Takeover deal, page-71

You are correct I am not a fan of the units, never have been. Also they don't have to pay shareholders a dividend, they can do it through an improved FGMP for current supplier/shareholders and potentially start to bring milk supply back and run the business on a break-even basis for many years.

The problem is what we don't know is how deep the problems really are inside MGC and although some of us can speculate they are alot worse than is seen from the outside only time will tell on this one but the decline of an annual milk intake from about 3.6Bn to sub-2.0Bn and having excess inventory and the wrong product profile and a legacy IT system that cost a small empire and many other issues is horrifying and the collateral damage to the company can not be either understated or underestimated.

I reckon the CEO and Chair are still reeling at what they have landed themselves in as they may have believed they got invited into a rescue and recovery operation and now see it very differently.

The Trust and the listed units are the least of their worries and perhaps the easiest matter to resolve.