There is an argument as to whether inventory needs to be revalued. This has already been done by virtue of the retrospective reduction in FMP. That's why farmers are so angry.
As an Accountant and Chairman, Tracy understands that any material adjustment is required to be disclosed ASAP. I note his reference to adult milk powder's long life as evidence that there is overcapacity that will carried through on the Financial Accounts and for some time.
As a fascinated observer, recent Unit purchaser and Accountant, I can only determine from all the information made public that MG will report a profit for 2016 close to $50 million and the Unit price will resettle around $1.40.
MGC Price at posting:
97.0¢ Sentiment: Buy Disclosure: Held
