It's welcome news there is change going on at board level, but more changes are needed, including at the top of management ie the CEO who needs to let go and make way for a more experienced and savvy sector business development CEO with marketing and distribution skills.
Now I'm not saying anything dodgy is going on. What I am saying is there needs to be firstly clarity by the Board and CEO about the commercial relationships it has. There is doubt about whether these relationships are harmonious and mutually beneficial.
Why wasnt the progress of the partnership with Willis Trading - when it stands to recieve "The maximum amount represents 4.82% of Bubs’ current issued capital“- based on pending sales targets (refer above), ever reported on in subsequent QR's. I thought, correct me if I'm wrong, that shareholders expect, and have a right to full disclosure.
Why has sales/revenue plunged in China by 65% + (last QR) when shareholders were told or in fact it was stated " ... 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." (refer above). Why of the sudden sales/revenue took a HUGE dive in the last QR. What caused this dive? How is the Board and CEO managing or better still, recapturing the market it has lost and mitigate against further falls? Don't you think shareholders deserve a full explanation?
Why did Deloittes - a blue tier and highly respected accounting firm - resign. Don't you think shareholders deserve an explanation of the circumstances? It is unusual for an accounting firm of Deloittes standing to dump a large ASX-type client that shows growth and profitability - refer above statements?
Then there was the AGM. Oh yes, the shareholder disquiet is well documented in the financial media about the issue of options? Now that's worth re-reading.
So where to from here.
The Board and CEO have a lot of explaining to do to shareholders (and financial lenders). Don't you think that is fair and reasonable to ally shareholder alarm and an opportunity to show full disclosure on these matters and many more.
Investors have seen the SP anchored south for too long, little news, if any, on the company's profitability, growth and development, including product sales.
Shareholders see the Board and CEO performing their respective roles in a position of financial trust and custodians of our investment. At the moment they are not performing or keeping our trust.
More changes are required at the top.
(20min delay)