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I guess that when Brubaker took this on, those options looked quite appealing. I wonder if he knew then what he knows now he would have taken this on at all? I for one am glad he did, as I believe both he and the new Chairman are leagues apart from the previous incumbents. Talk prior to his appointment had been all of world domination, now it is more retrenchment and uphill progress to break even. I eagerly await the year end statements and results.
hopefully get a full and frank update this week. JB certainly has some 'wealth making options' if he gets this company going in the right direction,
Up until now, it had appeared that Mr Brubaker had no incentive regarding the company share price. Now it seems he is entitled to buy 5% of the business at 24.5p ps. Let us all hope the current price recovers sufficiently to make it worth his while. If it does not, then the incentive is worthless.
http://www.investegate.co.uk/Article.aspx?id=201206281726174274G
The charts don't make good reading; http://www.barchart.com/opinions/stocks/PIM.LS
And I fear it is not going to get any (good) news in the short term.
Dr Derrick, Nothing announced with regard to dates. Y/e was 31/3/12 so results due by end June. Previous years, fwiw were 02/07/07, 23/06/08, 15/06/09, 14/06/10, 04/07/11. My guess is that the new regime will be less tardy.
do you have a date for the release of year end figures?
It is concerning that investor(s) are in all likleyhood selling at a loss. Especially as we are so close to the release of the year end figures. I would guess that any entrants at this level could expect a good deal of value. Those of us pi's who are sitting with a loss here (and that's the majority) will need much patience whilst waiting for the recovery. Good luck to all still holding.
Is there going to be any value left in the SP?
It is sad to see this share languishing but that is what it is going to do for the forseaable future i fear.
If you believe that everything is ok, then that's fine by me, you are just deluded. Perhaps you need some new spectacles, try some without the rose tints next time. Our share price is at a 3 year low, we are soon to announce losses that are greater than even last years, we appear to have a disinterested partner for one of our major products. If that's OK then I'm a Chinaman.
perhaps you should think about what you are writing before you gob off. it can make you look pretty silly you posted utter nonsense, as you well know.
hereandnow, perhaps if you realised just how ridiculous your arguments are, you would stop trying to justify your comment. This spat started when you posted in your header "everything is OK". I took exception to that. And as far as I am concerned, your stance is quite idiotic. Clearly everything is NOT ok. Doesn't matter how much IS ok, your statement remains ridiculous. Trying to defend it will continue to make you look foolish. My knowledge of this company is as great as anyone's. I have been invested from the outset. You may question my judgement if you wish. Please do not accuse me of posting nonsense, it is not something I do.
Reggie, you are trying to wriggle out of posting a lot of nonsense. Good try but it does not wash. Trying to change the terms of reference of our discussion does not change the nonsense you posted. I think you are just fed up because the SP has not make the progress you had hoped for. I don't blame you. I feel similar frustrations. They had to re-negotiate their debt owing to Arysta. They pushed back the payment date 18 months and re-organised the milestone payments downwards and Arysta lost some territories as part of the deal. I was gob smacked that Arysta gave away the USA, when they must have known that US approval was imminent. I was told that Arysta had sent over a 'number cruncher' to negotiate the deal, not someone who recognised the Bugoil potential or who was involved in the original deal.PIM management were very happy with the deal they struck. I am not sure what to believe as I was not privy to any first hand information. PIM has played down Bugoil potential for over a year. Maybe there is something better out there/ similar but nearer to production. I don't know. What we do know is that we will get £250 000 in the bank, and at some stage a partner in the States to commercialise Bugoil..........might even be Arysta; Now that would be Ironic! We also know that Inca works very well on its own, has great selling margins and sales are growing in existing territories. PINT has attracted significant investment from Arysta and they are targeting a specific market in the golf course/turf market in the States. From my memory a million from Arysta and a million from PIM(over three years). There is a lot more to come. The Syngenta trials(major soya trials). We should get some steerage on this at the end of the year. There will be multiple formulas of INCA, PINT and ALETHEA one day mixed with all sorts of other plant enhancing products. It will take many years for these all to be developed and fine tuned for specific purpose. I believe there will be a need to raise money at some stage but not for some time. Last time they raised money the SP was 25p. They raised it at 45p. This was not quite as impressive as it sounded because half the money was ear marked for progressing PINT in the US. It was still an impressive vindication of the company's products and sales potential. Just got to be very patient and keep adding on weakness. Only 50 million odd shares in issue which is not many
indeed. Note the words "now gives us the opportunity to commercialise the product in the United States". Strange, when you think we ALREADY had the opportunity, and signed it away. Unsure of who may have initiated it. I'ts possible of course that we may now get a better deal with someone else (likely, in fact). It's the impending delay that may be the problem. I, amongst many investors had seen this deal as an opportunity to move towards profitability more stridently.
You mention our "great strategic partners, one of whom invested a couple of million at 45p a year ago" And forget to point out that that they are the very same "partners" that have more recently withdrawn from the agreement to manufacture, market and sell bugoil in the US. Just at the point when we get USDA approval. Bizarre, and another reason for the demise in the share price. Do you really think things are "ok"?
You clearly have not been able to comprehend my original point. It was simply this. The forecast figures for this year end show that there will be a greater loss compared to last year. That is a FACT. Turnover is not forecast to be sufficiently higher, FACT. You can cut and paste all the tripe you like, it will not alter the FACTS. I did not say that there hasn't been any improvement in the base structure of the business, because there has. I have not criticised the company, its Directors, or anyone else for that matter.
'Our actions to improve the Company's expense position have re-aligned the Company's operating structure to a more realistic and sustainable level. The Company began its financial year with an annual operating expense base of approximately £3,240,000. Following recently implemented changes, the Company is now operating at a recurring annual expense level of approximately £2,500,000, a significant reduction. Finally, and crucially, the Company is applying focus and rigour to its product development and research activities for the 2012 calendar year. Complete alignment between technical prospects and commercial opportunity is our goal. For 2012, we expect to conduct additional critical research and field trials to underpin the market claims and performance of InCa and PiNT. We believe that compiling a dossier of compelling performance data represents an accumulating asset that will underpin our proposition to growers and expand our capability to grow sales and margins. Key areas of crop focus for additional InCa research in 2012 include potatoes, peas & beans, tomatoes, root vegetables, soft fruit, lettuce, cucurbits and brassica. In addition, the Company expects to continue work on the performance and applicability of InCa, PiNT and other technologies in key, strategic row crops such as soy, oilseed rape, and wheat.'
decreased costs...........! Get it right fella! 'Since early September, the Board have examined the operating expense base carefully. Whilst our objective is to grow the Company quickly, a prudent level of operational risk and sensible attention to efficiency is desirable. We have identified many activities in the Company that were consuming cash but not serving to accelerate our new measured-growth strategy. These activities and associated costs have been eliminated and include public relations expenses, travel expenses (reduced significantly due to our focus on "near" markets), certain R&D costs (with the exception of the remaining regulatory activity around BugOil), general office expenses and various legal and professional costs. Furthermore, the Company has eliminated some staffing costs through combining several positions and roles, at the same time identifying the need to strengthen certain areas. As a result, we are now actively recruiting for new staff in marketing, supply chain, and finance. The Company has improved its internal processes to generate and manage cash. In particular, we have implemented processes to control spending, reduce inventory, and improve our cash collection cycle to conserve resources and ensure their efficient re-allocation where necessary. Finally, we are improving our collaboration with and management of our outsourced contract manufacturer. This should allow us to better refine our product formulations, improve our quality control process, and introduce new, improved packaging and labeling. We expect the financial, operational and strategic benefits from the actions described above to arise in 2012 and beyond, following the incurrence of the one-off costs associated with them.' Reggie, you should read the management's reports a bit more carefully! The company is not spending more on R&D atm. What your suggesting is false. They also state that they WILL spend more on R&D , particularly on Alethea, when revenue and profits allow. They are managing finances in a very cautious and conservative way. I take the view that the company has great products, great strategic partners, one of whom invested a couple of million at 45p a year ago, and world class management. Their first job is to improve the balance sheet. The recent trading update said they were trading in line with expectations and future orders looked good. I am happy to hear criticism on the company but not when it is based on poorly researched and incorrect assumptions.
hereandnow, it perfectly possibly to increase turnover and increase losses at the same time. As there is only going to be a modest increase in turnover (none of which involve milestone payments) there will only be an associated modest increase in the bottom line profit on those sales. If, however, the company spends more on R&D then this can easily lead to an overall increased loss. Your simplistic argument does not apply. This will not be the first year that increased losses are reported, despie rising turnover. At this nanoscale of business, figures (and statistics) can easily be interpreted any which way you like. You choose to take the view that everything is ok. Fine by me. Greater risks often bring greater gains.
He was certainly good value. a born salesman and always good to talk to. Prefer Jones and Brubaker for world domination and fiscal austerity though!
The plot thickens! Interesting
I will explain this simply. If an egg costs 10p and i sell it for 20p, I make 10p per egg. If I sell more eggs , I get more income. If INCA cost more money to make than the price they sold it for, they would lose more money, the more they sold. As it is, INCA has margins of 65%, so the more they sell, the more income they get!! To state, 'increased turnover, increased losses' is totally wrong Come on then, what are your theories? FWIW, With new management , we have had a reality check. Old management clearly exaggerated and over promised. New management have meade it clear that they will not continue this way and will not be held responsible for the past. they have cleared away all the dead wood and unearthed and dealt with all the poor financial management and have re-directed the company. David Jones and John Brubaker or Peter Blezzard.......who would you prefer to take this company forward This is an AIM small cap. I know it is tough to stare at paper losses and , yes indeed, the SP may drop further, but the quality of the product, their business partners and the management would seem to suggest the company has a future. PIs have been dribbling away in despair. I keep picking up stock. I may be wrong..we shall see