freedom also doing a cap raising and plan on maintaining a strategic stake in a2 and continue in the production
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freedom also doing a cap raising and plan on maintaining a strategic stake in a2 and continue in the production
Most importantly, who picked up those that Freedom sold....
Freedom sold down to raise funds to invest in Popina. an oat based cereal and snack manufacturer. They plan to retain a strategic 10.4% stake in A2M. The press release gives no hint as to who bought their shares.
When you think about it, Perich was never in favour of a CR at any time. The reason has been and always was to invest cash where they take a larger profit share, than being a minority shareholder in another company. It shows that they are cash strapped hence their own CR and sell down of A2M. It looks like a foot in both camps...want to expand their own business, but don't want to do so at the expense of losing potential growth in A2M hence happy to maintain a 10.40% exposure in A2M. They were on a different growth path to A2M, so some of that conflict has been removed.
http://www.theaustralian.com.au/busi...-1227576607701
The Perich family and its listed food group Freedom Foods have sold down a combined stake in listed milk company a2 Milk to 10.4 per cent, from 19 per cent, as Freedom conducts a capital raising this morning.
Freedom sold 42.5 million a2 Milk shares at NZ73c each in a block trade yesterday evening for a total of $28m.
Freedom has previously earmarked its stake in a2 as being available for sale and earlier this year made an unsolicited approach to the milk company for a potential takeover, but was rebuffed.
Freedom shares have gone into a trading halt.
Freedom is also looking to raise $53 million via a non-renouncable entitlement offer and a $12m institutional placement, to raise a total of $65m.
The raising is to fund the company’s growth strategy and the acquisition of the Popina oat-based cereals and snacks manufacturer.
Freedom said it intended to maintain a strategic stake in a2 Milk.
David Hearn, the chairman of a2 Milk, said this morning the company was pleased Freedom Foods Group had chosen to retain a strategic shareholding.
“The board and management look forward to working together with FFG and all stakeholders to continue to build the a2 business and to create increasing value for all shareholders in the future,” he said.
Did freedom foods really want to buy out a2 milk? Or did they just pretend they wanted to buy it, to get sp up so they could get a better price for their recent sell down? Just my theory which I had about three or four weeks after the original expression of interest.
I think that FF just did not want to have to stump up money to maintain their % holding just to remain a minority shareholder. Would not have surprised me if the idea was to take control of the company with Deans's help and then flog it off to another buyer as a way to exit their shareholding.
FF see themselves as a natural competitor of Ballamy's, so having checked out their growing market share in China and internationally would prefer to apply funding in that market space where they believe better and faster revenue growth can be achieved.
Its a question of whether their holding of 20% in A2M would grow faster than applying funds else where. If you want to expand quickly then, as A2M is doing, initiate a CR.
The interesting part of this which IMO is interesting is that FF is still happy to hold 10.40% of A2M. That's a fair bit of confidence shown in A2M's own growth projection, given that their main motivation was to expand their own business.
A bit off message but exposure is exposure.
http://www.theguardian.com/australia...-all-its-worth
The share purchase plan is due to open 3 November 2015 and will close 19 November 2015.
( for anyone interested)
Just out of interest who is going to try and purchase some under the plan and does anyone think it will have a major impact on the share price given its only 3mil shares.
Joint press conference with Russell Matheson MP, Member for Macarthur, Sydney
http://sjm.ministers.treasury.gov.au...ript/027-2015/
No, because it will be around $14000 odd tied up for a couple of weeks with every man and his dog wanting to get in at $0.67, and no it will have no effect on the SP given that what is offered to existing shareholders represents around 0.3 of 1% of total shares. Don't really want to end up an odd number of shares.
China ends one-child policy after 35 years.
Possibly a good news for ATM but not so good in regards to the current world overpopulation.
Under the Terms & Conditions of the a2MC SPP, section 6.3 states:
6.3
If a2MC receives valid applications in excess of NZ$3,000,000, it will scale back all applications on a proportionate basis (taking into account the NZ$:A$ daily exchange rate published by the Reserve Bank of New Zealand on its website for the Closing Date).
Does proportionate relate to the amount of shares applied for?
i.e. No.1: $1000.00 applied for @ $0.68 = 1470 shares.
No.2: $15,000.00 applied for @ $0.68 = 22,058 shares.
If the offer is 50% over subscribed then:
No.1 will pay $500.00 & Receive 735 shares
No.2 will pay $7,500 & receive 11,029 shares
Is this correct?
Looking forward to next months AGM and milk and muffins. Might even buy some more shares at 55c to 60c next year to add to the 50c average ones on hand at the moment:).
Typed in Marlin in search box
http://www.sharetrader.co.nz/showthr...ghlight=marlin
will be interesting to see how the ice cream sales go - I have tried both the chocolate and vanilla now and they both taste like the cheapest ice cream on the market - was hoping for a LOT more...
You can do it online here https://events.miraqle.com/a2-milk-s...ry-Validation/
6 million shares through today. No drop in price. Could be someone quietly accumulating.
Surely, reading from the Aussies forum on hotcopper, seems as though there is huge shortage of A2 milk formula in super markets. And supply can't keep up with demand at this stage, will be interesting to see what comes out of ASM next week. My bet is it'll be quite upbeat.
KW, do you have definitive proof that a2mc are losing money on fresh milk sales in USA and UK?
No point in dropping a well formulated and planned strategy for long term growth just to forfill what could be a short term phenomena with baby formula. a2mc has only milk and needs to build and offer a diversified product range around that.
Interesting piece from Australian newscast:
Founder of Milk Powder Australia Simon Hansford told News Corp everything flying off the supermarket shelves is flying straight overseas.
"It's happening everywhere at the moment, it's a real movement," Mr Hansford said.
"Companies like Bellamy’s, A2, Swisse and Blackmores are absolutely cleaning up."
Synlait are increasing production of baby formula 3 fold in Canterbury. That should help the supply problem somewhat.
Interesting piece from Australian newscast:
Founder of Milk Powder Australia Simon Hansford told News Corp everything flying off the supermarket shelves is flying straight overseas.
"It's happening everywhere at the moment, it's a real movement," Mr Hansford said.
"Companies like Bellamy’s, A2, Swisse and Blackmores are absolutely cleaning up."
Synlait are increasing production of baby formula 3 fold in Canterbury. That should help the supply problem somewhat.
Jeepers, give them a cotton pickin chance!Quote:
Umm, the company's financials?
Of course they are losing revenue in the initial stages of entering the market but the financials on which you are basing your argument are now well out of date.
Perhaps I could have phrased that differently. What evidence is there to suggest that ongoing revenue loss is entrenched. I don't really care about short term losses, what I am looking for is increasing sales penetration. The short term losses will well and truly be ameliorated if the top line growth is evident.
I guess we will get more of a guage on that in a weeks time.
In the meantime strong buying going on today, into the 80s now.
Well I wouldn't put it into a company that had about a five-minute time horizon based on today's media hype, that's for sure. a2MC has some pretty clued-up people running it. Babidge has good history in the overall dairy business and we can largely thank him for a2MC's success in Australia, Wotherspoon has excellent credentials to be running the UK and China operations and O'Neill has a strong background in North American beverage retailing. I'd back their strategy against those of a few shareholders who don't want the company to have a growth or development strategy, just want to see its focus constantly switched for quick short term profits in markets that we are being warned may have difficult times ahead. It would appear that some reasonably large investors in Australia see things the same way at the moment.
A2 weighs up building baby formula plant to cash in on China demand
http://www.smh.com.au/business/a2-we...10-gkv1bc.html
Thanks NT001, could not agree more. Adds a bit of meat to post #4690. We are looking at a defensible long term strategy for growth. Not sure if the market would react very positively to a company that constantly changed strategy on a whim or a short term phenomena. Not every consumer is a buyer of baby formula, so to remove fresh milk from the shelves in favour of meeting a short term supply problem for infant formula would not be a great idea even if it was possible under supply arrangements to retailers currently in place. Its pretty naïve to think that there would not be downstream consequences of agreeing to supply fresh milk to establish a market to only then cancel the arrangement and move to something else, even though it may be more profitable in the short term. Its all about consistency of supply to build credibility and a loyal following.
I liked this part of the news…..:)
"A2 is forecasting "strong growth" in revenue and operating earnings in the 2016 financial year, assuming demand for infant formula in Asia and Australia continues unabated. Revenue is forecast to jump 72 per cent in FY16 to $NZ267 million, while earnings before interest, tax, depreciation and amortisation is expected to surge 150 per cent to $NZ12 million."
Would be good to see that happen, butwhy did Petric leave if it was so good...MR B just keep having shares issued to him.
No one disputes, as far as I know, that increasing infant formula sales in to China has to be part of the company's strategy - and it already is. The fact that a2MC is "weighing up" building a formula plant to cash in on China's demand is not new, it's just the media today looking to put a new angle on yesterday's story about some customers rorting the ration system in a particular Woolworths store.
The company's strategy was pretty well signalled in the 2015 AR, and it included meeting the increasing demand from China for infant formula, but not just dropping everything else (such as fresh milk sales) to do so, which would mean as Harrie pointed out peeing off a lot of customers and outlets to whom commitments have been made. A strategy of suddenly putting everything into infant formula sales also assumes that supplies of infant formula can suddenly be ramped up exponentially. They can't. Supplies have to be secured, which means farmers have to be signed up and have to convert their herds, and processing facilities have to be either built or contracted. The company has been working on such issues. The fact that a few hundred cans of formula were photographed going out the door of a Woolworths store this past weekend doesn't mean a2MC is missing out on millions, or that it should go through contortions to turn its development strategy on its head. Let's not get obsessed with Bellamy's share price going "through the roof". We all have the option of buying Bellamy's shares.
The $40m in a2MC's coffers is not a slush fund to play with for short-term gambling, it's already committed for budgeted development including programmes in the US which in many ways must be rated a more commercially solid market than China, and in UK-Europe.
I wonder if those who disagree with this will attend the ASM and tell the company's directors and executives just how hopelessly wrong and devoid of commercial clues they are, and perhaps nominate some directors who will dramatically turn its strategy around.
.
I'm keen to hear thoughts on what the next price catalyst will be. ATM is a news dominated stock - I personally think that the next driver will be positive news from the US. For the longterm holders, ATM needs to maintain diversification - across products and markets. Yes the China infant formula story is exciting, but it is just one revenue stream, and one that can be dictated by the all powerful Chinese government. So let's enjoy it while it lasts, and make hay whilst the sun shines, but let's not lose sight of the longterm opportunities in multiple markets. All eggs in one basket may mean crying over spilt milk!
Two stories in a day on SMH this sector is hot ...
http://www.smh.com.au/business/china...10-gkvlq7.html
Zeepers, almost 8 mln sharestraded pre-market and bids coming in strong. Might hit 85c today.
The sp has gone bonkers today....especially since ASX opened!!!
Dipped into the savings to apply for the whole 15k allotment.
Hey silu or anyone have you received your share purchase plan in the mail; 30th oct was the supposed mailing date? Thanks in advance JT.
JT , you can do it online
https://events.miraqle.com/a2-milk-s...-spp%2fHome%2f
Ok if you are into small change fair enough. The price was a lot lower when I wrote that so I suspect now that every man, his dog and cat will be forking out $15k to take a share of an ever dwindling pool of available shares. Higher differential, lower number ...same result
Its gone nuts on ASX, hit 84c A$ as I type. Might be inching to that magic $1 mark soon.
http://www.smh.com.au/business/intel...11-gkwhb2.html
Although this article is talking about Bellamy's issue, I'd like to watch closely how a2mc's management team is going to handle their when-demand-is-greater-than-supply situation in the short term. As one of ATM's shareholders, I'm glad that the company is planning to build a new factory in the long run.
ATM's Australasian CEO Peter Nathan has emphasised in an Australian ABC interview the point I made in post 4703, that the company can't massively increase its formula production overnight:
PETER NATHAN: What we have to do is to build additional herds because we are the only brand that has product which contains milk powder which contains only the a2 type of protein and not a1. So what that means is we have to breed cows that naturally produce the a2 protein and that takes a little bit of time to select those cows which naturally produce the proteins.
(ABC Interviewer): Mr Nathan says a2 Milk is considering building an extra processing plant.
PETER NATHAN: Any sort of building a plant in conjunction with other parties is a longer lead time and we will not make it in the short term. In the immediate term the focus for us is to build supplying capacity with our existing supplier (Synlait).
Incidentally, some Australian investors are now querying whether the recent dramatic rise in Bellamy's SP is sustainable, especially given that it takes time for new organic farms to gain certification and join that company's supply chain. Many of them think a2MC's share price prospects at the moment look a better bet, likely to surpass A$1 very soon and go a lot higher in the medium term, driven in part by Chinese investment. I'd be inclined to go along with that if the present dairy investment hype continues.
Peter Nathan is correct in pointing out that it takes time to breed up A2 herds, but the formation of A2 herds can also be done in other ways (and much more quickly). Firstly, some farmers have already been building up A2 herds in anticipation of a big move towards A2. And secondly, A2 herds can be formed by buying A2 cows from existing mixed herds.
There are currently hundreds of thousands of A2 cows mixed into Australian and NZ herds, whose milk at present is just being wastefully mixed into the general supermarket A1-A2 milk hotch-potch. If there's enough demand for A2, as there now appears to be, it just needs someone to get organised and buy up these cows that are already of milk-producing age, to create new A2 herds. That's assuming a2MC and Synlait are amenable to this and can handle the processing. It can't be done overnight, but it could be done in months rather than years. Interesting times ahead.
13.5 million shares changing hands pre-opening. All pointing towards hitting 90c today.
Hey y'all! DO NOT PARTICIPATE IN THE SHARE PLACEMENT!
Sincerely,
A greedy investor :)
And to think that Freedom Foods, a longtime cornerstone shareholder in a2MC, sold down 42m shares on 20 October for NZ73c a share. So far they've lost over $8m in just over three weeks on that call. Not to mention Milford of course, which sold about 15m shares a little earlier at around NZ70c. A few people must be kicking themselves.
Last nights Current Affair showed the shortage of baby formula on Australia supermarket shelves.
Thank you Tracey.
Freedom Foods would surely be kicking themselves, no doubt. However in case of Milford they must've been sitting big paper loss for a long time hence may have been forced to sell when a good opportunity came along.
The trading depth on ASX looks pretty ominous, highly likely that we might see that $1 mark hit on both bourses or at least on NZX, just when is the question today or tomorrow?
Approaching a 2 year high and mkt cap re $661 million; just a little bit over exuberant a bit too frothy like a cappuccino?
Already sent my placement form in, but didn't go for the maximum $15k. Bugger!!
Choo Choo!!!
How would we fund it tho? More Cap raising or enter a JV with someone to help lower the costs
Wish they could allocate bit more to the public pool than $3 ml, how about raising that to $10 ml?
Is there a provision they could do that or wishful thinking on my part?
Bellamy's shares down 4% in Oz today on very light trading. Looks like it has lost its fizz. Whereas A2M is up 3.6% over there on heavy trading.
Building a new powder plant in Oz would be only half the trick. Remember it took Chinese officials months to approve the Synlait plant in Canterbury, which manufactures a2MC's infant formula for export, even though it is largely Chinese-owned. Synlait currently has more capacity reserved for a2MC to increase its infant formula throughput, much of which actually goes to Australia, not direct to China.
a2MC will regain control of the NZ a2 milk market in 2017 when Fresha's licence expires, and we can be sure the company is already working on plans to increase exports from this country when that happens.
Another possibility that perhaps should not be ignored is that Jeff O'Neill, a2MC's CEO for the US, might stitch together a deal with Deans to export a2 infant formula to China out of the US. The US has a huge dairy herd (partly a2) which is currently facing a price downturn a bit like the one Fonterra faces, and Deans has the plants and infrastructure that could be utilised. Might not need any capital-raise. An arrangement something like a2MC's deal in the UK with Muller Wiseman could provide a quick fix. It's a time for lateral thinking.
Okay. so a few traders in Oz are making a nice margin temporarily on flogging infant formula off via courier to China, and it's getting up the noses of some angry Aussie shoppers, but is it really "disastrous" for us shareholders? a2MC is still selling the stuff at a profit on the Aussie market, and I've seen no proof that the quantities are so huge that we shareholders are being robbed blind. I don't think so.
It seems a lot of this hype is being stirred by the "Singles Day" phenomenon which is not 365 days a year. Most Chinese who are paying silly prices for Bellamy's formula wouldn't really have a clue why, and Bellamy's capacity to ramp up production to meet astronomical demand is very limited because of the problems around organic certification, which a2MC does not have.
Chinese consumers also don't fully understand the benefits of a2, but they soon will, because human clinical test results involving Chinese consumers are due for release quite soon. And my expectation is that the results will show a2 beats its competitors hands down, including organic competitors.
The immediate problem will remain, though, how to push more product into the short term pipeline. I would expect this to be one of the most interesting topics for discussion at the coming ASM. The current infant formula "explosion" has caught everyone a bit by surprise, and with China's sudden relaxation of its one-child rule the race is now on.
But a2MC's strategy has always been a longterm one. It can be tweaked a little to respond to surges in market demand, but the long term issue for a2 has never been whether its SP can get above $1 - it has always been a question of how long it takes to exceed $5 or $10, and at what point farmers in major milk-producing countries decide en masse to stop producing medically hazardous A1 milk, and producers such as Fonterra accept the inevitable (which they already know but won't admit). This whole thing has got a long long way to go yet.
Careful here. Chinese consumers are actually very well informed, much more so than most westerners. They research EVERYTHING that they do/give to their children because they are so important (1 child policy). They also read English quite well. To say they "don't fully understand the benefits of a2" is a bit stereotypical, I suspect you would be surprised if you asked them.
Having lived in China for a number of years, I understand the people fairly well. I was actually asked about a2 milk while there a couple of times when people with kids found out I came from NZ.
Having lived there you would know the one child policy has been expanded to two , hence some of the excitement in this sector ....
Quote "But a2MC's strategy has always been a longterm one. It can be tweaked a little to respond to surges in market demand, but the long term issue for a2 has never been whether its SP can get above $1 - it has always been a question of how long it takes to exceed $5 or $10, and at what point farmers in major milk-producing countries decide en masse to stop producing medically hazardous A1 milk, and producers such as Fonterra accept the inevitable (which they already know but won't admit). This whole thing has got a long long way to go yet." unquote
I have just been re-reading some of Prof Woodward's old newsletters. He is of the opinion that eventually {whenever that is} A1 cows will have to go and A2 cows will predominate in the dairy industry.
Grossly over-stated. As I am sure you know... medical evidence of adverse health effects in the general population from drinking milk containing A1 does not exist.Quote:
......it has always been a question of how long it takes to exceed $5 or $10, and at what point farmers in major milk-producing countries decide en masse to stop producing medically hazardous A1 milk......
I am aware, however the cultural bias will live on in China for a long while yet. Even allowing for 2 children - traditionally Chinese families have as many children as possible. 4-10 was not unusual before the policy was enacted. So being limited to 2 isn't going to change their desire to give the best to their children. You will also note that 2 children is only possible for those parents where at least one of the parents is a single child - perpetuating the cultural bias.
So how can anyone justify the current mkt cap up re $30 million today to approx $685 million !!!? Something tells me its another rinse and repeat. Sell some/all and take my chances with the number of shares i get in the spp.
Thanks stoploss and gmatt. I never got an email or snail mail with the application form. Anyway have applied for the max online along with everyone else.
the offer is going to be massively scaled back. They are after $3m and no oversubscriptions with applications being scaled on a proportionate basis, clause 6.3 in document
So, I presume, if you apply for $5000 in the spp - you will get 1/3 of the number of shares that the shareholder who applies for $15,000 will receive. Is that how the scaling will work?
I would like $2000 of new shares but I do not have $15000 cash. It is why as a small shareholder, I do not like this type of SPP.
The offer document states "6.3 If a2MC receives valid applications in excess of NZ$3,000,000, it will scale back all applicationson a proportionate basis..."
Can anyone clarify what this means in plain English? What is it proportionate to? The amount of shares applies for (so all those that apply for $15k will get the same scaling % applies as those who apply for $5k), or is it proportionate to your existing shareholding, so larger holders get more?
I assume the first, but the wording is not clear.
Hope they don't do this with the A2 powder ....
http://www.nzherald.co.nz/business/n...ectid=11544519
The way I have read the documents is that there is no guaranteed minimum and all applications will be scaled back proportionally. If for example A2M received applications for $15M, then everyone would get 20% of what they applied for, adding up to $3M.
Personally I expect much greater scaling than that
A bit rugged alright; 15% of my ASX stocks held are up 31% flat and 54% down atp.
You must be joking. That's the kind of statement you only hear nowadays from spokespeople for Fonterra or Dairy Australia or the discredited former NZ Food Safety Authority, ie people still trying to protect a stance that has been well and truly disproved by clinical research over the past decade. Unless perhaps you are trying to be very cute with your use of words. Of course the adverse health effects for which evidence has been accumulating from the work of teams around the world do not affect each individual member of the "general population" to the same degree, because each individual's susceptibility to harm is modulated in some degree by specific personal circumstamces, whether they be genetic, environmental, medical, immunological, lifestyle, dietary, fitness-related or plain bad luck etc. Some will be lucky. Others may be the victims of a combination of factors. But all members of the "general population" are at risk if they consume A1 milk, and the evidence is now so strong that you won't find knowledgable scientists seriously disputing this any more.
Some may quibble a bit around the edges, but no one - not even the most powerfully equipped dairy interests like Fonterra - any longer disputes that BCM7, the opioid peptide generated through the digestion of A1 milk, can pass through the gut wall of a significant proportion of consumers, and can get into the bloodstream and from there into the brain where it can contribute to a number of unpleasant conditions such as autism and schizophrenia. Nor do they dispute that BCM7 is demonstrably capable of causing inflamation in various parts of the body, a precursor to such diseases as heart disease, diabetes, cancer etc. Nor have they come up with any credible alternative explanation as to why there is an incontrovertible statistical correlation between the high incidence of heart disease and type 1 diabetes in countries where the milk contains a high proportion of A1. (Fonterra still co-holds a patent based on a probable link between A1 milk and diabetes)
A few years ago, people like the European Food Safety Authority were able to say some of these things could be disregarded as they had yet to be proven. They can't now. Their concern is that people may get switched off drinking milk, and at present they still think the possible risks outweigh the proven benefits, so they're not updating their views in line with ty he new research. But why take the risk if it's undeniable and avoidable? A2 milk gives consumers the opportunity to avoid it
In many branches of the research, it has now been shown clinically that there is definite evidence if not absolute proof of links between BCM7 and harmful medical conditions, and that there is a known pathway by which causation could occur. Some critics still argue that such evidence does not prove BCM7 is actually causing medical harm. They want "proof" that it's happening, not just evidence, or even proof that it CAN happen. It's the old story. Remember decades ago when the tobacco lobby said "yes the statistics do seem to support a suspectedl link between smoking and lung cancer, and the medical experts have shown the link could theoretically be causative, but no one has ever actually produced a case where a smoker got lung cancer and all other causes were able to be 100% excluded." Yeah, right.
DYOR. For a start, read Keith Woodford's book "Devil in the Milk", second edition updated. That should be everyone's starting point. Then read the books and scientific papers that show where he's wrong. There aren't any, which should make you think. And if all that doesn't convince you, read the websites that outline the scores of peer-reviewed research papers on the subject of BCM7.
Agree NT001, its unlikely that a2 or its supporters will be able to prove their case conclusively and trying to do so would be a waste of time and money. I know personally that I get a crook guts when I drink ordinary milk and both of my kids get fidgety and restless with it, biting fingernails, chewing clothes etc... All anecdotal I know, but try convincing me that there's nothing in it. I like to think that good science will eventually win the day. Like the smoking and global warming debates, doubters will get quieter as the weight of research starts to erode their position. Eventually, anyone looking at the argument will follow the money - who stands to gain/lose the most. There are far too many vested interests who are quite happy with the status quo and not at all interested in supporting research into the whole A1/A2 thing. Read into that what you will. The fact that the main stream NZ milk industry hasn't backed this is neither here nor there. Remember Fonterra are the same outfit that have decided it is a good idea to export a raw commodity into a global market they don't control. Also, their response to the a1/a2 debate so far has been entirely reactionary. After initial attempts to acquire the IP behind A2 milk,they have had no official opinion on the matter, probably hoping it will all just go away.
I'd like to see the a2 message out there so people can at least make an informed decision. Disc: I had quite a few of these for a while but no longer holding as this one is still a bit too speculative for my nerves. I'll be up to my neck in this company if/when they get serious traction in the states (although they'll almost certainly be acquired before then).
I'm picking the sp might hit $1 mark tomorrow on back of buoyant trading update and other things set to announce at ASM.
$1 here it comes...
From ASM presentation:
Big revised earnings!
From EBITDA NZ$12m to NZ$22m! If excluding UK&US of loss (NZ$16.5m), will be NZ$38.5m!
Also, it's great news that UK operation to achieve break-even by first half FY17.
:t_up: