Ann: Becoming a substantial holder, page-46

What happend to Willis Trading, the China connection ? ... a good question. Here is, I presume (back on 31 January 2022), the un-met terms and conditions of the partnership,

Equity -linked alliance in a nutshell.

"Willis will receive up to 29.5m Bubs shares based on conditional milestones. The sales targets are

# $50m in FY22 for 9.5m shares

# $80-120m in FY23 for up to 20m shares

# The maximum amount represents 4.82% of Bubs’ current issued capital.

“We have worked closely with Willis Trading over several years as our lead distribution partner for the Corporate Daigou Channel. Together we have successfully returned Bubs Daigou sales to high growth, delivering record revenues in the first half of FY22, increasing 276% on the prior year, now exceeding pre-COVID levels,” said Bubs CEO Kristy Cara".

At the time, this announcement was price sensitive raising investor expectations of gaining access to the Chinese market = growth and sales.

Fast forward, the market wasn't notified, as far as I'm aware, the partnership went sour, or has it? At the time the SP was around 45 cents.

More reasons why change was needed at the top and the need for a specialist sector business development executive with a proved track record, to drive company sales, marketing and distribution.

What's going on ? One would think that progress of the Wallis partnership would be mentioned in subsequent Quarterly Reports.

Just an observation.