“They cite the fact that they haven’t seen any strategy from us, but we actually released that today. I feel it’s a little bit unfair that they haven’t actually had an opportunity to review the response to the Bubs strategy,” he said.

ISS’ note to clients was issued late on Thursday evening, while Save Our Bubs released their strategy on Friday morning. The strategy presentation, consisting of six slides, outlined four “immediate action items”: to axe all current legal disputes; conclude engagements with external advisers and consultants to save on “exorbitant fees”; to appoint a chief financial officer; and reduce organisational complexity and rebuild customer relationships.

Jackson said voting in a new board would act as a “reset” and a “circuit breaker”, and save the company and its shareholders from lengthy legal battles and expensive legal fees.

He also sought to distance the alternative board, comprised of himself, A2 Milk executive Peter Nathan, and manufacturing and dairy industry executive Rupert Soar, from Carr and Lin and said the pair would not be involved in the company moving forward except as existing shareholders. Together, Carr and Lin own roughly 3 per cent of Bubs shares.

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“We don’t owe Dennis and Kristy anything. They asked us, in fact, they probably owe us in that sense because we’re independent, and we stand independent of them,” said Jackson.

Save Our Bubs started making its case to investors in a series of webinars on Friday and will hold its next one on Monday morning.

Bubs’ share price fell on Friday, closing 5.7 per cent lower.

With Emma Koehn