Ann: Investor Presentation, page-4

As a past shareholder, I was impressed with the first 15 pages. They present themselves as organised and have a strategy that is based on addressing the organics market opportunity.

It then gets a little flakey:

P17 - Title includes indicative. Clearly they dont want to be held accountable to their plan

P18 - Source is Bellamy's FY17 AGM. Surely they could get some more up to date data. What happens after 2016 is anybody's guess?

P22 - Option 2 begs the question what was option 1. Why would you leave yourself open to such a question?. There is no information on what Option 2 is going to cost and how they plan to fund it. All discussion in this space over the past couple of years appears aspirational unless funding is secured.

P25 - the message here is "the others have a higher market cap/turnover number so there is upside for shareholders." Problem here is AHF has only made a profit (NPAT) once in the last 10 years. AHF is carrying $10 million of debt on a turnover of $23.6 million. BAL and A2M are very profitable with very low debt or no debt.

It gets back to execution. Having the best product or strategy means nothing if you cannot execute and the BoD and CEO have an appalling record of execution. Only time will tell, but given the poor take up of the recent SPP, time is not an item they have a lot of.