Straightforward simple case of one person getting their foot in the door and then slowly but surely manipulating situations and people to oust others one by one until the balance of power has shifted - unfortunately it may be the case that at least one or two of the initial team may have been instrumental in the future development of the company, or more to the point its products and intellectual property, rather than cutting them adrift to steer their own path in future competition for the company (particularly whilst PIM stutters to deliver even given a head start as it is too enveloped in having a complete clear the decks exercise and relocate from its roots to a more 'desirable/fashionable location' for its new management
InCa was developed, launched and commercially sucessful, effectively subsidising and financing all other products both past and current but yet now seems to be out of favour and all focus moved to its newer products at the expense of this established business - hopefully the plan works or the core business PIM has survived on so far will have disappeared under other competing products - the secret of cutting adrift the pioneer of your products is to ensure you take advantage of what you already have before they are able to develop their own products and bite you in the ass - quite clearly PIM either have been too full of themselves to deal with this or don't have the expertise (in house anyway) to continually develop newer improved products. I would guess they are now maybe shelling out fortunes on consultants and 3rd parties to get back the momentum
'It looks to me like a systematic infiltration of a company by parties that can talk the talk but not necessarily walk the walk '
your exact words! people have been sacked/resigned and people have been hired to replace them from the chairman and CEO down to junior staff……..'systematic infiltration'….NO….cold war nonsense that implies shenanigans at play
The apple product has been developed and launched…Bugoil has not been launched…….two very different 'lockers'.
i think we better leave it there as i think you are wrong about several things and i don't want to waste any more time in pointless discussion
Never suggested malpractice whatsoever - just stated the obvious that we don't appear to be any closer to profitability than a few years ago ! And the founders who developed and understood the original products such as InCa that gained the company a solid base and excellent margins are no longer present through whatever course (or story - 3 sides to every story don't forget, company's, employee's, and the TRUTH)
We will see the results later in the year and hopefully the UK/Northern Hemisphere sales will have maintained or improved, together with the Brazil sales ! Unfortunately I fear we will find that not to be the case and these sales will have suffered significantly, for whatever reason. I for one will not accept bad weather etc etc as explanations as we have heard in the past - other suppliers of similar products are continuing to build year on year so maybe its the products, current business focus, management and board shortcomings, or maybe the remaining staff just don't understand and appreciate the products that they have in their locker
Not forgetting the apple product either just keeping that in the same locker as Bug Oil until we have commercial results - just a pipe dream in the meantime and no emphasis to place on it at this point as we have seen with development products in the past
Only time will tell but personally rather concerned at the lack of concrete improvement in the past 3 or 4 years along with continued and regular dilution meaning we continue to expose ourselves financially at the expense of possibly ineffective management and poor application and return for shareholder funds
'infiltration'……! strange language suggesting intrigue and malpractice whereas the reality is the old lot resigned or were sacked and a new lot has been hired.
i totally disagree that 'all their eggs are in one basket'. you seem to forget that the majority of the staff are based in the UK, N.Europe, and you seem to forget the apple product that was launched at the beginning of the year. nevertheless the importance of the success of veritas in soyabean cannot be understated…..i celebrate the fact, as should all shareholders as it is intrinsic to the company's medium term success and improving shareholders' wealth.
i am pretty fed up with the years of boasting about products that don't turn into commercial products, namely Bugoil and Inca potatos….a real roller coaster ride and very disappointing. these products and their supposed efficacies were researched and touted by the old management….at least veritas/soyabean trial results have been collated and presented by the new regime as well as the Bayer deal and the seemingly successful first year of commercialisation…..on their heads be this new product and its supposed sales growth
At least you appear to accept what I'm angling at - broad acre or not it was a significant crop that didn't 'come off ' as expected
Not at all - it just seems on results so far the current regime are continuing the same practice (albeit more boom and bust and knee jerk rather than unrealistic and unachievable sales forecasts). At the end of the day the previous regime did get sales traction from NIL to over £1.5m and increasing year on year whereas this seems to have stagnated or worsened somewhat since they were replaced to the £1.6m for 16 months last year - this clearly has improved this year so far, but at the cost of margin, so effectively no improvement whatsoever when we are seeking break-even
I would assume the Northern orders should already be visible if not being processed as we speak but I anticipate reductions again a la Egypt etc as in my opinion all emphasis has been concentrated on Brazil with the effect of having all our eggs in one basket - at least the previous regime had the back up of high margin sales in Europe as their core business when the US potato story didn't materialise
I still need convincing the new regime are better than the previous one - the jury are out and have been for some time. I believe there is now only 1 member of the original team (and that being a non-exec member) in place together with only 2 further members who came in shortly before the overhaul - I understand board and management replacements but were ALL the previous staff from top to bottom (from receptionist to clerks to admin/operations staff incompetent and unable to carry out their roles)
It looks to me like a systematic infiltration of a company by parties that can talk the talk but not necessarily walk the walk ! Let's hope they eventually prove me wrong for all our sakes
soya bean is the first broad acre crop PIM have been in……not potatoes…i had similar thoughts but apparently it is not broad acre.
yes, they cleared out virtually everybody from the old regime and yes it cost money as you can see in the previous years accounts. the last regime was not exactly covered in glory …or do you think it was?
with the receivables due in, with the beginning of the Northern hemisphere season bringing orders and revenues in, with the 'apparent' success of veritas in the Southern hemisphere which should bring in much larger orders from July onwards, I think they could probably get buy on existing cash. However, i don't think they will. The new broker/nomad suggests, to me, that there will be a placement at some stage this year; not a good idea to let the coffers run too low
as you are well aware, I suggested exponential growth is possible IF all the things we have been told are true and the farmers follow through with orders….next winter and the following winter….not now!
This story appears to go around in circles every year or two without actually developing into the success story we are all hoping for
Dramatic cost cutting over the last 2 years or so, presumably incurring redundancy and severance packages, then reversing the process again incurring further recruitment and agency fees !
Could we not class potatoes as pretty much a broad acre product - this was muted as the 'big thing' 3 years ago and then never materialised in its 2nd season
Margins never increased in previous years as a result of dramatic increase in volume - presumably as they had already negotiated excellent purchase prices based on projected volume increases from the outset
£500k cash reserves currently (approx. 3-4 months overheads at best ?!!!) down from £1.2m this time last year - looks like another fundraising may be required sooner rather than later further diluting shares and hitting the SP yet again !
Sorry for again being pessimistic/sceptical but in the absence of the 'exponential' revenue increases sooner rather than later we will be on this roller coaster for another few years at least trying to see the promised results of our investment
I concur with most of your points but there are some discrepancies,
In the past product was manufactured in the UK and shipped to the US but still achieved much higher margins
I am dubious as to whether the company is employing more people than the 17 or so it employed a few years ago
Massive uplift in sales as a result of trial results and growing season yields has been prevalent throughout the company's history but never quite carried through as forecasted
It is also practically impossible to ramp up the product sales price after launch and therefore unlikely that margins will improve in the future - always been a bugbear when launching their innovative products without giving them away. Premium products can command premium prices but also need to be realistically priced in order to grasp a foothold in the market
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