Ann: Bubs Australia - Half Year Results Presentation, page-59

I fear you are seriously underestimating the impact of impairing the Deloraine intangible asset. Let me explain..

Bubs paid how much for Deloraine ?? The answer is $35M

It's clear nearly all of what BUBS paid for Deloraine is actually sitting as an Intangible Valuation based on SAMR Approval at $30M.

The $35M paid is not sitting as hard assets in Plant and Equipment. That's only $4.5M on the balance sheet.

So if the Beingmate JV gets up, BUT the Deloraine SAMR DOES NOT, then BUBS faced with writing down nearly all of $30M intangible assets, because the intangible asset is the Deloraine SAMR approval, not the physical plant and equipment.

Even if the Beingmate approval goes ahead, which it will not, if Deloraine doesn't get SAMR, there is a very big write off coming at some point of nearly $30M. This is what BUBS have declared in the 4C in the paragraph I keep mentioning on page 21.

$30M more than BUB projected H2 revenue.

This is disgraceful.