MFB - My Food Bag

[winner (n)]

My Price Monitor tells me that MFB have put prices up by an average of 3.3% this week

Only monitor 5 products but a price rise is a price rise eh

Needed on I think

Their customers can afford a price rise ....no cost of living crisis for them

Good stuff eh

[Auto Rower]

Agreed winner ,even kfc customers would stick with their brand with a measly 3% hike
 P.s. any more grapevine snippets via the old boys club of the strategic review, or is the 3.3% the outcome

[winner (n)]

Another 4.9 million performance rights issued ....seems there are 12.3 million to be redeemed in due course

Shareholders should be happy as 'selected senior employees' work hard to generate a decent dividend

[Stockgathering]

So the value of those 12.3 million performers shares could be well over $3 million if the share price stays around today level and more if the share price goes up. For a company that made last financial year $6.7m in NPAT the incentive to employees is close to 50% of Net profit.
The recent notice was very vague on the hurdles before the performers shares vest so there is no way of telling if this is reasonable. But 50% of a years profit makes Morrisons fee for Managing Infratil look very reasonable.

[LoungeLizard]

So the value of those 12.3 million performers shares could be well over $3 million if the share price stays around today level and more if the share price goes up. For a company that made last financial year $6.7m in NPAT the incentive to employees is close to 50% of Net profit.
The recent notice was very vague on the hurdles before the performers shares vest so there is no way of telling if this is reasonable. But 50% of a years profit makes Morrisons fee for Managing Infratil look very reasonable.

Not to mention the dilutive effect on EPS. Hard to see this as a positive for shareholders.

[Basil]

To be clear 4.9 million were issued this time which is worth $1.372m at today's closing price if they were all immediately exercisable.  They usually have a three year vesting period  which suggests an annual cost for these new performance rights of $457K, but there's other performance rights in existence at various stages of their life.   I tend to agree it seems generous for a small company.  The excuse at last years annual meeting when I barked up a storm about this was its an integral part of the C Suite's compensation.

This year I intend to ask them how they are benchmarking that compensation and also it will be interesting to know how much it has cost the company to have Cameron partners do their work, if they're prepared to disclose that.  Those are the main two questions I will ask at this years annual meeting, assuming there is one and a takeover offer is not forthcoming beforehand.

[Stockgathering]

You are right Basil my post looked at the total issued amount of performance shares. This time 4.9m PSh,
some years it has been as high as just under 7m PSh.
We do not know the finer details of the hurdles apart that total share holders return is a factor.
The total share holder returns will have looked good recently because the share price dropped badly below 12c in 2024.
I do give the company a lot of credit for a great dividend however if I look at the growth of revenue and NPAT since 2024 it seems to be more or less in line with inflation.
Great to read you will question management on this at the AGM, I would love to hear the details.

[Basil]

Great to read you will question management on this at the AGM, I would love to hear the details.

Happy to give feedback but I could have a problem.  I just sent this email off to MFB investor relations which is all I can do as Turners have already announced the time and place of their annual meeting.

Good afternoon Folks,
 
I hold ******* shares through my investment company ************* and would very much like to attend the annual meeting which I note you have scheduled for 19 August 2026 with the time and place still to be advised.  (Last year it started at 11.00 a.m. in the MUFG share registry office, level 30 PWC Tower).
 
Turners have just announced this morning that their annual meeting is at 10.30 a.m. in the lower level PWC function room on the same day and I would dearly love to attend both annual meetings as I also have a significant stake in Turners.
 
Is it possible that you good folks could have your annual meeting in the early afternoon this year ?
 
That would be much appreciated if that's possible ?
____________________________________________________________________________________________________________

I'll be in a very unfortunate position if both annual meetings are on at a very similar time.

[winner (n)]

Payment (in shares) amounts the share based payment scheme have been -

FY23 $266k
FY24 $570k
FY25.$514k
FY26 $520k