Ann: Maggie Beer Acquisition and Capital Raising Presentation, page-78

$80m in net assets is extremely unlikely to be the case come August. They are carrying in the order of $40m of goodwill from acquisitions for which they massively overpaid. PC in particular is bleeding red ink and is responsible for most of the goodwill. In July when the auditor asks why $80m net assets makes sense against a market equity value of sub $40m, what are they going to say? For a business going backwards? This is when it will be 10 cents, when there is a $30m full year loss and talk of another 'transitional year in 2020'