Agreed.When I first invested in BUG (as it was then known) in...

Agreed.

When I first invested in BUG (as it was then known) in June 2020, the company’s balance sheet was shot. Since then the company has undergone a remarkable transformation.

Sorting out the Kapua orchard and AMD con notes are the final steps in the first phase of the business reset IMO. A successful sale and leaseback of the freehold land (with offtake) would unlock significant value for HPP shareholders. While it would increase opex, the sale (or a partial sale) of the Kapua orchard land would enable the retirement of the AMD con notes ($10m outstanding at 4% pa) and deliver a significant cash injection for working capital and/or strategic investments in product adjacencies ala LAVAA.

Despite the rebrand HPP remains unloved, although there is a compelling risk / return at this SP IMO. Hence why I’m re-adding to my position.