Badging themselves the “Save Our Bubs” group,the concerned investors accuse Bubs’ current board of trying to take over the company “by stealth” and say the current directors lack the relevant experience in the infant formula industry.
Carr told this masthead that investors of all kinds were blindsided by the board’s decision to terminate her aschief executive earlier this month.
“There is a big retail investor base on our register - many mums that love Bubs and retirees that have supported me in creating an Australian brand,” she said.
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“There are also over 15,000 Australian Chinese shareholders,many involved in the daigou market. They see potential in Bubs’ future - a lot of them also reached out to us,very distressed about the current board’s actions.”
The concerned shareholders say the board’s decision to oust Carr and former executive chairman Dennis Lin has left the company without a coherent strategy,particularly in the critical and challenging China market.
But in a trading update on Friday the current management,which has the support of the group’s largest shareholder,Alibaba-backed C2 Capital,defended itself,saying it was working hard to improve distribution and sell-through of the company’s products in China.