Ann: Placement - AHF Secures Cornerstone Investor, page-12

Confirming what deals with China? That had a supply association in place through 2015 and 2016 which then blew up in their faces in Sep16. They stuffed up the registration which, at the time, they said was a minor issue which would be quickly sorted. Now, some 12 months on, it's still not been sorted. Yet, all this whilst:
* the Lian he relationship continues to falter (if indeed it ever existed to begin with);
* CDC's operational capacity has been sub-50 for some months now (last 4+ months) and actually appears to be closer to the sub-45 mark;
* unique branding hasn't yet occurred;
* most of their milk, they are selling into the wholesale market (as in effect confirmed by Skene on 25/8/17); and
* they still lack storage, refrigeration etc conditions which are all considered necessary to extending the shelf life of the processed milk.

As for BUBs, they lost $2.75M (normalised) on revenue of $4.5m, but an even more dramatic $5.1m loss (actual), and an actual EBITDA loss of $4.95m. At 30Jun, equity on the BS stood only at $7.5M. So, their crazy like market performance since late July was nothing but puff being blown about just like the Tulip craze (nee: bubble) of the mid16C. BUBs SP has not been sustained by any FA which has been even remotely worthwhile considering. However, just as quickly as the SP rocketed forward to 90c+ in late August, they then went and did a $16M placement on 1/9/17 at 45c which was at between 15 - 20c discount to the average trading price throughout August. Perhaps all the clamouring and hype was to get the price up to then enable the placement to have been proceeded with, or (far more likely) to deliver a snap % gain for the placement holders.

The fundamentals in BUBs will however bring the price right back down to earth in due course. As for AHF, are you seriously suggesting that the appropriate way to go on the ASX is to promote or ignite a share price bubble unsupported by either fundamental assessment, reality or actual happenings /events announced on the ground?

So, no crazy share price. No new asset acquisitions. Not even enough to buy a single new farm, let alone anything more than a deposit on a drying facility, etc. However, today's placement does shore up cash which has clearly been bleeding during July and August (the SepQ CF report will be fascinating to see even with today's placement in tow). At best, then, this suggests that SepQ ending cash will be somewhere down close to the $5M mark as against June's closing $1.577M baseline.