If Slim Dusty was still around, he’d be singing Beer with No Pubs rather than Pub with No Beer. That’s the immediate global reality for United Malt Group, the newly listed maltster that was spun out of GrainCorp last week.

United, which is the world's fourth-largest independent commercial maltster, began life on the ASX with pubs shut around the world and beers at the footy or over a BBQ with mates out of bounds.