This company has a management team that unfortunately were believing their own hype. One could also argue given the horrible performance of 11-11 sales in their Chinese markets and their knowledge within 48hours that the management team have also been hiding and working out how to sugar coat the latest announcement.
the growth in the share price was built by the great China story. Their JV in Soulful is based around milk powders with high levels of added nutrient and lactoferrin that should enable a premium price point. They can't even sell any product at normal price points.
They have written down the value of other JVs to zero
they had a deal with CWH for $6m of hand sanitiser with NO come back on the manufacturer for late delivery. So.they now have written this stock down to zero bcCWH walked away and got the product elsewhere.
and we as shareholders were being asked to vote on performance bonuses for key mgmt...at the agm...at a time when they knew the horrendous sales results form 11-11 and refused to tell us...
MCP Price at posting:
$1.19 Sentiment: Hold Disclosure: Held
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