Pharmazen

[Minimoke]

I would see it that they have likely learnt a few lessons from Round 1 of AiOra, when alot of company focus has been elsewhere, and then now are giving AiOra a rebirth. While Asia might be the main target longer term (??) - in China for example, they don't like "Made for China" brands, and it has to be a respected & well established brand in their own country.

Personally I would agree with the factories/ingredients - and that is clearly going to be the core of their business, given the relative size of their production and infancy of this product - AiOra will only ever be a small portion of their production. With all due respect to Pharamzen, this has to be recognised at this stage at least as a bit of a side project, capable of delivering some cream - but important in the longer term.

I've mentioned in the past about GoHealthy and the multiple of what that gets sold at through Private Equity, and the multiples of what Ziwi got sold at. Big investors don't get so excited by factories, but they get excited by brands.....

Anyway, as an example, Lorraina's 60 pack of 750mg 04+05 capsules is about 45g of powder. Even at the discounted price it means they are selling the powder for effectively $655/Kg - they take the ingredient and manufacturers margins and in this case the retail margin. So while it might be cheap, it is still bloody good for AiOra. The closer to the consumer, the bigger the margins.....

Think of the beef liver capsules - what do you pay for beef liver down at the butchers (relatively not much - if they even have it). 120 capsules, 500mg at $31.60 on subscription = $526/Kg for beef liver powder.

There is some tasty margins in there......although you have to sell alot of capsules.....

Undoubtedly it is a difficult road building a brand, but hoping that they have some success, even on a smaller scale. Best of luck to Pharmazen on it.

So, no reason not to get a full gift pack at the next AGM eh!

[Minimoke]

Director Greg Shepperd resigns today with immediate effect. Nothing much else in the release about it other than the usual "wish him well" statement.

Makes me a bit nervous. Year end accounts will be know to Directors by now. Why the rush out the door?

[Untamed]

I have no idea, but I'm willing to accept "personal reasons" and trust that there is a legitimate reason for his resignation. Very easy for us to sit here questioning it, but maybe consider the fact that it could be a serious health issue - for him, or for someone close to him. He is entitled to his privacy and I think "personal reasons" is an acceptable way to protect that. We are all adults - we know what kinds of scenarios "personal reasons" generally encompasses. 

Director Greg Shepperd resigns today with immediate effect. Nothing much else in the release about it other than the usual "wish him well" statement.

Makes me a bit nervous. Year end accounts will be know to Directors by now. Why the rush out the door?

[Minimoke]

4 April 2016 PAZ declare annual report
11 April 2107 PAZ released annual report
26 March 2018 PAZ Annual report published
8 April 2109 PAZ announce record profit
23 March 2020 PAZ announce record result
1 April 2021 PAZ announce strong 2020 result
8 April 2022 PAZ release unaudited result
14 April 2023 crickets

[Basil]

Keep a keen eye when the financials are eventually released as to whether they have been audited or not and whether it's a qualified audit report or not.

[lorraina]

If they are not audited it will be the first time since I started buying in 2009 ..
Auditor is Deloitte Christchurch.

[Basil]

4 April 2016 PAZ declare annual report
11 April 2107 PAZ released annual report
26 March 2018 PAZ Annual report published
8 April 2109 PAZ announce record profit
23 March 2020 PAZ announce record result
1 April 2021 PAZ announce strong 2020 result
8 April 2022 PAZ release unaudited result
14 April 2023 crickets

21 April 2023 crickets
https://companies-register.companiesoffice.govt.nz/help-centre/financial-reporting/who-needs-to-submit-financial-statements/
Up to 5 months to file ! They are legally allowed to keep shareholders in the dark until 31 May 2023   

[Sideshow Bob]

4 April 2016 PAZ declare annual report
11 April 2107 PAZ released annual report
26 March 2018 PAZ Annual report published
8 April 2109 PAZ announce record profit
23 March 2020 PAZ announce record result
1 April 2021 PAZ announce strong 2020 result
8 April 2022 PAZ release unaudited result
14 April 2023 crickets

Nothing this morning. Looks like it might be May.....

[winner (n)]

Nothing this morning. Looks like it might be May.....

More important and urgent things to do than produce a Report

[Basil]

More important and urgent things to do than produce a Report

Yeap, I am starting to think they may have some very serious issues to try and deal with because how else do you possibly explain the untoward delay ?
Recent Director resignation makes the situation look potentially even murkier....

[Minimoke]

Yeap, I am starting to think they may have some very serious issues to try and deal with because how else do you possibly explain the untoward delay ?
Recent Director resignation makes the situation look potentially even murkier....

I'm starting to think, in the vacuum ,that is the absence of information, that your post below about auditors could well be correct.

PAZ came out in December with its non-announcement of the future. Basically window dressing.

So what can I suspect. The Rolleston build has run out of money. They proceeded with starting Rolleston II in haste without Rolleston I being complete. This means there has been a whole pile of capital applied and I reckon there is some dispute on how this should be accounted for.

Which leads to potential cash flow problems. By all accounts Christchurch factory seems to be going Ok - but who would know for sure. But the day to day costs of Rolleston (including depreciation) must be starting to mount up with no supporting cash revenue.

So, I reckon we are looking at another loss situation. Probably to the extent another capital raise is required. I do know they have tried to get their hands on a pile of cash, but as far as I can tell this plan didn't pan out. Their failure to keep the market adequately informed is also not a good look when courting other potential backers - and CIBUS may not want their investments diluted.

In the absence of any market information I can only be left to ponder a bad annual report. Just how bad I don't know. I am now drafting my question for the Annual Meeting.

[Basil]

Sadly a lot of tech and biotech companies, (especially in the US) have been caught red faced by trying to grow too fast assuming they can get their hands on more debt or capital if they need it. I hope it works out for you guys.

[winner (n)]

".....................
In the absence of any market information I can only be left to ponder a bad annual report. Just how bad I don't know. I am now drafting my question for the Annual Meeting.

Hey mini ....suppose they need to have printed an Annual Report before they have an Annual Meeting

You might be having to wait longer than you think before getting to ask that question you drafting

Don't fret ..financial year only ended 4 months ago

[Minimoke]

Hey mini ....suppose they need to have printed an Annual Report before they have an Annual Meeting

You might be having to wait longer than you think before getting to ask that question you drafting

Don't fret ..financial year only ended 4 months ago

Last year they had the AGM on 27 May - that's not long to get the reports printed, ink dried and a large selection of complimentary Airoa bottles  for attendees. I'm expecting one bottle of each to try.

[Basil]

My limited understanding of the late reporting under the Companies act is that if 5 months after balance date they still haven;t reported, at some stage after that they might get a slap on the back of their hand with a wet bus ticket.  Sometime even later than that they might be placed in a trading halt which is basically ineffectual because there ostensibly has been a buyers strike, (of any real depth), for several months already.
Gotta 'love" the lax rules around unlisted companies eh.