Fair point. Well observed. Totally inconsistent. They have...

Fair point. Well observed. Totally inconsistent. They have totally changed their approach.

That which is discussed above was the case then. Now, its a totally different story. Hence my concern. Before they had CIBUS and as many goats lining up to support and expand as they wanted. Now, CIBUS are gone - (they have big numbers) and no one can afford to line up now. There will not be much Australian volume. But there's plenty to import from overseas!! So really all is fine. It is just a totally different type of story for me.

I am sure you are right around KC and her china ability and experience. And yes many other parts of the world are having impacts as well. I can't speak for other countries and you are right that they are relevant to consider, not just China.

However to be fair China represents a very large chunk of the growth (and no doubt why they have gone to the effort of the whole Beingmate thing). China is one area I have experience. Essentially my view is while ever there is the current leadership in the CCP and they operate as aggresively as they are. We are a pawn in their game, that they may choose to use or not. And that, we have no say in, no matter how connected, experienced we are. If it serves the political ends they will do what they like.

Don't get me wrong, they may not ever even touch BUBs and their trade, and maybe in this environment Beingmate is the best strategy. But, all I am saying there is a risk - and that risk has never been bigger - that a switch will be flicked with no relationship to fairness or logic and the effort and investment disappears overnight.

So I guess what my jibber is all about. Is 2 points. One is Bubs will not be based on Aussie goats milk. (just enough to say they use it!). And two, we need to appreciate the REAL level of risk associated to the China market, and understand the risk to earnings and capital exposure Bubs has to that.

Having said all that,personally the thing that really disappoints me is the movement away from Australian primary product. There are not many australian vertically integrated food companies that have a global presence. A real point of difference. Something I would like to own!! I thought they were going to be one. I was excited. But, it looks like they are not!!