Ann: Results of Meeting, page-5

I'm guessing that the emphasis on how WCB is going to make much less money in the future due to depressed dairy prices is just a smokescreen. Saputo is just down ramping the stock so that they can pick up the remaining shares more cheaply/easily.

Don't be fooled: with Saputo's management, this business can consistently earn returns on equity in the high teens/low 20s. And with the ink dry on the Australia-China FTA (tariffs on dairy to be phased out over the next four years) and negotiations presently underway for an Australia-India FTA the growth runway for this stock is almost limitless over the next decade or so. WCB will definitely be able to reinvest their earnings at high rates of return.

Paying 10 times earnings for a company with these characteristics is a recipe for getting rich.