The long-running dispute between the current and former management of Bubs Australia is coming to an end with early voting indicating a proposal from dissident investors to spill the board of the infant formula manufacturer does not have the support of most shareholders.

The decision will be formalised at a meeting on Thursday, but early indications from votes already cast show that shareholders favour the company’s current board, led by chairwoman Katrina Rathie. Some 60 per cent of those ballots showed a rejection of plans put forward to install new directors and former a2 Milk executive Peter Nathan to run the group.