Bubs Australia slumps after shareholders back current board

Bubs Australia

27/07/2023 03:40

** Shares of Bubs Australia Ltd  BUB.AX  slump as much as
15.2% to A$0.195, set for biggest daily drop since Feb 27 if
losses hold
    ** Bubs says shareholders backed current head Katrina Rathie
as the infant formula maker's non-executive chair, with co now
expecting to announce a new CEO in August
    ** Says 48% of institutional shareholders voted for Rathie
and more than 70% voted to retain the current board 
    ** Stock hits lowest level since July 5
    ** More than 8.5 mln shares change hands, twice the 30-day
average volume 
    ** Stock down 23.3% this year, as of last close


 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))