Ann: Extension of Share Purchase Plan Offer, page-153

I've been really divided with this company. I don't know whether it's a strong buy or something I shouldn't go near. After reading all the posts here over the past few months, the more I read, the more Bubs seems not worth the risk.

The CR seemed inevitible, however I really question what they're doing with the money. Management seems oblivious to the political risks regarding China which have been well publicised. They seem hell-bent on betting the company on playing the Chinese market, at a time when the Australian-Chinese relationship is getting worse by the day. I don't know why they wouldn't put all their energy into Vietnam and leave China alone. I don't know why investors wouldn't focus on A2M with its superior balance sheet and proven track record after it's fallen so much in the past week.

Look at the talk of travel bubbles and the countries mentioned -- Singapore, Japan, South Korea, New Zealand... Anyone hear "China" mentioned despite it being virtually Covid-free? No, me either. Their government officials won't even pick up the phone when our ministers call. Look at TWE's share price. Or, the two Australian journalists who took refuge in the embassy and consulate a few weeks ago... China is not a pot of gold at the end of a rainbow. It will suck you in with the promise of access to a large middle-class market, take your intellectual property, take your company, and force you out. There is no rule of law. Let the daigous export Bubs to China next year if they want. And don't for a moment think the Chinese aren't influenced by their nationalistic government which is not a friend to Australia. Also, after the supply issues this year and the Beijing government pushing local brands, I doubt Bubs can simply pick up where it left off pre-Covid. Will the demand for Bubs be there? Who knows.

I really can't understand a couple of investors on this forum who are so defensive of any criticism of this company and its strategy. Concerns about the vitamins (a distraction), Jennifer Hawkins (a nobody to the Asian market), and China (a significan risk) are genuine.