Turn the lights out.

Fellow shareholders,
I have come out of hiding (last post 15/06/2021).

The AGM was a disaster. BFC is a mess and I can't see a fix without Roger Sexton standing up and retiring immediately.
It is unlikely that Professional Investors will seek to play with BFC as it is today. With change possibly.
Investing in a fantasy was a BFC game 4-5 years ago. New BFC Board members stand up.

H1 FY21/22 will most likely show a big loss. Why would H2 change??
Today it looks like BFC has positive product margins on Whey, Cream and small Lactoferrin sales. Mozzarella and Cheddar cheese contribute nil profits.
Lactoferrins must be contributing to increased Stock levels and the Companys growing need for Working Capital. Selling Mozzarella at a loss just grows the need for $$.

So change is needed. New blood, new ideas and now (will NAB wait??).

Profit warning (against what??) is coming pre H1 results announcement end February 2022.

In support of my comments, have a look at the two graphs below.

Graph 1 - comments are,

• FY21/22
• no EBITDA figures
• no NPAT
• Sales are the key NOT Margin and free cash
• Increase milk intake and make products with no net margin??
• Net Debt - given Business update meeting presentation and discussion at AGM, Sales and margins look under serious threat. At what point is the disclosed Net Debt figure cast?? Guess is this figure is $10-15m understated.

Graph 2

• laughable and my guess is 5c is on by end FY21/22 if BFC last this long.
• BFC lack of liquidity will be funded by,
• NAB - doubtful
• Shareholders - BFC can raise an additional 15% of issued Capital now. Price and use? Use is to prop up a shinking ship.

1

2.