Clearly Dairyworks isn't worth the $178m that its sitting on the books at. And I dont think its worth $130m - it it was a sale at this level would have got the bankers off their backs. (The bank actually wanted all proceeds from the dairyworks sale - not just $130m worth)
Auckland is worth nothing because they have already flogged that off and have that on a lease.
That leaves Pokeno and Dunsandel.
Obviously these things are worth something. As stainless steel at least. But they are making a loss. So how do you value loss making hunks of plant?
Elsewhere I've suggested splitting the two. Dunsandel (and SAMR) goes to say A2
Someone else can have Pokeno. Say Bright. Or Nestlé (let them put their money where their climate change mouth is), or the great international customer who everyone seems to know about but Synlait has still not announced.
Any dreams Synlait have of growth need to be dead in the water. I guess thats why they are so pleased with the continued B Corp accreditation. The bosses can go home at night thinking they have done something to justify their salaries. Synlait are masters at destroying shareholder wealth - not growth.
I think (but don't quote me) takeover requires 75% vote. Special Resolution votes certainly need 75%
A2M Price at posting:
$6.14 Sentiment: Buy Disclosure: Held
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