Summary of 2025 Baby Bunting (BBN) physical AGM
October 13, 2026
Below is the text of 4 written questions prepared in advance of the Baby Bunting physical AGM held on October 14, 2025, which I ended up attending in person. See notice of meeting. Market cap was $431m on AGM day and stock had almost doubled since it released these full year results. Listen to the 43 minutes results call. No early proxy disclosure in the formal addresses last year or extra voting data in the poll results. The only tiny protest vote was 6.5% against the re-election of Gary Kent.
Q1. We raised just over $50 million in the 2014 IPO at $1.40 per share and, 11 years on, it wasn't looking too flash with the stock trading at around $1.70 leading into the August full year results. What an amazing effort to see the stock almost double since the results, even causing an ASX price query. If we had our time again, would we do anything differently?
Q2. What role if any do the founding Adelman family or the pre-float owners, TDM Asset Management, have in the business these days?
Q3. Aussie Super sold almost 2m shares straight after we released the result at around $2.40 a share, reducing their stake from 12.14 to 10.74%. This was a bad move with the stock now at $3.17. What's going on? Also how do we handle our biggest shareholder HMC Capital, which owns just under 15%, which is currently worth about $65m. I've nominated for the board of HMC after seeing their dreadful performance with the stock crashing from $12.30 to $3.10 over the past 12 months. If I get elected, what should I tell them?
Q4. We've got around 6,400 shareholders yet you require us to turn up in person at the AGM. Why?
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