Happy Valley Nutrition Limited provided update to shareholders on the overall progress for the development of the company's state of the art nutritional grade processing facility in Otorohanga, New Zealand. Consistent with previous updates, the earthworks required ahead of the commencement of plant construction are on track and on budget. As outlined in the quarterly update, the company has selected a preferred equipment supply and construction contractor and will work with them over the coming period to finalise design requirements. The company is continuing to focus on progressing discussions with a range of parties to secure the debt and equity funding required to commence the main construction programme, previously targeted for completion by the second half of CY2021. Given the current Covid-19 environment and related travel restrictions, the company is now unlikely to secure the necessary equity financing by the second half of calendar year 2021. Discussions on the debt funding are well advanced. As a result, the company has decided to delay the next phase of the project until sufficient capital has been raised, this also impacts the first-product delivery date of August 2023. The company is conducting a strategic review of the optimal structure and timing for raising capital which may include a sale of an interest in the underlying project. Advisors have been appointed to assist the company in this regard.