[EXTRACT] Bubs chairman Alan van Noort steps down just days...

[EXTRACT]

Bubs chairman Alan van Noort steps down just days after listing
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One of the financial backers of Bubs is Wattle Hill, the private equity fund run by Jessica Rudd's husband, Albert Tse.

Bubs Australia chairman Alan van Noort has stepped down as chairman of the organic baby food company just over a week after its listing on the Australian Securities Exchange.

The unexpected resignation, which was not flagged in the company's prospectus, followed the company's strong stockmarket debut which saw its share price triple following its listing on January 3.

Bubs managing director Kristy Carr said on Friday Mr Van Noort had achieved his objective over the last six months to securing a transaction that would "secure the future of the company".

Bubs was listed from the shell of Hillcrest Litigation Services, where Mr Van Noort had served on the board for 18 years.

Van Noort pocketed $1.05 million when he sold 3.24 million of his total shareholding of five million shares on January 5.

Bubs sought to raise $5.2 million at an issue price of 10¢ a share. Its shares rose as high as 33.5¢ despite concern about companies importing infant formula into China following a profit warning for Bellamy's Australia. The stock was trading at 22.5¢ on Friday.

The infant formula and organic baby food company's backers include Zhang "Nancy" Zetian, celebrity wife of Chinese billionaire Richard Liu who founded JD.com, one of the country's most popular e-commerce sites.

The Australian backers include Wattle Hill, the private equity fund run by Jessica Rudd's husband, Albert Tse. Ellertston Capital said this week its shares were owned by third party accounts and none of its shareholders or associates had a direct interest in the company.

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