Ann: Updated Trading Policy, page-30

I would add that in my view AHF "has lost the initiative" from its small early mover advantage it had when it first started out. From a farm aggregation perspective ACE Dairy Farming is streets ahead now and from a vertical integration perspective Wattle Health has surpassed anything AHF could catch up with.

So whatever approach is put forward it is going to have to be different, investment appealing and forward looking with a sustained presence before anyone can get too excited. There is too much happening in the Australian dairy sector to sit back and be a me too and the more entrepreneurial companies are get on with it with vigour. AHF needs to get into that mode or it will be burnt out before its time.