MEE - Me Today

[PeterLynch]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MEE/394297/373425.pdf

Raise well supported by the "Sharesies platform". Just lol.

300 peps putting in $8k each. This is crowdfunding tier not NZX quality.

I wonder how much Beauden subscribed for.

A single bad acquisition and you're in the penny club.

O well, I'm sure they'll come up with another brand and hit the market again soon.

[Mysterion]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MEE/394772/374019.pdf

$750k

[Hectorplains]

Their annual report is out today, with a cover colour that is best described as 'pigs ear.' 

[Ferg]

Announcement today MEE are in discussion with their bankers given forecast sales are going to be down:
https://www.nzx.com/announcements/420289

Per the last annual report MEE made a trading loss of $7m on gross revenues of $9m.  "Pigs ear" is a very apt description.  I really hope I am not correct in interpreting sales to "a customer" means MEE only has 1 customer....what could go wrong with that??  Also in the P&L is $5m of admin and other costs - how do you spend that much when gross turnover is $9m?

On the Balance Sheet we have $12m of debts - how will they be repaid if operating cashflows are negative $5m??  I see the previous owners of King Honey have extended the repayment date of their $5m subordinated note from June 2024 out to March 2025 which buys some breathing space (or is this just kicking the can down the road?)  It would be good to know the terms of the subordinated note - they are probably floating out there somewhere.  Inventory at $15m equates to about 3 years worth of sales....before accounting for any decline in revenues.  Will there be inventory impairments?

And in operational news they have shut down their bee keeping operations in Wairarapa and are now 100% reliant on their Turangi facilities....again, what could go wrong with that?  Keeping in mind removing production capacity constrains future sales.

I cannot see an investment case nor a speculative turnaround case at 0.003c.  Oh dear.  I wouldn't touch this with someone else's 20 foot barge pole....

This is not investment advice, do your own research.

Disclosure: not/never held.

https://nz.finance.yahoo.com/quote/MEE.NZ/chart?p=MEE.NZ

[Hectorplains]

Has Grant Baker lost his touch?