I feel there is a lot of negativity on the website over nothing. The company told us that they should make the payment on the 30 may, I called the company and the money left their account accordingly. Due to the different administration issues it takes some time before the money reach our account. Bertil also told us exactly that during the CC. Why all the fuzz?
There is no reason why Bertil should be another person that overpromises and underdelivers.
He is 66 yrs old and has been CFO of multibillion dollar companies for what seems like half a lifetime. I guess he should be aware of the implications of overpromising. This has been Solomons story, he aims to please so hard so it seems like he sometimes says yes to spontane questions without really thinking things through. Of course it will take some time to coach/help Solomon in the areas where Bertil and others has the supreme expertice. To some extend, I believe, it will be a process. As we all know its hard to learn old dogs new tricks. You need both understanding and acceptance before change can take place. Bertils been in the company officially for one a month and some people are already ready to question him. Running this company and building shareholder value is a marathon, some things can be done immediately and some things takes some time. Bertil will probably take a lead on the IR process in the nordics and one can presume that Tomas is going to report to him. And as I see it its in this region the story really needs to be told right now since I presume thats where most of the financial contacts will be initiated at this stage! This assumption is based on FD´s network, Bertils network, Arctics network and the OSE listing.
I also think that unrealistic expectations and to positve guidance are killing us and is setting us up for dissapointments. Lets take the issue concerning buybacks. This isn´t realistic according to me. The company is in a situation where it needs to be capitalized in order to benefit from all the growth opportunities at hand. To give high dividends or be able to do buybacks at the same time as you are raising money on the financial market isn´t realistic according to my view. If you would do that, one could argue that you are sending a signal that you aren´t believing in your projects and opportunities at hand and who would want to invest then...? I mean otherwise I guess you should invest in your own projects instead of handing out money. Nobody would lend you the money if your intention is to give it straight out to shareholders.... At least you cant promise anything before you have the capital in your hand and have made up the terms of the deal/loan/bond/ or whatever it is.
Lets instead focus on storytelling and attracting new investors based on all the great things that already has been accomplished, those things alone should render us a much higher valuation. When it comes to divesting, we have already done that successfully before, of course thinking about the diary business. Now we are doing the same thing again in focusing on aquaculture. We have an ongoing process aiming for OSE and all the fish investors are working the OSE and are listening to the recommendations/analysis of Arctic. Its the biggest stockexchange in the world for fish industry. In Norway its nothing strange to be invested in aquaculture its on the contrary every day business. I believe getting us to the OSE will be transforming for both our ability to raise capital for future needs and for the shareholder value.
Now we need a solid corporate governance, enhanced BOD that the financial institutions can trust all to gain credibility so we can raise all the capital we need to move ahead at full speed!
With the return on investment (ROI) that we have on the megafarm our prime focus should be to get the financials in place. When that happens we are all home free...:) I also think that we as shareholders have an ability to make our voices heard when it comes to these areas.
From the last CC we could hear that we are really strong on operations, not only because of Solomon but also due to the really strong local management that was investigated by the special management consultant from Enhancer. This was a big one for me... Now we need to get the rest of the things in place so we can transform this operational ability into shareholder value. Historically we have been really bad at that but I think we are moving in the right direction, even though I really cant see why BOD enhancements and corporate governance hasn´t been adressed yet. But I expect it to be an ongoing process as we are speculating on this forum....:)
Just my thoughts...;)
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