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"Pieter Totté, Executive Chairman of the Company, has resigned from the Company and stepped down from the Board with immediate effect". Good riddance and it seems under new management now. Complete clear out. At multi year lows and red flags galore. A further placing may be needed I think. But a lot of business here with turnover of over 100 million and recent business has been booming it seems. Recently raised a lot of money / finance at 35p. Very dubious things going on here and maybe not for serious investment but it is a very good business to be in and the purchase of Brighter Foods creates and manufactures snack bars for the healthy snacking market from its factories in Tywyn, Gwynedd in Mid Wales, where it is a major local employer with some 170 full-time staff. The award-winning company produces snacks which are targeted at areas such as diet control, gluten free, lactose free, low or no added sugar, sports nutrition, organic and fair trade. Brighter Foods manufactures both partner branded products and has its own healthier brands such as Wild Trail which is stocked in major retailers and health stores. Takes the eye. One to watch for the brave
Hopefully back in track!
Should be an interesting day!
I see changes as a positive. Old guard especially those who took payments for consultancy work gone. Onwards and upwards IMO. Gla Rich
PT going would likely drop the sp due to just the way the market rolls. Also though, questions would be asked as to why and is there further bad news not yet been disclosed. I may be completely wrong but let's just see what happens now after that double whammy RNS this morning.
Not sure why PT going would hurt if they have a solid replacement. PT's record here is not good. Research his previous 'success' at Hill Station and see if there is really a success pattern If he paid himself as a consultant without good reason (after all he is an employee) one could argue that this understated the directors emoluments in the accounts. I will leave it to those better qualified than I to determine his suitability in any role. If he took cash through his consultancy for doing his full time job - HMRC may wonder why!
I'd sit tight before buying in or more. A lot of sh%t going on. Could well see silly prices. You have to ask yourself why are they now disclosing those payments to the bod. If PT was to go, you can be sure the sp will drop again. I'm not sure more bad news could be on the way. Watching and waiting. gla
I will see tomorrow the way it goes. Then I will judge on buying or not
Not sure if it is go good idea, but, I have bought a few more.
This has to be a no brainer. At a massive three year low. Only up from here...
21.5p.....I would hope the major shareholders will force the resignation of the board of directors as soon as possible....and demand the auditor repays their fee
I'm in at 22p.Okay so RNS is poor with big impact on EBITDA for 2017 but good plans in place for 2018 and Brighter Foods acquisition could be the game changer here. Will sit and hold for a bit. Gla Rich
Will I get 18p to buy ?
They raised 15.5 mill at 35p a month ago despite the greedy bod this still is a sound comp
The tax man should be talking to him. It's his day job !!!
Yes wow, it's wages by the back door, consultancy my arris!
Yes wow £1.2m paid to a Chairman for what exactly? The Board further announces that it has realised that certain payments made to certain Directors for consultancy services have not been separately disclosed in the related party transaction notes to its previously published audited Annual Report & Accounts for FY 2014, FY 2015 and FY 2016. These are believed to amount to £250,000 to Pieter Totté and £25,000 to Peter Salter in FY 2014, £358,000 and £20,000 respectively in FY 2015 and £1.21 million to Pieter Totté in FY 2016.
£2m is to maintain working capital. Why get into a situation where they lack working capital? £7m is to increase capacity at Renshaw to increase capacity by 50%. Why is this required? Because they have seen a whole 15% growth during the traditional quiet spell over only a few weeks at the start of this financial year? So roughly sales are back to the levels they were at two years ago? Factor out price increases and is there any real volume growth at all? The last board report indicated that 'specialists prefer a one stop shop' and prefer buying directly. So revenue growth does not equate to volume growth. Just additional margin - which is great but does not justify investing in additional capacity. But let's BORROW £7m and grow capacity just in case!! If Rainbow Dust is now fully integrated and it is now selling Renshaw products directly as stated in last years chairmans statement, how is this benefiting the business? £8m is required for Hayden's! A perennial loss maker for the group! This sum is to help reconfigure the site, allow blast freezing and tomake 'yum yums' Sounds like real value for money!! Even if this is to facilitate the merging of all bakery operations into one site, then it is a hell of a cash requirement after the acquisition costs for Chantilly. ISO2 nutrition was acquired and considered niche with 'opportunities for providing added value'? How is that working out? This is a business that has been acquisitional but has not worked hard enough to control costs and integrate those businesses it has acquired. The business is keen to throw out any snippet of good news via any means to stimulate interest and belief that it has share growth potential. Why can't it just concentrate on making good on it's investment and acquisitions to date? Maybe it cannot and so this is the latest spin to keep doubters happy? Unfortunately the share value is the real measure of success and sadly that sucks and has done for a long time. Wrapping everything into a 3 pillar starategy makes sense from a marketing perspective , but it also probably means that going forward it will result in Operational performance being wrapped into the same categories - a nice way to hide underlying trends. I hope this years results will report on each business unit as it has done in the past, but I won't be shocked if it does not.
The last 75p tp was cut to 55p on the 29th of this month, presumable to take the new 35p shrs into the mix.
The extra cash has gone on not just new business brought but investing in Haydens and renshaw to cope with the extra demand in sales they have been working on acquiring. For anyone who bought in at 20-30p it seems like a good investment.
Wow they sang about selling Napier and having cash and now ...they need more cash. Share price has been in the doldrums for ages and the board accepts this? These shares trade in small numbers because the bulk are owned by just few large investors. The same investors are pumping money in hoping to repair the share decline. Now they want to invest to manufacture goods that are not that innovative and any large bakery could produce them and compete against existing business. Acquisitions haven't done it. This is more smoke and mirrors. As for sales growth, don't just assume this is volume growth. Price increases will be a factor. Good company but big on spending cash and not delivering share value. Never a good sign.
Great RNS! The long term plan has certainly progressed and going by the sales figures the expansion in to Europe is progressing nicely. The 2 new companies bought by RGD over the last year are doing very well. Renshaw are being invested in to increase their capacity by 50%. Haydens are also being invested heavily in and expect their revenue to £50 million from £30 million, an increase in 40%. This work is expected to be completed before busy Christmas period. I can certainly see where the 75p broker rating came from before but I expect another, higher broker rating will be issued today or soon. Probably be in region of 90p to a £1. Hold and wait and watch the sp steadily rise. gla
Hopefully next leg up time. 3p up now. Long way to go to get to new broker rating.
Possibly worth picking up here, before the herd see it on the radars. A likely candidate for a mention in the coming end of week IC? I think I've seen RGD there in past times.
Possibly worth picking up here, before the herd see it on the radars. A likely candidate for a mention in the coming end of week IC? I think I've seen RGD there in past times.