There are so many inconsistencies with BFC communications to...

There are so many inconsistencies with BFC communications to shareholders.
If you go through the ASX announcements in alignment with the 2020 Annual Report, it raises far more questions than answers. Management often refers to a 10 year business plan however it just seems there is no real plan but a continual series of Share Purchase Plans (SPP) being rolled out before and after the sale of their farms.
However one thing that is clear in all communications is that Lactoferrin is going to be the saviour of BFC?
I was under the opinion that the funding for Lactoferrin Stage 1 was coming from the sale of the farms, why so many SPP’s to fund this? As reported in the 2020 Annual Report; June 2020 sale of farms for $40.4M, SPP Feb 2020 resulting in $2.1M net proceeds to upgrade existing Lactoferrin plant – then a strategic assessment with an outcome being the cost of $12M, with the funding of this investment being largely from new equity to be completed and commissioned in March 2021. Then in June 2020 an institutional share placement realising $9.4M and subsequent to year end a further SPP was completed raising $1.2M? And now another SPP reportedly to ‘top up’ a government grant to fund yet again, Lactoferrin. Will they really lose the $2M if they can’t raise $7.5M? Is ‘top up’ funds really meaning this entire amount, when normally it is equalling contributing grant funds, so many questions?
Still on the Lactoferrin topic, the CEO in the ASX Press Release 7 December stated:
The findings have further increased the global demand for Lactoferrin, particularly in Europe and China, where it is known as “pink gold” because of its price (around $1500 per kilogram) and reddish hue after processing. Market studies undertaken before the advent of COVID-19 predicted that the demand for Lactoferrin would increase by around 60% over the next few years.
This is exciting so let’s get someone from China on the board so that BFC have a much greater opportunity in being successful this time round in this market. Now that’s a thought, wonder who would be suitable and motivated? One Chinese director does NOT mean a Chinese takeover by the way- it is still only one vote but will bring contacts, cultural and market knowledge and leadership direction to the table, which is critical for success in this market.
On the topic of the board, nothing is more true then an excerpt from their latest ASX announcement:
We encourage you to support the Board and Management by lodging your proxy for the forthcoming adjourned AGM on 29 January 2021, if you have not done so already. The meeting and your proxy vote, is extremely important for the future of the Company and the future of your investment.
And based on the roller coaster ride over the last 5 years; lots of bumps and mainly down, carriages flying off, directions changing when the wind does, leaders swapping seats in the middle of the ride, however still clinging on to dear life and really a rusty old model- should inform shareholder votes.