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AgFeed Industries Inc. (fka FEEDQ)

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Last Post: 4/14/2014 11:52:54 AM - Followers: 59 - Board type: Free - Posts Today: 0
Trading Reinstated for FEED Agfeed Industries Inc. Febuary 2012

Accounting irregularities on the chinese part of this company has caused it to be halted in december 2012.
Most of those are related to the legacy chinese farms(the old-style chinese farms)
Although there  might still be sizeable value in the company, the company still chooces to delist and workt things out from there.

"The Company's first sales of feeder pigs to third parties from Phase I of its Western-style hog farm in Guangxi province commenced in November 2011"

This is from the PR in which they announce their desire to voluntarily delist:





Agfeed  (FEED )- Hog meat business with both USA and China operations.

Run by US management after Chinese management was removed.
2011 forecasted revenue 320 mln

Overall:
-Alltime high prices for hog meat in china 2H 2011
-Chinese pork consumption still rising very fast, biggest pork market in the world allready
-Very strong sector outlook by big companies in this sector like Smithfield (SFD) , also SFD sees insider buys Q3 2011.
Company specific:
-New western style hog plants in china populated in Q1 2011, expected to yield from Q1 2012 onwards
-USA vertical integrated planned with meat processors Kansas Saucage and Pine ridge, mostly intended for chinese exports.


Recent events:
Mid 2010: Chinese company merged with US based M2P2 hog production expertise company
In the past very rapid growth but no corresponding profitability
Q4 2010 : old chinese management was fired and restructuring including chinese layoffs started
Q1 2011 : New american management appointed, including some top ex mcdonalds managers (meat industry background)
-Q1-Q3 2011 Writeoffs in book value for some 2007 and 2008 acquisitions which were overpayed for by old management
-Q1-Q3-2011 Writeoffs in accounts receivable for some the 2007-2008 farms and part of the chinese nutritional operations.
-Q1-Q2 2011 Some 80-85% of those allready written off on book value

July 2011:  Company CEO Stadler presented outlook for 2011 and 2012. Projected 2012 Revenue > 700 million US dollar.
(as they also filed with the SEC, be sure to see the last slide on revenue projections)
http://www.sec.gov/Archives/edgar/data/1331427/000114420411040991/v228787_ex99-1.htm

Q4 2011: Intended vertical integration in the US: As communicated by the company in summer 2011:
"The Company also announces that it has entered into separate non-binding letters of intent to acquire Pine Ridge
Farms, LLC ("PRF") and Kansas City Sausage Company, LLC ("KCS"). It is expected that the combined businesses will
add over $180 million of annualized revenue and over $13 million of EBITDA to the Company's results.
" ( http://finance.yahoo.com/news/AgFeed-Industries-Inc-prnews-2175526133.html?x=0&.v=1)
Sept 2011 : Company announced Kansas City CEO to join the board of directors of Agfeed.
Before closing of the transaction there will be a final check and clean up of the chinese accounting books.
Deadline for the exclusivity letter of intent set at december 1st.
(this did not go through due to the chinese accounting irregularities)

Sept 2011: Agfeed reaches agreement with Iowa state to allow it to pursue vertical integrated company.
http://www.state.ia.us/government/ag/latest_news/releases/sept_2011/AgFeed.html
Sept 2011 : 50k Insider at the market buy:
http://www.insidercow.com/history/company.jsp?company=feed

 
  

                                                                                                                                                                                                                                                                                                                                                                                                          

 

PostSubject
#2873   goodnight mrs calabash wherever you are fwb 04/14/14 11:52:54 AM
#2872   I posted this way back in December. pray 04/11/14 04:11:00 PM
#2871   Thank you, will do! SamLevi 04/11/14 11:25:42 AM
#2870   Fingers crossed for you, SamLevi. I hope you Renee 04/11/14 11:24:44 AM
#2869   Final decision as of now is some time SamLevi 04/11/14 11:23:24 AM
#2868   Even though the stock registration was revoked you Renee 04/11/14 11:21:27 AM
#2867   I still owned a decent amount of shares SamLevi 04/11/14 11:05:31 AM
#2866   From the Admin Proceeding this morning it shows Renee 04/11/14 11:02:49 AM
#2865   The bankruptcy case is still in tact correct? SamLevi 04/11/14 10:54:31 AM
#2864   FEEDQ revoked registration: Renee 04/11/14 09:34:40 AM
#2863   Trying to flip it for a quick buck, pray 03/13/14 12:29:18 PM
#2862   not sure why people are still buying this one IPO$ 03/13/14 12:04:11 PM
#2861   It was to be shut down in January. pray 03/13/14 12:02:51 PM
#2860   http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541102314#.Ux-hBvld wall_street61 03/11/14 07:49:20 PM
#2859   Acctg fraud listed on SEC web site - IPO$ 03/11/14 04:14:20 PM
#2858   http://www.reuters.com/article/2014/03/11/usa-sec-agfeed-idUSL2N0M81KK20140311 wall_street61 03/11/14 03:55:26 PM
#2857   I said the exact thing you said several pray 02/13/14 07:52:25 PM
#2856   I talked to the bankruptcy attorney and he Indiana1 02/12/14 08:07:31 PM
#2855   Got rid of everything in early January. I pray 01/27/14 10:04:45 AM
#2854   Noticing large blocks changing hands. Something up? I hyrpowr 01/17/14 12:55:32 PM
#2853   If and when FEED stops trading will there grillbreaker 01/06/14 12:38:59 PM
#2852   When you get a message in I hub, pray 01/05/14 08:44:12 AM
#2850   But I you are selling, why you are here? delice 01/02/14 02:26:16 PM
#2849   I sold all shares last week at .23. pray 01/01/14 04:07:42 PM
#2848   It means that I should sell my shares delice 12/31/13 09:34:38 PM
#2847   Difficult to explain but in a nutshell new pray 12/31/13 09:10:17 PM
#2846   BMCGroup - SamLevi 12/31/13 08:05:15 PM
#2845   Am I missing something? wall_street61 12/31/13 07:32:09 PM
#2844   $45 million from China sale and an original kpgiants 12/31/13 02:34:47 PM
#2843   The bankruptcy firms number is #302 384-9400 pray 12/31/13 11:39:55 AM
#2842   That was not the same website as last week. pray 12/30/13 04:19:20 PM
#2841   Excuses me, but I dont find the agfeed website.. delice 12/30/13 02:20:02 PM
#2840   Click on agfeed web sight. Then email group pray 12/30/13 08:54:06 AM
#2839   Who are the auditors for this mess? Sharpshark 12/27/13 08:20:34 AM
#2838   Hey Disco, moneyman51 12/19/13 02:26:49 PM
#2837   Pray, I was always hoping this would be the moneyman51 12/19/13 01:27:27 PM
#2836   Ps ... Look at the trades today. At pray 12/19/13 09:52:11 AM
#2835   Call the number listed on feedq website. You pray 12/19/13 01:58:21 AM
#2834   Evening Money man! discopablo 12/18/13 12:39:38 PM
#2833   Hey Gramps , slaphap31 12/17/13 10:50:20 PM
#2832   You can hint all you want, I don't wall_street61 12/17/13 06:43:21 PM
#2831   Disco & Pray, moneyman51 12/17/13 06:02:35 PM
#2830   They sold both their US and China operations. mrholty 12/17/13 05:42:55 PM
#2829   What does everybody else think? Not saying for discopablo 12/17/13 04:39:27 PM
#2828   Thanks Pray - quite a timely reminder actually. discopablo 12/17/13 04:38:27 PM
#2827   http://www.businessweek.com/news/2013-07-15/hog-supplier-agfeed-seeks-bankruptcy pray 12/17/13 03:28:25 PM
#2826   They are in the process of dissolving the wall_street61 12/17/13 10:23:40 AM
#2825   Couldn't they just dissolve the company? My knowledge discopablo 12/17/13 08:02:12 AM
#2824   Because there are certain standards that must be pray 12/17/13 07:10:32 AM
#2823   Thanks Pray - excuse my ignorance, but why discopablo 12/17/13 07:01:35 AM
PostSubject