Ann: AGM Webinar - Technical Issues, page-9

Even despite the acquisition, BUBS could probably use their spare change to buy a bunch of farms and a run down sub50 processor.

In F17, CDC generated 68% of annual revenue ($16.2m). Assuming then a straight pass through of this to receipts and collections (including correlated back), then at best CDC Q1 revenue was $4.2m (perhaps, $16.8m annualised). This however belies recent observations of management concerning farm milk pricing strength and a trend in selling off cattle. Taking those comments at face value, then, the CDC Q1 contribution was likely sub $4m and probably much closer to $3.5m or lower.

Any amount however between $3m - $3.5m would suggest an annualised,current running position of $12m - $14m for CDC.

If so, that would be down potentially 14% - 26% YOY. So, even with a paucity of information available, it would seem to be that the farms are now performing incrementally better than CDC and that CDC has slid further from its sub50 early July position (perhaps to -14% - -26% of this), or to a current run rate of between 43% (-14) and 37% (-26), or a revised midpoint emerging run rate of ~40%.

So, BUBS, previously the mischievous minor is now becoming a minor/major and AHF a major/minor.

And Bell Potter is supporting BUBS but seemingly, not so, AHF.