Ann: Appendix 4E & 2018 Preliminary Financial Report, page-10

There might be a time to buy but I can't see that it's now.

NPAT for the first half of FY18 was a loss of $2.958m. The second half blew out to a loss of $9,636m. They can put as much spin on it as they want, and trust me that in their announcement they have put tried to put as much lipstick on the pig as possible, but that's not something you easily turn around.

Selling underperforming divisions has become a necessity as they are in a very tight position from a cash perspective and the fact that they bought dogs from a financial perspective. These businesses have never made a profit since Beston handed over their money. If this was a real business, not one with a Chairman also being the asset manager, there would have been outrage.

Dairy is the only exit plan they have (and they would be scrambling for one), and there's a fair way to go until that will get the sale proceeds they need.