Pharmazen

[lorraina]

I think if PAZ can secure a steady supply of Kril we will see Rolleston open.
The Rolleston extraction area is huge and I would guess it was built for kril.
Should the new partnership for pet treats and supplements turn out profitable, I think we could see PAZ being the company that originally attracted us to them.So much potential.
Keeping the company afloat with Covid,shipping issues,supply issues,must have been a huge challenge for the directors and management.

[Doozer]

Every company has challenges. Honesty and clarity are also important. There doesn't seem to be much historically when one reviews reports and announcements - I'm hoping the new chair fixes that starting with the annual report and AGM.

[Monty]

Looks as though Rolleston has been "mothballed",without ever starting production.
Port Hills Road factory still operating,however I notice fewer workers' cars in their car park.
Big ask for Port Hills factory to cover Rolleston capital equipment spend.

Hilarious I thought something had to be operational before it could be mothballed.  Rolleston hasn't been finished despite claims it would be in July, albeit partially.

They raised $3m to get the RMP in place...turns out to be a waste of money if you are not producing saleable product

[Monty]

They made a point of claiming to being committed to providing updates on progress and potential - well there's fail #1

Suggests to me that they have little if anything that's worth reporting

Last AGM listed China Pet product launch, Aiora (Never been convinced of this endeavor and Boh who? the brand ambassador)

What about gummies, collagen for Korea, Keratin & Ovine collagen, all reported at the last AGM...were these real opportunities or just the AGM slide show with things they think they would like to do.

Does this company actually finish anything?

[Monty]

I think if PAZ can secure a steady supply of Kril we will see Rolleston open.
The Rolleston extraction area is huge and I would guess it was built for kril.
Should the new partnership for pet treats and supplements turn out profitable, I think we could see PAZ being the company that originally attracted us to them.So much potential.
Keeping the company afloat with Covid,shipping issues,supply issues,must have been a huge challenge for the directors and management.

Covid was so long ago.....time to stop using this as an excuse for not finishing projects

[Basil]

Consequently,
underlying EBITDA for the year declined by approximately 50% compared to the prior year.

Some people seem to have tried to put a positive spin on the recent company announcement but as I see it, this is a pretty dire situation.  Halving EBITDA from last year's appallingly low figure and then factoring in higher depreciation for all the extra plant and equipment and also deducting interest costs means the company is likely to be trading at quite a significant loss for the year ended 31 December 2024 and may in fact be struggling to stay afloat.  It would appear they simply don't have the resources to finish projects and now they don't have the track record of profitability to enable them to borrow more either.  Trading in the shares is now nonexistent, so the chances of a capital raise also appear very slim. As some have noted, there's a lot of talk, about a lot of future plans and things, but as we all know already, talk is cheap and there's very little follow through and delivery.  I'd be recalibrating my expectations to a very low level if I was still a shareholder.    Good luck guys.

[lorraina]

PharmaZen Limited Press Release
12 May 2025
Dear Shareholders
PharmaZen faced a challenging trading year in 2024, as previously communicated.
We are working with our auditors to finalise technical matters in our year-end financial statements with one
material item remaining outstanding. This item is technical in nature and will not impact any previous guidance
on Sales or Underlying EBITDA.
We expect this to be resolved within the next two weeks, allowing us to release our Annual Report to shareholders
by 30 May 2025.
We will provide further updates if this timeline changes

[winner (n)]

Sounds like some quite significant NON-CASH writeoffs coming uo

Or even worse discussions around whether they still a 'going concern'

[Minimoke]

For a small business, each year they seem to have technical accounting issues that creates a delay in presenting their accounts.

I reckon it will have something to do with the asset value of Rolleston and CIBUS.

Might be worth mentioning (again in 2021 their year end report was published 22 April, in 2022 it was 29 April, in 2023 it was 10 May. In 2024 it was 29 May. And in 2025 it appears to be by 30 May.

[Basil]

Sounds like some quite significant NON-CASH writeoffs coming uo

Or even worse discussions around whether they still a 'going concern'

A tagged auditors report with concerns around going concern considerations wouldn't surprise me at all.