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T1995 The farmers will not take out loans from the bank here in Brazil The interest rates are crippling. probably in the region of 11% There is no credit system as you know it . Bad debt in farming is notorious
Fair points source! If I remember correctly I believe in an interview or q&a that the company stated farmers are given 6 month period to pay up? Hopefully the agreement with the Brazilian bank means they will get the money up front and farmers take out the loan with the bank
Yes - but only real is cash flow is strongly positive too - that shows (& definitively proves) the business is strong & growing.
-- Unfortunately profit is/can be an accounting fiction, which is why I guess why many are pointing out discrepancies and lack of reconciliation with cash.
It could be because were in "reporting limbo" before full year accounts but Brian has not helped saying everything is SOOOO difficult to explain and not disclosing what cash has grown to with the apparent acceleration is Q3 etc but its no surprise we are where we are in terms of market recognition until these flys are swotted away properly by a credible management response. I do think an finance director is a minimum though at this point of our growth & could easily be sliced off Brians current responsibilities & salary as well as reduced external consulting spend so shouldn't hut the business costs in any way.
I don’t understand why the two have to be linked… he’s been doing a job for the last 3 years since the placing in which he’s due a salary for being chairman. The board waived the share bonus last year. If someone can point to where he pays himself outrageous sums of money in wages and bonus then Im all ears! Brian doesn’t control the share price… the business is progressing month on month and growing that’s all he can really control. I’m all for criticism and scrutiny of board and company but bring some facts to the table to go along with it. On another note, working out some figures. 40k breakeven, if we hit 100,000 tonnes this year that’s 60,000 at 36 usd - the 12-15 usd opex (guess) 20 usd profit per tonne= 1.2m usd or 800k gbp profit this year. Opex could change but we know they sell 200 real no matter what.
we don t know the full background to the ceo share purchase . .. While shareholders foolish enough to buy at the same time slum it waiting for the share to even get back to the offer price, it would be interesting to know the salaries and bonuses he s paid himself since which came out of the cash in the company raised at the time of the purchase. It might be a lot more than £700k.
Besides Source and Small, Appointing a couple of extra Directors mouths to feed would just lead to bigger overheads. It’s a simple business and if Brian can do all of these things and is willing to do it, then aren’t we lucky to have him! That last remark is a statement hence no question mark LOl
I agree swingy I actually think the BOD have done a great job- progressing the business forward year after year. Let’s not forget Brian bought £770k shares in the £9m placing in 2018 also. People get emotional because back in 2018 the board stated the 400k target, naive people, including me thought we would magically hit this in 2019 not realising it’s a new product that takes time for farmers to see benefits. That’s on me, however instead of shouting at the Brian and co I realise i was early to the party and changed my time horizon. I’ve never sold a share and averaged down massively and I believe they will get to their 400k target and maybe beyond. Very comfortable with the business progressing each year. This is my second biggest holding
Actually he’s been completely straight. Every time he speaks people analyse and add inference and innuendo. Then, a few months down the line he’s proved correct but the damage is done. I don’t know how many times he said no fundraising and yet that wsnt trusted
This is the only board on LSE that I post on these days. I actually think it's quite balanced with some reasonable and knowledgeable people. 'He of several monikers' seems to have moved on to ADVFN and I can't say I miss him. Given the SP and lack of evidence of any actual profit, if everyone was on here was positive it would be a forum for the self deluded.
I think you'd find it quite impossible to take out a short position on HMI. No borrow available.
If you are asking why I said these things, it's because it's my opinion of what I think is about to happen in the short term. I also added my thoughts about why this might be. All I'm attempting to do is understand the company and share price; and to discuss it on a public forum. Thus far, my short term predictions have proved to be fairly accurate. As long term holder I really dislike the current share price. I've held shares in HMI for several years, I've traded and averaged down. My most expensive buy was 18p. And yes, I think HMI is worth a buy at 18p.
I really like the business of HMI. I think they have a golden opportunity to grow very significantly while at the same time helping to solve some issues with sustainable agriculture and environment. I honestly think this company should be valued significantly higher than it is today.
I do believe the business is "almost there". I think the next results will bring HMI to the forefront of the investment communities attention. And I think that long-awaited re-rate will materialise.
I would like to see the HMI appoint one or two new people to the board. I've said it many times that I think we need to appoint a CFO.
Why do people post stuff on here saying “I expect this to drop to”? It happens every time the price stabilises and is quickly followed by someone “disappointedly agreeing”. Likewise they undermine Brian with derogatory comments that are unfounded. To be honest I realise this board has been poisoned by de-tampers for many years now and I have no understanding why these people spend their time here. I’ve no doubt they’re shorting it but surely there are better stocks to short? Please stop.
Trust definitely needs to be rebuilt. As I said in post previously, the company needs to appoint a CFO who can communicate sales and cash properly.
From the podcast, in one breath Brian says it is a really simple business and the next he talks about the complexities of reporting. It really is a simple business. Dig stuff out of the ground, process it, put it in bags, sell it, get cash. Compared to other listed businesses HMI really is a simple business but those other listed companies seem to be able to report to the satisfaction of the investors.
Sadly, I see the share price dropping away to 3p ish and maybe back to the previous lows of 2.5p ish before the next results.
Brian saying all the right things but he's shady AF and he clearly needs to rebuild trust with the market. Yes the interims didn't include Q3 sales (duh) but we do know what sales were in H1 and there was an ocean between the two. He has repeatedly said the company is profitable (on a cash accounting basis) so if cash hasn't gone up come year end, I'm out.
I never thought I'd be agreeing with one of your statements, smalleyus! But the facts are true, that RNS and what was said in the podcast don't align.
I'll say it again, the company absolutely has to appoint a time-served Financial Director/CFO. Brian is making a mess of communicating the financial position.
The rest of the message in the podcast is clear though. The company is selling above their target. They are not discounting the sales price (other than rounding the corners by 1-2%). The ending message regarding dividends, I paraphrase: "not this year but in 12 months we will be having a different conversation". He is saying as clearly as he can: cash surplus on the books is coming. Now all we need is a CFO to show us the numbers and the SP will rerate.
........and nearly two years ago (17/10/19) in an RNS regarding change of year-end they wrote this:
'As these periods do not align, the Company is presented with unnecessary additional work to fully explain its financial performance in its full year and interim accounts, in order to ensure Shareholders have a meaningful insight into the Company's historical and current trading performance at the point at which its accounts are published.'