MFB - My Food Bag

[Poet]

Looks like they are shopping it around

https://www.nzx.com/announcements/471609

[lorraina]

My Food Bag announces review
28/04/2026, 14:15 NZST, GENERAL
My Food Bag announces review

Over the past few years, My Food Bag has successfully stabilised its business, strengthened its balance sheet and returned to profitable growth while executing on its strategy in challenging economic conditions.

My Food Bag regularly evaluates its ownership, capital structure and strategic options. The Board considers that now is an appropriate time to undertake a review given that the company's recent performance has yet to be reflected in the share price. My Food Bag has appointed Cameron Partners Limited as its financial advisor for that review.

As the review gets underway, the Board wishes to confirm that there is no certainty that any transaction involving My Food Bag will eventuate. Rather, one option from the review is for My Food Bag to continue to grow in its current form as an NZX-listed company.

The Board of My Food Bag remains committed to acting in the best interests of, and maximising value for, My Food Bag's shareholders. My Food Bag will continue to keep shareholders and the market updated in accordance with its continuous disclosure obligations.



Hmmmmm,I have just joined MFB's share register..lol.
Paid 24.5 cps for a small holding..

[Basil]

Cecelia Robinson and co taking it private at 30 cents ? Maybe they should buy their own shares back at the original IPO price lol

[winner (n)]

So Lambton Quay chatter had some substance after all ... corporate action was mentioned in loose terms but I thought it wise not mention ...but business going great guns anyway

Wellington might be dead but quite a few m&a people as well as fund managers hang around that part of town

[winner (n)]

Cecelia Robinson and co taking it private at 30 cents ? Maybe they should buy their own shares back at the original IPO price lol

Waterman guys losing patience?

Long Term Food Group horizon only short term ?

[Pierre]

Maybe a TO offer from Foodstuffs?

[Basil]

I had a good long chat with our mate Tony Carter after the meeting last year, (which was generous of him considering the grilling I gave him during the meeting), and also Cecelia Robinson.  I made it crystal clear to both if you want to see the share price go up you need to demonstrate confidence in the business model and start paying 2 x 1 cps fully imputed dividends in FY26.    Was so engrossed in chatting to them I almost forgot to partake in the special treats Nadia had cooked up for shareholders to enjoy after the meeting.  Much better standard of after meeting food than Turners that's for sure !

They've made huge inroads with their debt repayment already in the years to FY25, a point I also made crystal clear and they need to demonstrate to the market that they respect shareholders enough to start making decent dividend payments.  I think it fell on deaf ears as both seemed super keen to eliminate all debt ASAP and made the point that the feedback from institutional investors is they wanted MFB to be debt free as soon as realistically possible.

The potential for a quite dramatic dividend increase in FY28 when they are debt free is clear to me, as much as 3 cps fully imputed which at 25 cents would amount to a gross yield of nearly 17%.  It would be a real shame if that opportunity for divvy feeds that size was taken out of shareholders hands with the company being taken private or taken over.  I think I'd be bloody grumpy if they voted to let it be taken over at only 30 cents.

[Basil]

Looks like they'll do close to $7m for FY26 and with growth, lower interest and depreciation bills in FY27 they could do $8m this year which on 232m shares = EPS of 3.45 cps.

Applying a fair value takeover PE of say 15 reflecting a control premium and some recognition of the growth that's 3.45 x 15 = ~ 52 cps.  (Think it was floated on a PE of 23 from memory so 15 is still an extremely painful slap in the face to IPO investors).  I'm reluctant to support any possible takeover / privatization at less than 50 cps.  Disc I topped up with a few more at 25 cps today.

[Auto Rower]

Good buy/move to get a few more Basil & I agree with the 50cps plus rating .

[winner (n)]

After Lambton Quay chatter got some at 24 cents last Friday .....not on fundamentals but a punt hoping for good news and a short term gain

Be over 30 cents come Friday I reckon

Trying to get latest goss from Lambton Quay guys

[Habitz]

After Lambton Quay chatter got some at 24 cents last Friday .....not on fundamentals but a punt hoping for good news and a short term gain

Be over 30 cents come Friday I reckon

Trying to get latest goss from Lambton Quay guys

1.4m shares winner? .. good on you if so