Overview of Wellfully's Q2 FY2024 activities

Wellfully Limited (ASX: $WFL) has released its quarterly report for the quarter ended 31 December 2023 (Q2 FY2024). The report covers the company's sales operations, administrators' realization program, and the reconstruction of financial records. Wellfully is a fully integrated, science-based wellness company known for its physical enhancement technologies based on the interactions between ingredient molecules and weak atomic forces.

Administrators' actions and potential transaction

The Administrators appointed by Wellfully have been actively involved in liaising with Proctor and Gamble (P&G) and Wellfully's suppliers to maintain the relationship with P&G and continue supplying them with Wellfully's microarray product. Additionally, the Administrators have received expressions of interest from multiple parties for acquiring some or all of Wellfully's assets and/or submitting proposals to recapitalize and/or restructure the Group. They are exploring the possibility of a potential transaction which provides an option for the administration to end.

Outlook and financial arrangements

Wellfully's Q2 FY2024 report highlights the company's efforts to maintain its sales operations and explore potential transactions under the administration. The company has not made any payments to related parties during the quarter. The reconstruction of financial records has been based on digital records, management account information, and announcements posted to the Australian Securities Exchange (ASX). Wellfully's financial arrangements include capital funding facility agreements, loans from directors, and a secured convertible loan facility agreement. The company's compliance statement emphasizes the preparation of the report in accordance with accounting standards and policies, providing a true and fair view of the disclosed matters.