Ann: Notice of 2022 Annual General Meeting and Proxy Form, page-5

Madbullrun,
You must have your eyes shut.
BFC performance is,

• Q1 FY22/23 is approx $10m above average of past 8 Qtrs. Can't be sustained.
• Q1 FY 22/23 result manufactured out of unsold past stocks and existing production/stock (hand to mouth on Mozz). Lactoferrin big sales at low margin. All done for Cap raise and AGM and NAB.
• Market Cap today is approx $27m. NAB debt is approx $45m subject to Q1 FY22/23 release to NAB.
  
• Q2 FY22/23 and full year looks to drift back into negative CASH because,
• Mozz sales at negative gross margin. WOW and McCains prices are ???
• Lactoferrin sales come back to monthly run rate at possibly $200-300kg gross margin.
• Lactoferrin margin does not offset Mozz losses.
• No big costs cuts announced - why??

Note - Regal has been a seller since May 22. Why step up NOW? Cheap - yes but ???