“On 9 March 2023 we received notification that there was no suggestion that Care A2+ had done anything wrong and hence no further action is required. This leaves us free to finalise the listing process,” the bulletin read.

“Whilst this was great news from ASIC, it was only received in early March, meaning that we cannot possibly list in March 2023. ASX rules are such that we are required to submit audited accounts no older than 9 months.”

Care A2 Plus said it was in the final audit process for its financial accounts for the six months ending December.

The company outlined little detail of a possible acquisition except to say that it was “anticipated to enhance the strength and prospective value of the business”.

Two industry sources suggested the Blend and Pack dairy products processing and packaging facility in outer Melbourne could be up for sale.

Wellnex Life, an infant formula group formerly known as Wattle Health, owns the plant with majority owner Hong Kong-based Mason Financial Group, and Blend and Pack’s founder Andrew Grant.

Care A2 Plus cans its products at this Hallem-based plant, which produces 20 million tins of formula a year. Mason has previously flagged a decline in turnover and profitability.

Sources said the factory was not producing every day of the week due to lack of volume from customers. These same sources suggested Blend and Pack could be in talks with Care A2 Plus about some sort of transaction.

Ms Hyland and Mr Grant did not respond to requests for comment. Wellnex declined to comment, while Mason could not be reached.

Chris Fahey, a former Bellamy’s sales director and industry consultant, said Care A2 Plus should be focused on improving sales and profits, rather than any transaction.

“Buying a facility is not going to help them one iota. I would be very worried if I was a Care a2 Plus investor. They are trying to go to America – the toughest market in the world. It’s extremely expensive to gain distribution in stores and support this from a marketing perspective, going up against aggressive competitors,” he said.

“Other formula brands have major points of difference. Mothers love that. Mumamoo is GMO free, and Nutura products are spray dried once meaning they are not highly processed products. Both have a good chance of becoming great brands given their points of difference.”