Media Updates, page-13552

Was able to access in the end but it is mostly a rehashing of the company's AGM comments on investment in supply chain.

Excerpt below:

In the meantime, a2 Milk had established additional relationships with partners in New Zealand to provide blending and canning services to accelerate its use of MVM. “We believe it is prudent for the company to first solve this supply chain transformation to set us up for further growth in the future, and then to consider, with the remaining capital, the most appropriate mechanism to implement further capital returns to shareholders in the future,” he said. He added that a2 Milk was “not quite ready” to outline its plan in further detail.

Forsyth Barr analyst Matt Montgomerie noted that a2 Milk had commented at length at the meeting about investment in its supply chain.“For me, it’s very clear – and it’s also very clear for the market – that it’s not a matter of if, it’s a matter of when, that a2 Milk decides to deploy its significant cash balance,” he said.“It’s clear that they are looking to expedite product innovation at their MVM site, which is quite important for their growth,” he said.