Plus not to mention beyond 2025 when A2M's contract with Synlait...

Plus not to mention beyond 2025 when A2M's contract with Synlait expires, there wont be anything stopping them from moving their IF production to MVM (provided appropriate China licenses are obtained and sufficient milk supply can be arranged). Seems quite a bit of medium - long term risk for Synlait. That said, I am fairly certain when A2M recently participated in the SML capital raise recently, they were probably aware as a substantial holder and thru a NDA who the global category leader is for Synlait which is supposedly going to have a positive effect on earnings from FY23, and A2M probably felt comfortable participating in the capital raise to maintain their shareholding based on that info.
In hindsight, could A2M have just purchased shares on market at current levels and perhaps ended up with an even larger stake in SML for the same $$ ?

There is a lot of info that us mere minnows don't have visibility of, and sometimes these pieces of the puzzle onto come together a long way down the path.