Halo requested Bergen to exit the register in a block trade, given that they had become an overhang.
Whiteoak bought not sold at the peak of that chart in 2017; Whiteoak has not made a material profit on their investment so far.
I don't trust Bergen's track record and therefore their decision making; their ASX investment record is objectively sub-par (KTD, NZS. AUZ, RFX, RGS, KFE, NVU etc. with SYA, ADO and PNN being notable exceptions).
Rhian remains highly incentivised with ~10% of HLF SOI
The picture you are painting of Vivienne Cheung, James Gong and Bergen as being the smart money is highly inconsistent with the share price journey that has played out. VC & JG have little insight into the current state of affairs at HLF. In addition, the picture you are painting of Rhian & Whiteoak cashing out at some sort of peak valuation is also misleading.
I have my own set of red flags with this investment that I am monitoring. But, the decision of the (former) major shareholders to exit are the least of my concerns, in fact, I am very grateful they are (finally) off the register.
That's just me. Everyone needs to do their own deep due diligence to arrive at their own informed conclusion. In the words of Adir Shiffman (executive chairman of Catapult Sports and a serial investor and entrepreneur):
"Halo’s purchase of The Healthy Mummy (THM) for four times forward EBITDA looks like a bargain, particularly given its 20 per cent profit margin."
"As a combined entity, Halo can now boast both revenue growth and profitability. This change could herald a major market re-rating of the company, provided THM hits those FY22 forecasts."
"if Allen really can generate revenue and earnings growth in FY22, then millions more dollars will be added to her well-earned payday. It will also supercharge Whiteoak’s returns, while former shareholder Bergen will be ruing its decision to fully exit just as the business was turning the corner."
If you are legitimately concerned with the future of the business, your best course of action is to sell your shareholding. I, nor anyone here, would begrudge you for it. Good luck.
