Ann: Appointment of Voluntary Administrators, page-73

I loved this sentence from your linked article:

"Halo Food Co blamed its failed prospects on being bought out as the reason for its apparent collapse." I had to read it twice and now read this as saying: No one bought us out (or gave us fresh money to keep going); so we had to go into voluntary administration. Yep, it's the fault of potential buyers; they just could not appreciate the growth prospects of this company, especially when Tonik had grown 71% (sic article). This sort of language has a familiar ring to it, me thinks.

Over its multi-year life, KTD/HLF took about $63m from investors to create an accumulated loss of $74m (page 16 of their last AR). Yep, blame investors for not seeing this opportunity! What a business model indeed! (I am ironic here).

In addition, management and BOD also had the distinguishing business acumen to buy THM for about $16m consideration on the 1st April 2022 (page 53 described as "acquisition-date fair value") only to sell it for $600k 16 months later.

Apparently at THM, they are all excited about their new journey at cannot wait to update us; (quote from their website: https://www.healthymummy.com/what-is-happening-with-the-healthy-mummy/). What???

I would recommend reading page 55 of the AR, headlined: Note 36. Events after the reporting period. One has to keep in mind that the AR was published on 1st August.

It says there:
"No other matter or circumstance has arisen since 31 March 2023 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years." ... and then, 24 days later they announce the voluntary administration. It is all about dates and timing.

IMHO, there must have been some dramatic events in those 3.5 weeks since that bold statement.

DYOR - and I could be all wrong about this. Just my opinion.