Chemist Warehouse billionaire Jack Gance has vowed to support Bubs.
The board won a proxy fight brought by its former CEO and founder Kristy Carr.
Alibaba-backed C2 Capital Partners’ Steve Lin has no plans to hive off his Bubs investment.
Jack Gance, the billionaire co-founder of Chemist Warehouse and the second-biggest shareholder of Bubs Australia, has demanded to know why the board spent what he claimed was $5 million to defend itself from a failed governance coup.
The long-running dispute between the current and former executives of Bubs was settled after the members of the current board, led by Katrina Rathie, retained their seats, defeating a dissident group led by former chief executive Kristy Carr and former executive chairman Dennis Lin.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
