Member Info for bigpunt

Is anybody dialing in to the investor seminar at 9.30am that can report back anything relevant in regards to how they commercialise and their 'innovation pipeline'? I can't make it
www.croda.com/investors.

Does anybody have an idea why the company enjoy investing in the PNC Ultra Short Bond Fund? Tens of millions of dollars have been invested here - why don't the company invest that money in something they are actually good at doing, like R&D and the internationalization of their products? Is there a related party issue here? Definitely a governance issue

When making comments such as "hes got about another 3 weeks before that becomes more vocal and we will see some serious selling" it is customary to explain or substantiate, or comments will be entirely ignored

It can only be positive for a PLC of this magnitude

For me the acid test will be whether they have been trading profitably since circa March when they said they started trading. Then one needs to consider prospective costs of debt and energy.
I would expect management to be all over their exposures and provide this level of granularity, if not in their announcement, certainly in their viability statement

Theborn, your gloom is noted. But as I've said before, remember that the rest of the sector is on it's backside and PFG got out. Long before that they diversified in to Vanquis, which you cannot deny, was a stroke of genius. I'm not convinced by vehicle finance but you have to recognise they are trying to grow. You wonder what is in Le May's mind in the current circumstances - so many debt providers are pulling their products and PFG target underserved markets....
I am not a lover nor a hater of the management but it is an exciting time to be in PFG and at these prices!

Ignore my comment of Tuesday, I had to top up this morning

With all the talk of due diligence doing the rounds, with regards to AXIS, I wonder whether there are any educated guesses as to:
- Signing fee (if any, and I appreciate this is a total guess and would be directly linked to the below)
- Average selling price per unit of stock
- Term of agreement
- A few names of likely 'multinationals' to review a case studies to see how quickly the product goes from signature to sales

I was in Camborne yesterday morning and by 11am, and what is a very large pub was at 1/3 capacity. That is excellent considering all other pubs have not even opened the doors by that time

With the state of PLC audit I would be amazed if they couldn't report a significant uplift in profit before the inevitable decreased collections

However there are some extremely gloomy views within banking, including fixed rate mortgages being dumped on to SVR.

All of management's emphasis has been around quality of lending so the proof will be in the pudding. Still happy to be here, but there are a lot of good buys out there so I am no longer building my position

Phat,
Who really cares about the £1.2m vs £75k now? It has happened and it is priced in.
All that matters, now, is whether he can keep to his word of no capital raise.
DYOR!

Perhaps one for Elrico or other specialists in this sector

At a mkt cap ~£30m, would a 'multinational' that is appraising the entire product portfolio and pipeline consider an aggressive takeover of SKIN if they felt the risk vs. reward was there?

bamf, was that only related to breakfast food or were main meals and alcoholic drinks included? If it works for McDonalds, what's the harm in trying

Phat, you are right the company is not viable with only AxisBiotix sold B2C and the £1.2m vs £75k is baked in to the share price.

However, Elrico drew lots of useful info from management on other revenue streams and AxisBiotix itself. No successful investor in the AIM market can make a penny by simply looking at historicals

Buck, 'trust' and 'faith' sounds like a Sunday sermon

II's coming aboard with large orders is what will re-rate this share price, and they do not write their investment cases using these words. I can't see that happening until FY results are out. Does anybody know that date?

Bucko we are not here to muse about chart analysis. Leave that to published authors

I give the Chief Exec a hard time and I'm glad he reads the negative feedback. Taken in the right spirit it could improve things as he appears to know his onions in this sector.

In the second half he did calm down and offer quite a lot of insight but I did feel he gives himself far too much credit for the D2C sales channel which, when considering the operating cost base of the company, is a significant failure. I wish he would just drop any discussion of the historic and current minute sales performance and tell us how he sees that sales channel in the overall product portfolio over a 3 or 5 year time horizon, and update us accordingly

That's a great interview, Elric, well done. Everyone else has commented on the content but I am more interested in the delivery. It's a bit like the Price Andrew interview - he completely self-destructed. Very defensive. How can sensible decisions be made with this temperament and lack of resolve? I wonder if today's sell-off is linked to the publishing of this video

Of course the warehousing is not the root of the problem but I am just challenging the notion that the Chief Exec is a good operator

I'd like to see the equity of SBTX to be more in the hands of II's. You don't get this perpetual dream of 'jam tomorrow' that PI's have. Sadly the Chief Exec's job is rubber stamped until OPTI divest. I'm not saying he needs to go but perhaps he may feel and act with a smidgeon more accountability

Toyin, regarding the warehousing, how can one competently appraise with an unknown demand. Putting eggs in one basket was a foolish move. See belgrano's contribution below. Always get your product close to the customer. Why do you think Amazon has thousands of warehouses rather than one warehouse the size of Wiltshire?

TraderBuckie, can you help explain why you think it is positive that the Chief Exec, who is regarded here as an 'excellent operator', has quite clearly made a poor decision to warehouse stock in Europe and has had to make another supply chain investment in UK warehousing? To what extent might this poor decision have led to poor sales reported - we all saw the Dover disruptions and although it is bad luck, it was a risk that the company was left exposed to. There must have been orders cancelled / refunds issued from poor logistics to warrant this investment in UK warehousing and (partial) divestment in the European warehousing.