Pharmazen

[Basil]

BlueBell - Other Channel. Not all of this current situation is to do with things outside of their control. Sure, we had Covid and all of the issues that went with that, however that's long over and they can't continue to use that excuse. Sure, the loss of the krill business hasn't helped however what about all of the "exciting opportunities" mentioned in previous AGM's that don't appear to have transpired (why not?). There been little reported if any on new products. Aiora is a flop, was even said in the last AGM they don't expect to make much from that....so why spend anything on it, how much do they spend on that brand ambassador every year?

Maybe the lack of reporting is really a reflection of the complete lack of progress - there is nothing to report!

Their inability to keep the CIBUS relationship going speaks volumes, both parties must have thought each other was worth it in the beginning right? There will be plenty of incompetence at BOD level involved here and very few completed projects.

Not much discussion on here about this and I note the annual meeting is tomorrow.  This post caught my eye and I pondered if by some miracle they could extricate themselves from their currently invidious financial position, why would anyone trust their latest stories of encouraging prospects when so many previously encouraging statements from the board have come to nothing ?   

[Minimoke]

Not much discussion on here about this and I note the annual meeting is tomorrow.  This post caught my eye and I pondered if by some miracle they could extricate themselves from their currently invidious financial position, why would anyone trust their latest stories of encouraging prospects when so many previously encouraging statements from the board have come to nothing ?   

There are, I believe, significant trust issues that must be resolved
- 3 years running failed to get Annual Reports done on time - inexcusable!
- failure to keep market (shareholders) properly informed. The December 2024 update for the Chair was an extremely poor output from new chair.
- Keeping market informed - they dont even have their 2024 Annual report up on their website yet!
- Failing to know what the business is. We are a raw material business with a never ending demand for our product. No, we are a health supplement business fronted by a wonderful pop singer. Nope we are a doggy treats business.
- failure to hear shareholder concerns about Cibus preference shares and saying, to para phrase " we dont envisage any situation where those shares will ever be called on"
- failure to keep shareholders in formed that the Rolleston site had been mothballed.

on a brighter note - it was reported that sales in 2nd half 2024 were significantly up. (which makes me wonder why they were down so much in first half - they better have an explanation for that.

[Basil]

Agreed. You'd have to be very "brave" to throw more money into this with their track record in recent years.  Such a shame.  They were growing top and bottom line very nicely several years ago. 

[Sideshow Bob]

AGM this morning at 11am.

Holders should have got an email on how to join.

Should be interesting........ 

[Minimoke]

Coming away from the meeting I'm not sure I am any the wiser. Firstly I found craig quite hard to understand - he didn't seem as positive as he has been in prior meetings. I'll have to listen again on replay.

So out takes.

CIBUS has turned into a cluster. I gathered things weren't rosey this time last year - but clearly gone down hill since and relationship irretrievable. They are now discussing at what price CIBUS exits. The $quantum remains to be determined - but I think Craig made it quite clear that what ever was settled on would not trigger a liquidation / receivership event.

Capital raise - seems to be no one in actual discussions at the moment. Says existing Shareholders are being considered as an option

Banking facilities. Appears to have support of bank and these will be extended.

Rolleston site - appears there will be no product coming from there for at least 6 months. In the meantime lease and insurance has to be paid.

Port hills facility jam packed and humming.

New product wasnt a doggy treat - seemed more a doggy medicinal. They need to look beyond on customer. (This one customer / supplier approach needs to be overcome)

Inventory  appears to be krill. I dont get the story about the ship. Seems there is no shortage of ships harvesting krill.

Disappointing  only 2 Directors turned up - at least one was on a video feed.

Explained delaying getting accounts published (CIBUS) but I reminded a Director this is the third strike in a row.

No mention of Airoa - looks like this is dead and buried. No mention of blackcurrant, offal or other raw material supply.

H12025 appears to be worse than H12024. Which isnt good as it took H2 to get the tear end into the "decent" position it ended up in.

Craig seemed to think (in an illiquid market) the SP will be looking much better in the not to distant future.

In summary, seems like the big swinging brick / distraction is CIBUS. Get that out of the way and there will be a clearer picture of the P&L / Balance Sheet. And with those clear in a better position to chase a capital raise.

I get the sense the fat lady has pulled up into the car park. She is still a wee way off from warming up her vocals.

[ShiningStar]

Thanks for that summary Minimoke 

[lorraina]

PAZ ASM.
https://prod-trade.usx.co.nz/api/file/6875c70ff08b9c97ba5ed4b5.pdf

[Basil]

Good luck guys.

[Minimoke]

Good luck guys.

Luck is never a good investment strategy.

[Monty]

Overall I thought the AGM was another poor reflection of the company, lack of professionalism & disregard to shareholders, the information on the go forward was at best vague. Nothing on the "exciting" things that didn't work since last AGM and the whys (suggest nothing worked).  Now just jumping onto the next thing that might rescue them.

The sense I get is that they are trying to downplay the CIBUS situation.  I can't see that CIBUS will want to exit on book value ($3.7m) when they've put $10m into it. Clearly Wayne Burt has done a crap job of managing that relationship!!
PAZ reputation won't be great in the venture capital world after this is over

[Doozer]

I am surprised there is no interest reported from their customer base or supplier base / meat companies. For sure other PE companies will be wary as relationships are key.

[Sideshow Bob]

m surprised there is no interest reported from their customer base or supplier base /

Many of their red meat suppliers at least have got their own (large) battles they are fighting at the moment.

Could be a good bolt-on if they had the cash, especially for pet treats/food and nutraceuticals. But with no real brand to go with it, then limited to the stainless steel.....

[Minimoke]

Seems to be no shortage of Krill to keeps PAZ's processing humming

https://apnews.com/article/antarctica-krill-whales-global-warming-fishing-boom-bd7708913cd1482ae190365b04d98ede

[Doozer]

Good news - should be a good result for the first half based on krill oil production increasing?

[Minimoke]

Good news - should be a good result for the first half based on krill oil production increasing?

I'm not sure how much krill Is actually being processed. We got this yarn about krill companies being at war with each other and a ship being cut in half and lengthened to spite another party. But trying to pin them down on raw material supply lines was a bit of a challenge.