Watch them magically find a buyer for dairyworks now...

My notes post 1H

Pokeno is interesting and could be sold to a2, although they don't have the SAMR license its very plausible they could acquire Bodco(B&C facility in Hamilton) for circa $60mm as they hold the SAMR license for their Pharmalac brand into China(Stage 1-3). DB did allude to the possibility of doing a "brand swap" on the 1H call. Of note also, Bodco was previously supplied by MVM prior to a2 buying it. The founding shareholders of Bodco also founding shareholders of MVM & CAHG a Chinese SOE.


They've spent around $425mm on capex and is currently under utilized(Abbott a major customer). Discount? Market access to USA and diversification for Abbott.