August 2023
Milklab owner Noumi’s annual loss narrows
The net loss of Noumi – once known as Freedom Foods – narrowed to $46.9 million in fiscal 2023, from $161.1 million a year ago.
- Carrie LaFrenz
February 2023
MilkLab owner says legal claims may crush it
Noumi, the restructured Freedom Foods, may struggle to meet its liabilities if it loses a class action, and fails to make sales and cost-cutting targets.
- Jemima Whyte
ASIC sues Freedom Foods, ex-CEO and CFO
The corporate regulator has brought civil proceedings against Rory Macleod and Campbell Nicholas for alleged disclosure breaches and false or misleading conduct.
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- Carrie LaFrenz
July 2022
Deloitte alleges Freedom Foods misled it in false financial reports
Documents filed against the group, rebranded Noumi, comes after a number of class actions targeted big four consulting firms over allegedly dodgy audit work.
- Hannah Wootton
March 2022
Class action splits Noumi from its auditor
If anyone knows where the bodies are buried it’s the person signing off the books.
- Myriam Robin
Noumi loses turnaround CFO after 12 months
The company formerly known as Freedom Foods has lost its CFO barely 12 months after Josée Lemoine took on the role to straighten out its books.
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- Carrie LaFrenz
February 2022
Noumi to pay $860k in local legal costs of its supplier
The group formerly known as Freedom Foods will pay the Australian legal costs of its supplier Blue Diamond Growers to settle a long-running dispute.
- Carrie LaFrenz
November 2021
Freedom Foods sheds name and rocky past
The UHT milk and plant-based drinks maker held its AGM on Thursday when a largely refreshed board survived a spill motion.
- Carrie LaFrenz
Blue Diamond court case costs Freedom Foods $48m
The plant-based drinks and UHT milk manufacturer will also now issue a second tranche of convertible notes to pay the hefty settlement.
- Carrie LaFrenz
Freedom Foods sells its seafood unit
After more than six months looking for a buyer, Tempo Group has purchased its small seafood business marking the completion of its structural overhaul.
- Carrie LaFrenz
October 2021
Freedom Foods not out of the woods yet
Auditor Deloitte says two class actions and US legal proceedings means the manufacturer is facing material uncertainty that may cast significant doubt on its ability to continue as a going concern.
- Carrie LaFrenz
August 2021
Fixing Freedom Foods cost $28m, with more to come
The plant-based drinks and UHT milk manufacturer posted messy full-year results and warned the outlook was uncertain.
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- Carrie LaFrenz
Freedom Foods sales gain on plant-based beverage boom
Revenue from continuing operations rose 4.3 per cent quarter on quarter thanks to strong growth in long-life dairy and plant-based beverages.
- Carrie LaFrenz
May 2021
Freedom Foods loses appeal; will face US arbitration
The major almond drink supplier will move ahead with arbitration, where the Australian manufacturer may face a damages bill of $21 million.
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- Carrie LaFrenz
Freedom Foods recap plan secured after options, notes approved
Freedom Foods chairman Genevieve Gregor has pulled off a highly complex recapitalisation, which has saved the company.
- Carrie LaFrenz
Perich the thought: notes issue oversubscribed
The family investment vehicle, Arrovest, will wind back the size of its placement to $126.1 million compared with the previously announced $135 million.
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- Carrie LaFrenz
Freedom Foods in trading halt pending capital-raising details
The company is seeking to raise up to $265 million and the take-up will dictate how much money its key investors, the Perich clan, will tip in.
- Carrie LaFrenz
Freedom Foods says Q3 sales slide, pays $4.45m to Perich companies
The UHT milk and plant-based drinks maker backed by the wealthy farming clan is still aiming to have its complex recapitalisation finalised by May 27.
- Carrie LaFrenz
March 2021
Freedom Foods milk supply contract ‘at market price’
Industry sources raised issues about whether the milk deal – which has always been disclosed in the company’s accounts – provided to the Perich family owned-farms was superior to what other farmers receive.
- Carrie LaFrenz and Jemima Whyte
Freedom Foods’ plan to tame US almond growers
New chairman Genevieve Gregor is hoping to back Blue Diamond into a corner, and allow the Australian manufacturer to rebuild after a horror year.
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- Carrie LaFrenz and Jemima Whyte