1
00:00:00,040 --> 00:00:01,560
Speaker 1: So it wasn't even close. Eighty eight percent if on

2
00:00:01,680 --> 00:00:03,760
Speaker 1: terror shareholders, as you'll be well aware by now, said

3
00:00:03,800 --> 00:00:05,920
Speaker 1: yes please to the four point two billion dollars sale.

4
00:00:05,960 --> 00:00:08,039
Speaker 1: Miles Hurrale is the CEO, of course, and as we

5
00:00:08,200 --> 00:00:13,119
Speaker 1: us morning, good morning. Mine sense of satisfaction, oh very much.

6
00:00:13,160 --> 00:00:15,720
Speaker 2: So you know, as you say, eighty eight percent, eight

7
00:00:15,720 --> 00:00:17,560
Speaker 2: eight and a half percent is a pretty good turnout

8
00:00:17,560 --> 00:00:19,800
Speaker 2: from out from a Shielders that gave us the thumbs

9
00:00:19,880 --> 00:00:21,840
Speaker 2: up and endorsement that were heading in the right direction.

10
00:00:22,040 --> 00:00:24,479
Speaker 1: The road shows that you did. Was it always eighty

11
00:00:24,520 --> 00:00:26,200
Speaker 1: eight percent or did you have to work hard?

12
00:00:27,240 --> 00:00:28,640
Speaker 2: Oh? No, we had to work hard. I mean, if

13
00:00:28,640 --> 00:00:30,760
Speaker 2: I go back to when the announcement was first made,

14
00:00:31,520 --> 00:00:33,520
Speaker 2: you know, there's a few questions out there you'd expect

15
00:00:33,520 --> 00:00:35,440
Speaker 2: from from a Farmer's Shielders. They had a lot invested

16
00:00:35,479 --> 00:00:38,840
Speaker 2: in this company, and so you know we needed fifty percent,

17
00:00:39,080 --> 00:00:40,680
Speaker 2: but we came out really clearly and said, you know,

18
00:00:40,680 --> 00:00:42,000
Speaker 2: fifty per cent it's not good enough for us. We

19
00:00:42,280 --> 00:00:43,760
Speaker 2: were a decent mandate, which we got.

20
00:00:43,920 --> 00:00:47,479
Speaker 1: Where does this set as part of the overall turnaround story?

21
00:00:49,040 --> 00:00:50,760
Speaker 2: Oh? Look, I mean this was a part of our

22
00:00:50,760 --> 00:00:52,600
Speaker 2: early thinking. But I think I've said to you before.

23
00:00:52,600 --> 00:00:54,680
Speaker 2: I mean, the conversation around whether we should be in

24
00:00:54,680 --> 00:00:57,360
Speaker 2: consumer's been on our agenda for call it twenty years,

25
00:00:57,360 --> 00:01:00,400
Speaker 2: if I'm honest, And so it wasn't part of our

26
00:01:00,400 --> 00:01:02,480
Speaker 2: turnaround store where we were well and truly through that,

27
00:01:03,160 --> 00:01:05,360
Speaker 2: you know, inherit to this business in twenty eighteen and

28
00:01:05,440 --> 00:01:06,800
Speaker 2: we needed a bit of work and I think we've

29
00:01:06,840 --> 00:01:09,280
Speaker 2: got ourselves in a pretty good space. But what we're

30
00:01:09,319 --> 00:01:11,319
Speaker 2: into now is actually having choice and I think that's

31
00:01:11,360 --> 00:01:13,480
Speaker 2: so much important point that we're seeing right now.

32
00:01:13,560 --> 00:01:16,039
Speaker 1: A couple of questions that people have come through this morning.

33
00:01:16,120 --> 00:01:18,920
Speaker 1: When does the when's the money hit the bank account?

34
00:01:20,160 --> 00:01:22,760
Speaker 2: Yeah? So this was an important milestone use today, but

35
00:01:22,880 --> 00:01:24,880
Speaker 2: we've still got some gritory hurdles and only yus so

36
00:01:24,959 --> 00:01:27,160
Speaker 2: we've got another Middle Eastern country gave us the thumbs up,

37
00:01:27,200 --> 00:01:29,240
Speaker 2: so that those will drip through of the next sort

38
00:01:29,240 --> 00:01:31,960
Speaker 2: of two or three months I think, so hoping sort

39
00:01:31,959 --> 00:01:34,160
Speaker 2: of early part to halfway through next year.

40
00:01:34,319 --> 00:01:36,040
Speaker 1: Okay, and what do you do with your bit of

41
00:01:36,080 --> 00:01:36,399
Speaker 1: the money?

42
00:01:37,680 --> 00:01:40,479
Speaker 2: Yeah, so we talked about between four point two sale,

43
00:01:40,600 --> 00:01:43,080
Speaker 2: three point two back to back to your shield? Is

44
00:01:43,080 --> 00:01:44,960
Speaker 2: that called it a billion? There's obviously he could a

45
00:01:44,959 --> 00:01:46,840
Speaker 2: lot of costs. It will go and as well through

46
00:01:46,880 --> 00:01:48,200
Speaker 2: this proces of the bank, because I'll put their hand

47
00:01:48,240 --> 00:01:51,400
Speaker 2: out these to expect. So call that seven hundred old million.

48
00:01:52,440 --> 00:01:54,080
Speaker 2: We've already announced the sort of a number of new

49
00:01:54,120 --> 00:01:57,120
Speaker 2: initiatives around a new butter capacity last week. We've got

50
00:01:57,160 --> 00:02:00,520
Speaker 2: a high protein factory in South Canterbury that we're investing in.

51
00:02:01,000 --> 00:02:02,440
Speaker 2: So you'll see a lot more of those sort of

52
00:02:02,480 --> 00:02:04,760
Speaker 2: investments come through, but very much centered around the New

53
00:02:04,880 --> 00:02:08,040
Speaker 2: Zealand milk, your advanced ingredients and a food service business.

54
00:02:08,200 --> 00:02:10,880
Speaker 1: Good right, bigger picture auctions. They worry at the moment.

55
00:02:12,600 --> 00:02:14,440
Speaker 2: I wouldn't say I worry, but you know, you've seen

56
00:02:14,480 --> 00:02:17,000
Speaker 2: a bit of sentiment change in the international market, and

57
00:02:17,120 --> 00:02:19,440
Speaker 2: you know what we've we've been quite lucky. I'd go

58
00:02:19,520 --> 00:02:22,239
Speaker 2: as far as to say that the tariffs out of

59
00:02:22,280 --> 00:02:23,920
Speaker 2: the US haven't really hit us, and they haven't hit

60
00:02:24,040 --> 00:02:26,639
Speaker 2: us directly despite it being fifteen percent as we all know.

61
00:02:27,440 --> 00:02:28,880
Speaker 2: But what you see now is, you know, a whole

62
00:02:28,919 --> 00:02:32,160
Speaker 2: lot of you know soy that that currently would may

63
00:02:32,240 --> 00:02:35,440
Speaker 2: go into China not really happening. Therefore, we've seen a

64
00:02:35,480 --> 00:02:37,760
Speaker 2: bit of you know, the supply demand balance between sort

65
00:02:37,760 --> 00:02:40,000
Speaker 2: of some of those northern hemispheres sort of be interrupted,

66
00:02:40,400 --> 00:02:42,920
Speaker 2: and so you've seen the sentiment play out where buyers

67
00:02:42,919 --> 00:02:44,200
Speaker 2: are sitting on their hands a little bit. So that

68
00:02:44,320 --> 00:02:46,919
Speaker 2: that's played out, but it was still comfortable ten dollars

69
00:02:47,600 --> 00:02:50,760
Speaker 2: to help somewhat by a low New Zealand dollar. I'd

70
00:02:50,800 --> 00:02:52,200
Speaker 2: say somebo need to watch that, of course.

71
00:02:52,480 --> 00:02:54,440
Speaker 1: All right, nice, all right, nice to talk to you,

72
00:02:54,480 --> 00:02:56,160
Speaker 1: appreciate it. You have a good week in Miles Hurrell,

73
00:02:56,200 --> 00:02:59,200
Speaker 1: who's the voluteer of CEO. For more from the Mike

74
00:02:59,280 --> 00:03:02,360
Speaker 1: Hosking Breakfast, listen live to news Talks at B from

75
00:03:02,480 --> 00:03:05,880
Speaker 1: six am weekdays, or follow the podcast on iHeartRadio