Worse Is Yet To Come?, page-1341

Fair enough

When you say debt difference of opinion do you can you discuss

So bed debt is $445 mil but as discussed on conference call likely to move to $645 mil at the peak plus another $100 mil if they can't cut cost enough or milk price falls or aud rallies to much to pay $5.20

Outside of the above do you mean the balloon leases on the 2 milk processing plants should be included as debt on balance sheet because they have to be paid out at the end of lease term?

Or am I missing something

Good post explaining to everyone the difficult job they have.

Also good point you make re size of competitors and how much easier for them it is to compete and pay a higher price... well done

Saputo is $20 bil company Fonterra $11 bil

I do pray bega does some how merge there business with mgc to make a large competitor and large Australian food company. Farmers would be mad not to support the merger.

If mgc goes under there is no guarantee business ends up in Australian hands.

No I aren't a supplier or farmer I am a fund manager. I own the business.

As a fund manager and given our position I talk to management when we need. Ari often speaks with farmer via phone and email.

If you go to the roadshow talk to the chairman he is good man and will listen to what you have to say.

We own a reasonable holding in mgc we bought at 90 cents and have a large holding in bega about 2% of company... bega we have owned since $2

We did own Fonterra but sold recently

Yes mgc ain't been one of my best but I couldn't resist the value on offer but did underestimate a few things... in saying all that I have confidence in mgnt and are hoping milk intake is close to a bottom ... close to a bottom due to capacity constraints by competitors and Fonterra is struggling to pick up milk supply now on time so few farmers getting angry at Fonterra. Fonterra are opportunistic animals.

Time will tell how things end up