What a strange year for the LAVVA 'investment'In January 2021...

What a strange year for the LAVVA 'investment'

In January 2021 "The investment in LAVVA is consistent with our core strategy of building HPP including through the high growth category of plant-based milk and yogurt". Grand ambitions to diversify to "plant based protein products". $300,000 investment (convertible unsecured promissory notes (same investment made by S2G Ventures) enabling both companies to conduct due diligence before further investing in the company and taking control of the company.

By February following some "important due diligence, the companies agreed to a larger investment ($3,000,000 plus) that gives HPP and S2G a controlling 60.5% interest in LAVVA " which was a "milestone in the companies transformation into a plant protein- focused enterprise" with Dennis Lin appointed to the LAVVA Board to "help drive growth in the business with plans to expand into Australia and Asia".

The Company Outlook then said "Over the last six months, the Company has shown it has the team and expertise to deliver and execute the Board and the shareholder's vision and plans of becoming a leading player in health and plant protein.

By July all seemed OK with a 100 day plan for LAVVA to "streamline the supply chain and start expansion of distribution, and improve the supply chain and costings".

YET by The Q1 Quarterly in October there was no mention of LAVVA and the "strategy" at all. Silence again in the second quarter , and the chairman's AGM address.

Then the bombshell with no warning in the half yearly that they had simply walked away.... "due to the trading conditions of the associate". What the....! What sort of a mess did they find after conducting so-called "important due-diligence". Why were they silent for 6 months?

What now of the strategy as a protein-focused enterprise????

Very poor disclosure all the way through.