every product line, site, sales channel and market segment is under way.

“Freedom Foods needs to become a simpler business — and that includes identifying parts of our business that may perform better under different ownership,” Mr Perich said.

Dairy and nutritionals recorded a loss of $46 million despite “pantry stocking” due to the COVID-19 pandemic increasing demand.

Selling prices for some products did not cover costs, and delays in commissioning a new lactoferrin plant and UHT expansion led to losses from the sale of surplus milk.

With obsolete stock written off and the Shepparton plant in northern Victoria now operating on a “much-improved basis”, the company expects the segment to return to profitability in FY21.