Ann: Maggie Beer Acquisition and Capital Raising Presentation, page-54

Both the balance sheet and EBITDA post acquisition are strong. Look at revenue growth. EPS growth is inevitable with demonstrated ability by the CEO to remove costs especially in MB. One off restructuring costs in PCF and MB and short term margin squeeze will work its way through to LONs bottom line. I am supportive of this management team who have the runs on the board already in the FMCG space.

The Organic and Bio dynamic food industry in this country alone is growing at over 15% p.a. At current prices I am more than happy to fund working capital on top of the acquisition costs. I would hate to see the board and investors at large bell the cat on this opportunity by under-capitalising at the start of what I believe will be a worthwhile investment.