we need to clarify this XTV shadow., page-33

Valid points, it really just comes down to appetite of these suppliers entering a new market. If they feel they aren't maximizing their returns they could

1. Enter a brand-new market themselves
2. Enter a JV with NZS or the like
3. Participate in a future CR (if it occured) giving them upside

I don't see it as a massive risk but NZS needs to build it's brand quickly, it's no different from A2M in this regard - there have been dozens of new baby formula companies that entered the market but A2M built it's trust early on so arguably hasn't been impacted.

But yes, could come crashing down but if you believe the size and growth potential of nuetracuticals (wrong SP I'm pretty sure) there's probably room. Suppliers enter exclusive agreements all the time though. I think the new CEO hired from Ngai Tahu Seafoods wasn't some random pick because he was qualified in "fish" - was hired for his relationships and contacts.

Anywymay, let's see. Like anything it carries risk.