Ann: Appendix 4D - Half Year Results, page-19

I believe, that at the time when BUB reached $1.5, the market envisaged BUB to follow somewhat A2M's path that rose from 6 cents in July 2015 to $19 in July 2020; i.e. in just 5 years. There were reasons like the burgeoning middle class in China, Daigou system, consumers drifting towards products that are perceived as of 'higher' quality. Also, the former Bellamys had shown similar success, until it didn't. However, Bellamys demise was viewed as connected with the management at the time.

Now, some of the basic assumptions are gone, the hype (or greed on the buyer's side) has evaporated. Investors are far less positive now, do not project revenue growth rates as in the past, and consequently are now unwilling to pay high multiples, even when there is positive EBITDA.