Priced for extinction...

...but is that the likely outcome?

There is self-evidently zero demand for micro cap stocks at this time, so the share price decline is potentially exacerbated by the widespread shift towards cash and lower risk investments. It's impossible to deaggregate this so best to ignore, because there are genuine questions to be asked about the survival prospects of the company.

The ten thousand foot view is that LON is a food producer and so should fare better than the majority of businesses in this strange new world. However, looking at their assets one by one:
- St David's - SD is presumably in some form of shut down mode, given most of their customers are closed. Their cost base ought to be highly variable - they wouldn't have take or pay contracts for raw milk inputs and they can stand down their staff whilst their other major cost is rent. (hopefully they get some relief from their landlord/s). Nonetheless, in a low/zero revenue environment, they will clearly be loss-making
- Paris Creek - SA borders are closed (although it sounds like freight can still move interstate). The lion's share of sales are in SA anyway so the loss of sales in other states is probably not a huge loss. However, there is likely to be very little demand for premium priced products in the current environment and the business is unfortunately starting from a loss-making position. Even with their planned cost savings, it seems likely the negative impact to revenue will mean PC continues to be a cash flow drain on LON
- Maggie Beer - at face value they face a similar issue to PC with respect to demand for premium priced products, although MB is more niche than PC (at least in SA, which is the main crossover) and the customer base is probably less likely to be impacted by the business closures to date, The majority of job losses have been in the hospitality sector which skews young - I doubt these people are regular Maggie Beer consumers. Wishful thinking aside, it's likely MB will be substantially impacted.

Given the above, I think it will be touch and go whether they have sufficient cash to survive. Perhaps if Laura had existed 18 months ago it would be very different.