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Balance sheet over $800 mill and 0,2% in cash. Inventory up $ 20 mill since December.
We need dividends. Why are they always blowing up the balance when the share is a disaster? Nearly up $40 mill on fertiliser and ingredients since 31.12? WTF!
If I run my company like this, the owners would have strangled me. Let's make it clear that cash from TRW must go to starving shareholders. Not more fertilizer and flowers to inventory.
No wonder they get investors from the other side of the planet. But why is my business constantly offered cheap Chinese capital, when SIAF seems to struggle with local finance? Hope they surprise us very soon.
Should we not expect share count to go down now? Cancellation of returned collateral? Nothing in Q10 about default I believe.
Thanks, yes lets hope to see it soon. There are so many longtimers deserving cash dividens. Especially now that we just dont see any good performance from our other sectors IMO.
Think I would send him here: http://www.sinoagrofood.com/content/farm-services
To check out if the 4-5 employees are still manufacturing fertilizer to support our inventory growth. Strange to look at those pictures: new t-shirts, siaf-bags laid on top of some blue bags, clean floor. Doesn't remind me of facilities manufacturing 100s of MT a day. They should at lease add new photos which are more credible!
How about sending a couple of auditors over? If you calculate fertilizer booked and sales price at $0,15/kg, we should have around 6.500 40ft high-cube containers with fertilizer. A year of revenue worth. Should be easy to locate 6.500 containers worth of fertilizer.
Do we know were they are stored? I am considering to send a inspector to the facilities.
I don't either understand how "secured" 36,6% ownership, suddenly now is 23.89% with option to increase. But from previous PR, we already owned 36,6%. Yesterdays PR does not indicate increase of holdings above 36,6% (and we have not been led to expect this, but to expect dividends once the TRW loan is secured).
I really hope they don't mean that TRW due to this, doesn't owe SIAF money anymore. If so, none of the megaloan money would be transferred to SIAF and no AGM with dividends is possible. Do we know how much TRW owns SIAF after the increase to 36,6%?
From Q10, F6
Report entities (F-8), Tri-way Industries Limited (“TRW”):
How can they buy more? From Q10 they have booked "issue of shares as collateral" with a $ 31.915.409 value. It must have been over half the company market value at the time.
Also, I thought they would delete the returned collateral - not keep them and book them? If so, that would have been share dillution/printing?
Anyone?
The other TRW partners: I wonder who they are. I have raised this before and got the list. But who are they really? Investors, lenders etc. Have we seen representatives from these companies? Can we look behandling those company names?
I just find it strange that 63,4% of the ownership has not joined the board or elected representatives by a GM. I mean, there is no A shares in TRW, right?
I am long since entering around $10,and increased going along. Not a trader, but still uncomfortable on these levels. Currently I seem to hold fertilizer inventory for around $30-35.000 located China.
I believe SIAF was launched at Merkur as a aquaculture business. At that point not awear of the diversity.
Looking very forward to the x date, as it gives me opportunity to consider SIAF exit.
Ok, thanks. Getting "trigger" happy now, hope news will come.
Just forgot about Merkur? Again? No wonder trade is almost abscent. What happens when management only claim to feel our pain, but seem to give a f...
Waiting for Q3..
Maybe you could travel to China and get a closer look on the pile...
And yes, bring Zero with you. Tell him to pack his cubic measurement stick!
Phosphate is mined today and globaly we have used it up within 20-30 years. Its critical for global food production and supply.
Fertilizer and hydroponics /aquaponics get phosphate back into the food production cycle.
SIAF is doing the right stuff here, and politicians, environmentalists, consumers, locals and shareholders will appreciate this reuse and it will attract investors looking for sustainable business cases.
Fertilizer is as you know, big business. So if you have plenty, the value is high. Price multiplied with tonn= Value
Get it?
I actually dumped around 15.000 that morning in pure frustration. I like to see things happening when expected. Also, they failed to communicate before trade opening.
Thought they would build trust after all our losses.
I bought the Shares back later after calming down!
He he, I was just having some fun. The resirculation of nutrients by fertilizer and hydroponics is very sustainable and clever.
I have invested a lot in SIAF and I am convinced that appreciation will come. Just look at the RAS facilities. Very valuable.
I know how the salmon RAS look and what they cost. You should invest here Mark.
I have understood "12.000 MT sold and produced" to include traded seafood or sourced, fullgrown species.
If you study the 10Q balance sheet inventory, f27, you see "Sleepy cods, prawns, eels and marble goby" is 31.12.16 valued at $ 481.509.
It's a small portion of the $ 62.5mill inventory. Even Organic fertilizer is at $15 mill. We owned more cow-poo than seafood ??
Anyway, I dont think you can farm and harvest 12.000 tons in 2017 with $0,5 mill inventory entering 1.Jan. This is why I concluded that its trading tonnage.
RD, regarding SJAP trading, I am afraid increase will trap cash. We see a lot of payments around 6 months, so I think cash gets stuck. Views?
They never claimed to do more than 2.500 tons of prawn a year, rest is fish. It doesnt matter. I have singlehandly killed 25 tons of Salmon a day as part time. Nothing to it.
They claim to fill approx two semi trucks a day. Its not much and for sure you would not expect fancy facilities to distribute LIVE seafood.
Take a close look at the little old lady with the basket on one of their pictures. She could easly move 10 tons a day. Its not rocket science this.
The sum of indoor and outdoor capacity is obviously high. Well documented. I know they CAN produce what they claim. So its down to: why build mega large facilities and scam everrybody by NOT making product. I think you are entertaining but very wrong.
Its a she, CEOs daughter, as CEFHP. Thats Chief Executive Fotographer of Harvesting Plant. Job #1: shut up the Zero about cubic feet of Prawn .
Merkur investors are completely in the dark today. Financial calender states 9/11, and at www.newsweb.no you will see that there is Zero PR from the company.
Investors not following this board or tracking filings on OTC, must wonder why there is no Q3 report and the stock is falling around 15%.
Does not build trust, does it. It's just not how things are supposed to be done. Neither what you expect from a company holding a billion NOK balance.
If the CEO "hates shorters", why are they constantly feeding them with lamb, smoked salmon, creme brulee and expensive red vine?
Thanks, that makes sence.
I just wondered. No doubt in my mind that the assets we see picures of, is very costly infrastructure and that our 36,6% share is very valuable and generate a lot of production.
Building biomass, handling hickups etc will require that TRW keeps some free cash when they get finance - and not spend every penny on new facilities.
Do we know who the other owners in TRW are and how they got their ownership (i.e loans, construction etc)?
Are they represented in board or management, or unknown for us?
I'm here for TRW and don't think the revenue which only was slightly down since Q2, really matters. Actually it's good to see they're not stressing up trading. Trading is cash intensive in general, and an increase could be negative in this matter like capex increase.
I would now like to see strengthening of the TRW team so they can execute their good vision. I think I was suspected of cheerleaders the other day, but I am serious when I say that i.e Marine Harvest could tactically enter TRW. The political connections,seafood range and distribution is all here. SIAF is 10-15 days of earnings to aquire.
But I don't want to be squeezed out now since the company and its potential makes it so very undervalued.
We need to strengthen the TRW team very soon to secure our assets.
https://vimeo.com/229379646
Crowded fish and facility in same scene. Case closed.
No witnessess? Aqua legend Bjørn Myrseth visiting TRW premesis with company CEO. Case closed.
http://www.sinoagrofood.net/sites/default/files/images/treatment-full.jpg
RAS discussions
Regarding RAS for Salmon: not a good idea so far. High risk and low utilization of infrastructure. TRW should continue quest for species accepting high density I think. Salmon is around 2.5% at sea and has slow growth.
Just ignore the Zero kid, with around 700 posts and Zero facts. A day or two ago, this person claimed the company to harvest over 40.000 metric tons PER Day. That would be 2.000 containers a Day. So much BS, just disregard that kid
Not that comes to mind. I think TW could consider using Swedebank or Arctic in the pre IPO in order to attract aqua-capital. Or DNB Markets. They all have the right network. I expect they already have plans for this.
Maybe feed suppliers like Cargill (EWOS) could see strategic benefits by investing in TW as they are working with so many species with different nutrition needs? Or Marine Harvest or Lerøy Seafood, as I believe both want to be more of a seafood supplier than just (mainly) providing salmon.
But then again, why travel to the other side of the world to get capital? There should be plenty of institutional investors domestically, or? I just think that an industry player (i.e from salmon) could increase attractiveness to both SIAF and TW.
I'm into the supplier/ 1st tier towards the fish farming companies and by this, and from previously working in the farming segment, its nothing but natural to meet peers at our customers side.
What support would SIAF/TW need?
- Finance: From my experience with finance (at least in Norway), I am not surprised about using 4-6 months to organize around 100MUSD. I expect TW to succeed on its quest for financing.
- Strategy: I understand several of you guys have for years asked for spin-offs to gain valuation. It's an excellent move to create focused business and resources (both human and capital). Valuation is one thing, but it should be much easier for creditors to get visibility and finance the spin-offs indiviually. Operational tactics within TW to use the capacity for part harvests is clever. I believe it will keep the biomass at contious high levels and give best utilization of the infrastructure. I'm excited to see the flexibility being developed concerning varity of species. It's a market approach, gives flexibility and could also be benefitiary for the customers, ie one-stop-shop/broad seafood supplier.
- Leadership: I understand we are dealing with a strong entreprenour. A "one-man show" is an asset while building a company, but it has now reached a size where credible sparring partners are favourable. I believe that the TW management is intermediate for now, until the pre-IPO.
I'm not a candidate to move this forward (nor am I the most skilled to do so), but i.e Yngve Myhre (post CEO of SalMar ASA) is an individual advisor these days and has also private funds to enter ownership.
The voice of the investors: communicate to PR, to management (even maybe in this board - like the Swede as a bridge), on AGM's. Also I would like to see proper quarterly CC's like they had before, where people actually got to speak directly during the conference. The investor/owners challenging and support of the management is valueable I think, and an asset for the management. Also, I don't agree with critizism to PR when they communicate apperently small stuff. I think they should, but I agree it sometimes seems unbalanced towards what they choose NOT to communicate. But I expect the PR is following orders here...
On the biology/operations, I am sure Tony has all the connection needed to attract the right people. So I think it's down to getting some professionals with a high level track record within food industry and preferable aquaculture.
All views/comments from you guys appreciated!
Thanks empty, I think this board has some impressive skilled people and I am humble to be part of the discussions.
Thanks for the feedback RD & jyyoo; actually the risks you point out RD to be top of the list, I agree the once you mention are minimal in this case.
For RAS and of course all food production, handling the biology is (nearly) everything. I really appreciate the PR around Tony and his role on the conferences as it shows what an international appreciated expert he is. The speakers and audience (I never found any streaming BTW), are experts who should always look for know-how on improving their own operations. Guess who returns "home" to their CEO and in reality decides technical directions and supplier choices/investments. I expect CA to get some calls after these conferense. I also appreciate the CibuxDX cooperation, because it adresses the consequences of disease entering the APRAS/RAS and is simple to use for staff with maybe limited training.
I can not thank the management enough for hiring Tony and giving him space. And remember, a professional like him would never enter a company which came out as something less than industry leading or with great prospects.
Last autumn I met with Bjørn Myrseth who was previously a candidate for the board and I see from photos that he has visited TW premises. Bjørn is a really skilled guy, and I hope we can see him appear in the TW board. But of course, there are a lot of experienced people to help us create success going forward!
The salmon industry has in my opinion come a long way, and longer then many people know. And, like SIAF, we all know that increase in food production must come from seafood. Seafood has a world-class feed ratio and low co2 output from the production. I only wanted to make a point of the parallell I see, and what I expect to come going forward.
Still, you need a good management to build a success and grasp the opportunities. And one that listens to good advice from it's superiors (we, the owners). Also, I am happy to hear about challenges on the industry as all the easy stuff has no entry barriers, creates over-production and destroys profits.
I have been shareholder in SIAF since it entered Merkur, and discovered this very useful board just this summer. Thanks downthehatch, RealDutch, KS and others for your vast contributions to the SIAF community.
Let's hope we have some good news ahead soon, and I know you longtimers deserve it! As I run a big company today I have actually considered to reallocate some funds, but need to better understand all risks. I feel #1 is printing of shares. It's completely unacceptable and under-communicated, and must stop.
I feel SIAF is trailing the Salmon Farming industry, but by utilizing RAS/APRAS the growth will avoid all the sustainability questions.
After spending half of my carrieer in Marine Harvest, I think SIAF seems to be where Marine Harvest and other salmon companies were a couple of decades ago. I remember how we had to educate the investors about our business and gain trust and understanding. The predesessor to Marine Harvest (Pan Fish) was worth about 300 MNOK as far as I rembember, when entering Oslo Børs.
I have recently sent SIAF and KCSA a mail with some suggestions about communicating directly to the aquaculture press in Norway. A lot of salmon investors are looking for the next big thing, and I believe I have found it... ;)
Tony is co chair on conference track 5, production systems. He will also present the Sino APRAS model.
This is a high level conference with global industry experts,and it just proves to us what asset Tony is for Sino/TW. I believe his presence also could benefit CAN.
http://www.bitcongress.com/wcaf2017/scientificprogram.asp