$150m Bond, page-8

The Mistress of Understatement.

It is fast heading towards becoming an unlisted public company and I can see some shareholders wanting to hunt them down and do untoward things to them for their long list of failures. This one is a lesson in abject failure.

Given the top 20 shareholders composition a massive clean out and clean up is virtually impossible and for anyone to try it the fight would make it not worth the effort. Cheaper and easier to list a fresh IPO.

As for the poor dairy farmers who made a commitment to sell into the PDF deal(s) have been left wanting for so long now that any agreement they had could justifiably be waived as unexecutable, so at least they have choices as to what their next steps are.

As for the Fijian play well sad to say it wont harm them as this isn't the first, second, third or even fourth time they have attempted to solicit support and funding for a joint arrangement up there so not alot of sympathy or empathy offered there.

And for the shareholders of PDF? Tax loss at best it would seem or throw in the bottom drawer and let it run its course and if you are lucky take the 5 cents in the dollar offer that might arise at some time in the distant future or even donated the shares to a good charity and take the tax offset at the last traded value.

This one has surpassed any AHF under-performance or 1AG self-interest beyond belief.