lack of confidence, page-25

I think most of us who invested post McBain have written off the Maggie Beer stake and see LON as Paris Creek + anything new they acquire. MB is a 48% equity interest (so no financial recourse if it gets into trouble) which LoN has written down substantially already (so limited fuether P&L impacts if it performs badly / goes bust). MB was clearly a desperation move to buy something by a cash box with limited options - they overpaid massively for a non-performing, non-controlling stake. Pretty silly. But not current management’s fault