Excellent post oz-wire.
The company's disclosure has certainly been sub-par and I think the ASX really needs to have a good look at HPP.
I doubt the company has been meeting the ASX's minimum disclosure obligations (although I'm not qualified to make such a call).
For a while there I thought Mr Lin's presentations and addresses reflected either:
- laziness on his part; or
- he was too busy at his other corporate roles at BUB and SOP.
But maybe it's simply that he and the rest of the board are too embarrassed to inform the market about what's been going on.
As you say, there's been no explanation for the sudden demise, without warning, of the entire LAVVA investment. Given this was the company's first foray into the 'health and plant protein' sector, and the rationale for the change in the company's name, I think shareholders and the market were entitled to an explanation.
But there's also been a lack of disclosure about the apparent mess they've made over the last couple of years with their macadamia nut inventories. Lin lamely blames it on 'disruptions to the supply chain'. However, they've managed to procure plenty of macadamias from other sources, so it would appear that other macadamia growers are coping with supply chain disruptions just fine. So what's really going on?
My gut feeling it that it's probably about time for Mr Lin to leave HPP - and perhaps some or all of the rest of the board should follow him out the door.
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