October 21, 2025 • 9 mins
Don Morrison cites frustration that media reporting around the Alliance capital restructure hasn't been balanced in his opinion.
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Speaker 1 (00:11):
Don Morrison starts us off this afternoon on the muster
willow Bank farmer and Alliance board director. How we good afternoon?
How things oh kill Indy?
Speaker 2 (00:19):
And you've given me another good leading with some Dave
Dobbin and d D smash. But that's a great sound.
Speaker 1 (00:25):
I seriously contemplated giving you Jefferson starships just so you
can tell your story for Luckeye. Once again.
Speaker 2 (00:31):
We've heard that enough time, we'll go to some Dave
Dobbin story, shall we? So HC is playing right and
Monica in March, which would be well worth going and
seeing that comfort.
Speaker 1 (00:43):
No, absolutely, when you get these concerts come around, how
you can't really knock them back, just like the proposal
with Dawn Meets wasn't knocked back. Overwhelming vote in favor
of Dawn Meats getting involved with Alliance. I suppose initially
for twenty four hours on from your perspective, it is
probably one of relief that this has gone through, right.
Speaker 2 (01:03):
Look, I think it's it's probably recognition of a lot
of hard work done by a lot of people in
you know the whole process of putting the best deal
forward for what we needed to do, and then in
delivering the message with twenty four road shows to all
our shareholders, you know, virtual webinears. There's a whole lot
of work from some really really good people going behind that.
(01:27):
And I think what we saw through the whole thing
was incredible leadership from Billy Visa and our CEO and
Mark Wintier of the board. I think it was some
outstanding leadership to the galvanized people and galvanize the message.
Speaker 1 (01:41):
Yeah, it's interesting to bring that up, how he's saying
the leadership's galvanize the message. But the argument of he
is that the leadership hasn't been there over the last five, six,
seven years with the organization.
Speaker 2 (01:52):
Look, we've been pretty strong in the in the messaging
that we've been putting out. More recently, we had a
bit of a change of regime on the on the
board and the tier and we just said we would
be more transparent. We know we weren't as transparent as
we needed to be and shareholders needed to understand where
we were and where we're going and why we are
where we are. So certainly that last two years, we
(02:14):
believe we've been really transparent. You know, it's interesting, Andy's people,
we have brief bites. We have roadshows where webinars to
some people that don't go or look at any of
them and then say, how you're not communicating, so I
will throw it back. There's a bit of responsibility on
both sides. We've got to give opportunity to get the
message out and people have got to take that opportunity
(02:36):
to learn where we are.
Speaker 1 (02:38):
But the messaging on the other foot as well, how
we going to these meetings and listening to farmers is
one of frustration too.
Speaker 2 (02:44):
And as come again, Andy, you were saying the message
from farmers was frustration.
Speaker 1 (02:48):
Yeah, absolutely, listening to farmers at the meeting and Gorse
saying this option had to go through because they were
just frustrated from the leadership angle over the last five
to six seven years. And obviously it wasn't markel Will's problem,
but they inherited it.
Speaker 2 (03:02):
Look, I don't think you can blame any one particular regime,
but what it is is it's it's previous and success
of boards decisions that have made or weren't made. I mean,
we can we can analyze them in Hindsight's great. We've
all got twenty twenty vision on hindsight, and you know,
looking back, there was certainly clear that we as a board,
we we didn't have a mechanism to capitalize our balance sheet.
(03:26):
And there's two ways you do that, and you do
that through retained earnings through profits, and with a twenty
million dollar average profit over the over the last ten
years from a company with a two billion dollar plus turnover,
but with similar levels of topics going out, there was
not a chance to do that through retained earnings. And
(03:46):
your only other mechanism is through shareholders investing, and two
things I think historically, you know, shareholders have been more
interested in schedule and competitive pricing, and you know, there's
been a lot of criticism that we weren't. So I
think market share would have been very vulnerable if you
tried to take funds off your shareholders, and certainly in
(04:10):
the last process with Canvas, we tried and the message
was we would prefer to put that money back into
our farms, and that was a clean message we got.
Speaker 1 (04:19):
So what changes for the Alliance Group after yesterday's announcement?
Speaker 2 (04:23):
So Alliance carries on as Alliance, albeit with a different ownership.
But what you've got is a we'll for a start,
we've got a strong balance sheet, which allows us to
invest and operate in a way that we believe we
can be far more, far stronger on pricing because we're
going to be able citizens to get stronger prices in
(04:44):
the market going to different channels and operating in a
different way. So that's the important but it and not
beholding to that working capital limit that was there from
the bank. But certainly it is a bigger beat the
company now andy with with that dorm partnership, with access
to fifty two week excess for grassbead animals, supply new
(05:07):
access into markets that we went as strong, and access
with their joint Ventorshire partner door meets and markets that
we are really strong, and a lot of knowledge to
be gained from their operation around processing efficiencies that we
can learn from them and they can learn from us.
So I would say it's actually a really exciting time
(05:28):
as a farmer supplier to be looking to supply your
animals to Alliance over these next years, and particularly when
we're in probably one of the strongest supply markets that
we've we've ever been in with their with their pricing
at the moment.
Speaker 1 (05:42):
Now you're hearing that Irish farmers who supplied dawn meats.
Aren't that chatted about this going through? And you can
understand that as well.
Speaker 2 (05:49):
Andy, I think you really when you say something like that,
you've got to understand the scale of any criticism. Is
it one farmer, is it two farmers? You know we've
seen through them.
Speaker 1 (05:59):
Let's just UK farming on a hold out. The moment
got the Red Tractor movement, for example, being very parochial
towards your own considering the situation through Europe and the EU.
Speaker 2 (06:09):
Yeah, yeah, no, I mean they've got they got a
very strong but call lobby groups over there. But I
think to say that, I think you just said that
our Irish farmers went happy or something to that effect.
I think that would be an absolute minority. And I
think the media always has the capability to sensationalize, and
we've seen this through this whole process. When there was
(06:30):
an alternate view to what we were proposing, it gets
a lot of media time, you know, it doesn't as
you saw, that only reflected twelve percent of our suppliers,
but it was getting proportional media time to those that
were you know, we had eighty eight percent of the
supply that wanted yes, So I think you've often got
to be careful with some of the statements that come
out in the media.
Speaker 1 (06:51):
Yeah, but it's an opportunity for messaging to get out
there as well too.
Speaker 2 (06:54):
Though it's an opportunity for messaging to get out there.
But media will often try and sensationalize, which yeah, it
is fine, that's that's how you, let's say, you sell
your time on newspapers. But I think there's a responsibility
to also project the majority feeling and reflect that view.
Speaker 1 (07:13):
To Andy Niall Brown, the boss of Dawn meets down
in the South yesterday. How was he received by the
farmers that met him.
Speaker 2 (07:21):
I think very well and really genuine guy, grassroots guy,
great manner. But look, that's that's going to be Nile's
one of his roles for being to get out and
meet out farmers and very early days, yet he was
obviously down for the vote and look, there was no
there was no gimmey, there was there was no heads
(07:42):
up on what it was going to be. But obviously
he would want to be there when you're when you're
looking at making that big an investment, you want to
be there to support whatever the decision was.
Speaker 1 (07:52):
So as far as over capacity. What did he have
to say about that, giving it's an issue, Well, look
that's not it's.
Speaker 2 (07:59):
An issue that as the industry and right now it's
we've clearly rationalized alliance for closing Smithfield to address our
capacity and our catchments, and we actually think we're really
well provisioned. So I can't comment on you know, what
that's going to look like for other companies, but there
(08:19):
is sometimes you do have to take that responsibility and
take the initiative, and if it's the right thing to do,
you've got to be prepared to do it. So that
I imagine we will see some more closures of plants,
whether it's some in this immediate heir, but certainly that
will be required.
Speaker 1 (08:35):
Well we'll talk about a rugby because he came with you.
How he's a rap up. That's a targer gonna win
by Ava Cannbury. I think they're going to do the
job on Saturday.
Speaker 2 (08:44):
Look, yeah, look, it's going to be a really tough game.
I think you've just got a really strong Cannibary team,
So a Targo will absolutely have to have to perform
to the best on the night. But you know a
lot of young players, a lot of a lot of
belief and and a lot of excitement. I'm coming out
of that team, so yeah, look at it's a fifty
to fifty game to me, Andy, a.
Speaker 1 (09:05):
Targo and unders for me, Howe Morrison. And there is
nothing ever sensationalist twice that occurs on the muster. You
only get it from the horse's mouth. We do appreciate
your time, all the best tailings ever, really good Andy,
you appreciate that and look forward to the next next
chime to tap Don Morrison out in the winds afternoon
trying to get some tails lobbed off. Good luck, how
(09:26):
were You won't need us. You're listening to the Muster
up next from Craig's investment Partner's David Frame
Don Morrison starts us off this afternoon on the muster
willow Bank farmer and Alliance board director. How we good afternoon?
How things oh kill Indy?
Speaker 2 (00:19):
And you've given me another good leading with some Dave
Dobbin and d D smash. But that's a great sound.
Speaker 1 (00:25):
I seriously contemplated giving you Jefferson starships just so you
can tell your story for Luckeye. Once again.
Speaker 2 (00:31):
We've heard that enough time, we'll go to some Dave
Dobbin story, shall we? So HC is playing right and
Monica in March, which would be well worth going and
seeing that comfort.
Speaker 1 (00:43):
No, absolutely, when you get these concerts come around, how
you can't really knock them back, just like the proposal
with Dawn Meets wasn't knocked back. Overwhelming vote in favor
of Dawn Meats getting involved with Alliance. I suppose initially
for twenty four hours on from your perspective, it is
probably one of relief that this has gone through, right.
Speaker 2 (01:03):
Look, I think it's it's probably recognition of a lot
of hard work done by a lot of people in
you know the whole process of putting the best deal
forward for what we needed to do, and then in
delivering the message with twenty four road shows to all
our shareholders, you know, virtual webinears. There's a whole lot
of work from some really really good people going behind that.
(01:27):
And I think what we saw through the whole thing
was incredible leadership from Billy Visa and our CEO and
Mark Wintier of the board. I think it was some
outstanding leadership to the galvanized people and galvanize the message.
Speaker 1 (01:41):
Yeah, it's interesting to bring that up, how he's saying
the leadership's galvanize the message. But the argument of he
is that the leadership hasn't been there over the last five, six,
seven years with the organization.
Speaker 2 (01:52):
Look, we've been pretty strong in the in the messaging
that we've been putting out. More recently, we had a
bit of a change of regime on the on the
board and the tier and we just said we would
be more transparent. We know we weren't as transparent as
we needed to be and shareholders needed to understand where
we were and where we're going and why we are
where we are. So certainly that last two years, we
(02:14):
believe we've been really transparent. You know, it's interesting, Andy's people,
we have brief bites. We have roadshows where webinars to
some people that don't go or look at any of
them and then say, how you're not communicating, so I
will throw it back. There's a bit of responsibility on
both sides. We've got to give opportunity to get the
message out and people have got to take that opportunity
(02:36):
to learn where we are.
Speaker 1 (02:38):
But the messaging on the other foot as well, how
we going to these meetings and listening to farmers is
one of frustration too.
Speaker 2 (02:44):
And as come again, Andy, you were saying the message
from farmers was frustration.
Speaker 1 (02:48):
Yeah, absolutely, listening to farmers at the meeting and Gorse
saying this option had to go through because they were
just frustrated from the leadership angle over the last five
to six seven years. And obviously it wasn't markel Will's problem,
but they inherited it.
Speaker 2 (03:02):
Look, I don't think you can blame any one particular regime,
but what it is is it's it's previous and success
of boards decisions that have made or weren't made. I mean,
we can we can analyze them in Hindsight's great. We've
all got twenty twenty vision on hindsight, and you know,
looking back, there was certainly clear that we as a board,
we we didn't have a mechanism to capitalize our balance sheet.
(03:26):
And there's two ways you do that, and you do
that through retained earnings through profits, and with a twenty
million dollar average profit over the over the last ten
years from a company with a two billion dollar plus turnover,
but with similar levels of topics going out, there was
not a chance to do that through retained earnings. And
(03:46):
your only other mechanism is through shareholders investing, and two
things I think historically, you know, shareholders have been more
interested in schedule and competitive pricing, and you know, there's
been a lot of criticism that we weren't. So I
think market share would have been very vulnerable if you
tried to take funds off your shareholders, and certainly in
(04:10):
the last process with Canvas, we tried and the message
was we would prefer to put that money back into
our farms, and that was a clean message we got.
Speaker 1 (04:19):
So what changes for the Alliance Group after yesterday's announcement?
Speaker 2 (04:23):
So Alliance carries on as Alliance, albeit with a different ownership.
But what you've got is a we'll for a start,
we've got a strong balance sheet, which allows us to
invest and operate in a way that we believe we
can be far more, far stronger on pricing because we're
going to be able citizens to get stronger prices in
(04:44):
the market going to different channels and operating in a
different way. So that's the important but it and not
beholding to that working capital limit that was there from
the bank. But certainly it is a bigger beat the
company now andy with with that dorm partnership, with access
to fifty two week excess for grassbead animals, supply new
(05:07):
access into markets that we went as strong, and access
with their joint Ventorshire partner door meets and markets that
we are really strong, and a lot of knowledge to
be gained from their operation around processing efficiencies that we
can learn from them and they can learn from us.
So I would say it's actually a really exciting time
(05:28):
as a farmer supplier to be looking to supply your
animals to Alliance over these next years, and particularly when
we're in probably one of the strongest supply markets that
we've we've ever been in with their with their pricing
at the moment.
Speaker 1 (05:42):
Now you're hearing that Irish farmers who supplied dawn meats.
Aren't that chatted about this going through? And you can
understand that as well.
Speaker 2 (05:49):
Andy, I think you really when you say something like that,
you've got to understand the scale of any criticism. Is
it one farmer, is it two farmers? You know we've
seen through them.
Speaker 1 (05:59):
Let's just UK farming on a hold out. The moment
got the Red Tractor movement, for example, being very parochial
towards your own considering the situation through Europe and the EU.
Speaker 2 (06:09):
Yeah, yeah, no, I mean they've got they got a
very strong but call lobby groups over there. But I
think to say that, I think you just said that
our Irish farmers went happy or something to that effect.
I think that would be an absolute minority. And I
think the media always has the capability to sensationalize, and
we've seen this through this whole process. When there was
(06:30):
an alternate view to what we were proposing, it gets
a lot of media time, you know, it doesn't as
you saw, that only reflected twelve percent of our suppliers,
but it was getting proportional media time to those that
were you know, we had eighty eight percent of the
supply that wanted yes, So I think you've often got
to be careful with some of the statements that come
out in the media.
Speaker 1 (06:51):
Yeah, but it's an opportunity for messaging to get out
there as well too.
Speaker 2 (06:54):
Though it's an opportunity for messaging to get out there.
But media will often try and sensationalize, which yeah, it
is fine, that's that's how you, let's say, you sell
your time on newspapers. But I think there's a responsibility
to also project the majority feeling and reflect that view.
Speaker 1 (07:13):
To Andy Niall Brown, the boss of Dawn meets down
in the South yesterday. How was he received by the
farmers that met him.
Speaker 2 (07:21):
I think very well and really genuine guy, grassroots guy,
great manner. But look, that's that's going to be Nile's
one of his roles for being to get out and
meet out farmers and very early days, yet he was
obviously down for the vote and look, there was no
there was no gimmey, there was there was no heads
(07:42):
up on what it was going to be. But obviously
he would want to be there when you're when you're
looking at making that big an investment, you want to
be there to support whatever the decision was.
Speaker 1 (07:52):
So as far as over capacity. What did he have
to say about that, giving it's an issue, Well, look
that's not it's.
Speaker 2 (07:59):
An issue that as the industry and right now it's
we've clearly rationalized alliance for closing Smithfield to address our
capacity and our catchments, and we actually think we're really
well provisioned. So I can't comment on you know, what
that's going to look like for other companies, but there
(08:19):
is sometimes you do have to take that responsibility and
take the initiative, and if it's the right thing to do,
you've got to be prepared to do it. So that
I imagine we will see some more closures of plants,
whether it's some in this immediate heir, but certainly that
will be required.
Speaker 1 (08:35):
Well we'll talk about a rugby because he came with you.
How he's a rap up. That's a targer gonna win
by Ava Cannbury. I think they're going to do the
job on Saturday.
Speaker 2 (08:44):
Look, yeah, look, it's going to be a really tough game.
I think you've just got a really strong Cannibary team,
So a Targo will absolutely have to have to perform
to the best on the night. But you know a
lot of young players, a lot of a lot of
belief and and a lot of excitement. I'm coming out
of that team, so yeah, look at it's a fifty
to fifty game to me, Andy, a.
Speaker 1 (09:05):
Targo and unders for me, Howe Morrison. And there is
nothing ever sensationalist twice that occurs on the muster. You
only get it from the horse's mouth. We do appreciate
your time, all the best tailings ever, really good Andy,
you appreciate that and look forward to the next next
chime to tap Don Morrison out in the winds afternoon
trying to get some tails lobbed off. Good luck, how
(09:26):
were You won't need us. You're listening to the Muster
up next from Craig's investment Partner's David Frame
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