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Add the major holdings up and we get 67.5%. The directors hold 2-3% and I know of at least two PIs with 1%.

That’s 72% of shares accounted for so I reckon the float is quite small.

Just add good news really.

Great news.

Approval of Teikko is a tonic for the company bringing an important and valuable PRETec product under the control of the company to commence sales; just in time for the Soy growing season.

Now to get after those 45 million hectares; but then I can’t think of a better field team to go at that than PHC (Brazil).

[From LinkedIn]

Despite all challenges that impacted Agribusiness in 2023, we are please to reach the end of the year having made significant achievements.

Harpin Protein business globally continued to provide consistent results for growers and we continue to add new partnerships. As part of our corporate strategy, Harpin αβ plays an important role, as it enables plants to fully develop their productive potential and delivering higher yields.

Following the initial regulatory approval in France in October 2022, Plant Health Care has pursued Mutual Recognition to expand the use of Harpin αβ across Europe and Poland is the first EU country to grant this status for Harpin αβ. Europe is the world's largest market for sustainable agriculture with annual sales of over $2 billion.

Following the successful launch of SAORI® in Brazil, technologies from our PREtec platforms continued to be launched across different regions and new registrations were granted: Obrona™ (USA), Moshy™ (Brazil), among others. These technologies protect crops against important diseases and improve yield.

Regarding our nematicide technology, TEIKKO™, we are already on the field preparing the commercial launch in Brazil for 2024/2025 soybean crop season. United States and Mexico registrations were already submitted.

All PHC Teams worked hard and together to increase the efficiency of our operation, always respecting diversity, the environment, and the transparency of our business.

The next generation of crop protection biological technologies that Companies are planning to launch in the future, PHC is already commercializing globally.

Our Peptides are differentiated and protect plants from inside out, with no harm to food, humans, and the environment. Peptides by PHC.

The year is ending, and it was a great journey.

I would like to thank everyone who walked with us during this year and helped us turn challenges into learning and achievements.

We will continue together helping farmers to sustainably grow more.

Seriously, it’s the same pattern every day. The SP drifts up (because it’s massively oversold) only for a bunch of managed sells to hammer it down. It’s like ‘whack a mole’ with one mole and a pylon driver.

I assume Biotalys doesn’t have a huge shareholder selling the wheels off its shares. We’re not going anywhere until the overhang is gone.

IP

Suggest you pitch up to the AGM. CR has been there the last two times and happy to discuss the tech.

In the email response I received from JT last week, many London investors have told them that the AIM market is broken. I agree, there seems to be a disconnect with reality.

Sales may be affected in the US, but Brazil has a worse economy and we get the following posted on Linkedin from the Brazil team.

-------------------------------

CELEBRATING IS NECESSARY

Between 12/13 and 14, we gathered the entire PHC Brasil team to celebrate the achievements of 2023 and align our priorities for 2024.

In a year in which the input sector faced high levels of inventory in distribution channels and low availability of credit and financing, we, at PHC Brasil, have a lot to celebrate:

🍀 Increased sales of H2COPLA in sugarcane and other crops such as coffee, soybeans and corn in Brazil;

🍀 Expansion of sales to Argentina in wheat and soybeans;

🍀 Registration of MOSHY,™ the 1st fungicide of PREtec technology for the control of coffee rust and orange rust of sugarcane, scheduled for launch in 2024;

🍀 Approval by MAPA and Anvisa for the WP PHC68949, the 1st nematicide with PREtec technology in soybean seed treatment and foliar application in perennial crops, with registration expected in early 2024 in soybean;

🍀 Strengthening partnerships with , H2COPLA, and , for SAORI, the first fungicide with PREtec technology for the management of foliar diseases,® applied in seed treatment.

Thus, we would like to thank all those who have accompanied us this year and wish you a Merry Christmas and a new year full of achievements.

Https://www.globalagtechinitiative.com/digital-farming/north-carolina-is-sowing-seeds-of-success-for-agtech-startups/

Earlier this year, PHC consulted shareholders about the company’s listing on AIM. This was due to frustrations following the feeble market impact of positive price sensitive news. The company decided to commit to AIM, but were aware that many London investors felt that the AIM market was broken. Despite the current share price, the company believes it has the right strategy for the business. The issue this year is related to overall inventory at the distribution level (for crop protection and fertilizer) which is causing greater issues than in past years. Also, interest rates are impacting grower buying decisions which is causing issues with distribution. It’s worth noting that Mexico, Europe and Brazil businesses are up double digits’ year over year. The Brazil market is in much worse shape than the US market related to inventories and impacts on the market. Nevertheless, PHC’s working capital remains in very good shape in Brazil.

Concerning new distributer agreements, there have been three new agreements this year and the company expect to announce new agreements in 2024 to expand their global footprint. Importantly there are no problems securing deals. Furthermore, there may be a need to diversify distribution partners in the US, but the company will need to be careful. If the company bring on a new customer, they need to make sure there is PHC field support for them and with limited resources they need to be careful not to add OPEX.

There are obvious current headwinds, but PHC is very well placed in this space with proven technology and broad market access which separates PHC from other companies in the biological space. Once the new registrations are approved in several markets, we should see further expansion globally (e.g.: India).

This is my personal (but objective) take on PHC following a communication with the company today.

Hope I’m not cheering too soon.

I also hope this rise coincides with a big product order.

If you look back you’ll find that the company itself were querying the AIM listing. Several companies have delisted from AIM recently. In one case a CEO described being listed on AIM as like trying to grow a plant in a desert. Nevertheless, following a shareholder consultation, PHC decided to commit to AIM. Meanwhile other companies have gone private or floated on the US (not always successfully).

For the last two years good news from PHC (and there’s been a fair amount) has been totally ignored. Now the company have been hit by macro market conditions and the SP has been trashed (and yet to company is still predicted to grow this year!).

Normally when one of my stocks crashes like this I’m out like a badger with it’s a*** on fire. I have no problem taking a loss, but this is different. The research is done, the results are excellent, registrations have been applied for and many secured. There is a desperate need for fertilizer alternatives given the weather induced crop stresses we are seeing. They have distribution deals in place and are selling to farmers across the world who are delighted with PHC products. The business has huge scalability - CR often says he wants a PHC product on every field in the world. The big expenses are behind us and we haven’t even started with PHC949 (nematode defence) which is a game changing product (regulatory approval pending). None of this enormous potential is priced in. Absolutely none.

This is a bump in the road, unprecedented destocking; it can’t go on forever ‘cos farmers still using the products.

As for AIM, there are some very good cheap stocks in the index now and investors are starting to come for them. It would help if some of the underlying causes of the destocking were sorted, namely high inflation and interest rates. Aside from that, the sooner the company makes first profits - the faster the SP recovery. They also need to confirm distribution tie-ups for new products in Brazil and Poland. Proact approval in India is pending and will be a massive boost once received. We’re close with all of these aims I believe.

I wouldn’t want PHC to go private, but would prefer a main listing on LSE at some point.

All IMO - DYOR

Greedy when others fearful.

Didn’t touch the SP though.

Headwinds in the agro sector this year are well known. Compared to many companies, PHC are fairing well, but not immune to the economic and regulatory slowdown. It’s our turn to manage expectations with a downgrade. It’s painful, but on the plus side we have a good business model, good products that sell, and an amazing management team.

It is almost certain that we will get the regulatory approvals we need to move forwards in Poland, Brazil, Mexico, US and (importantly) India - it will just take a bit longer.

Furthermore, it seems that the Fed and BoE are nearing a cut in interest rates easing pressure on farmers.

30% down is an unfair reflection of the progress made by PHC - and so I shall grab my ‘Black Friday’ stake and wait patiently.

Harvesting innovation: 5 companies cultivating a greener future with AgriTech

..........

Plant Health Care (PHC), makes peptides derived from natural proteins derived from plants to help farmers protect their crops - as it describes them "vaccines for plants". At present, pesticides, made up of harmful chemicals, can have a negative impact on the environment. The main environmental concerns related to pesticides are soil, water, or air pollution. In addition, the effects of exposure to pesticides on humans is a continuing concern. Exposure of the general population to pesticides occurs primarily through eating food and drinking water contaminated with pesticide residues, which has been linked to cancer, effects on reproduction, as well as adverse effects on the immune and nervous system.

Plant Health Care’s commercial business is driven by sales of Harpinαβ, a protein that acts as a powerful biostimulant, promoting the yield and quality of crops. During the first half of 2023, the Group continued to see the accelerated adoption of Harpinαß in Brazil as sales to sugar processors increased. Harpin revenue in South America and Mexico increased but fell in North America. This meant overall Harpin𝜶β revenue decreased by 15% to $2.8 million, due to severe drought in the Midwest and delayed purchases by growers.

In the first half of 2023, overall revenue edged up by 1% to $5.6 million from $5.5 million in H1 2022. Brazil saw a 48% revenue increase, however, US sales fell by 56%, leading to depleted inventories within the channel. This decline hints at promising sales anticipated for the latter half of 2023. As of June 30, 2023, the available cash stood at $5.7 million.

https://www.voxmarkets.co.uk/articles/harvesting-innovation-5-companies-cultivating-a-greener-future-with-agritech--d46884f/

IMO Wilbur-Ellis are waiting for PHC949 approvals in the US before considering a TO.

However, the cinical side of me wonders if the SP is purposefully being sold down in order for 'someone' to make a lowball offer. It gives the impression that the company is unhealthy in some way, but I think we all know that's b*****ks.

PHC have established a global distribution chain which includes selling Pretec on three continents very quickly. We're capable of profits in the next year or so and the SP will react accordingly. Think we're capable of going it alone.

I think it’s j******@planthealthcare.com

You know what the stars are.

Sorry Montacute, you deserve better analysis. .. pulled myself together now.

Truth is no one knows why we are dropping other than sells are outstripping buys.

PHC have many overhangs so suggest a big fund sell a load. Sadly we are very illiquid, so when someone dumps millions of shares we drop like a stone.

I believe in buying into fear, not selling and, despite my rant, I think PHC will do very well, they have market leading products that sell. So I’m not selling my shares; but very frustrating.

DYOR

For the shares to be down like this (13 weeks in a row I think) the redemptions would have to be huge. Do the funds have any PHC left? And where are the RNSs’ about % threshold changes.

Where are the directors buying shares or a modest share buyback from reserves.

You’d think a small announcement to say all is okay, because all I see on Linkedin are smiley faces standing behind tall crops.

Oh, and by the way, you’re not having my shares Mr Fatface - you know who you are.

Rant over.

Glad we did a fund raise before the recent crash.

I listened to the IMC presentations a couple of times. At the time of broadcast, the company would already have known some of the H2 data since we were a couple of months in, and there was some bold optimisim on show. So I'm hopeful for H2. Drops like the one we've experienced are tough for investors and we have to have faith in the companies and funds we purchase. I quite like the investment advice below.

--------------

Investment Approach

In our opinion, business ownership offers the best means to protect and grow capital in real terms over time. It

provides us with a claim on the true sources of wealth creation. Patient long-term ownership of a limited number

of carefully selected businesses, each providing products and services that satisfy society’s needs, is the core of

the Company’s investment approach. It has no defined time horizon for each but hopes to own them for decades.

Simply put, its goal is to buy well and hold on.

It will seek to partner with competent and honest entrepreneurs or business owners who share with us a

community of interest. These individuals will have the privilege and burden of overseeing the distribution or

reinvestment of company cash flows, a key determinant of the rate at which our capital will compound over

time.

In order that this wealth creation accrues to us as owners, and is not competed away, each of our businesses

should have barriers to entry that are scarce and difficult to replicate. They should also operate with capital

structures and business models resilient enough to endure life’s inevitable vicissitudes.

We believe neither ‘risk’ nor ‘value’ is a number that can be found on a spreadsheet.

Given the sanctity of capital we see ‘risk’ as the likelihood of permanent capital loss. The careful selection

of each business the Company owns is its best protection against this outcome – even then we will make

errors of judgement. As long-term business owners we do not view asset price volatility, or illiquidity, as

risk. You should know in advance that it will not avoid large drops in the share prices of the companies it

owns. By understanding its businesses and management partners we hope to have the resilience to survive

these falls and the courage to take advantage of them.

We ‘value’ scarcity, resilience, adaptability, ingenuity, probity and competence. The Company will look to

own as much of this as possible for every portion of a business it acquires. Price volatility may provide it

with the opportunity to acquire a greater portion of this value relative to the price we are being asked to pay -

a welcome outcome.

https://www.valu-trac.com/administration-services/clients/dominium/VT%20Dominium%20Holdings%20Interim%20Report%202018.pdf

Numlungu

Quite right about a seller who has been relentlessly dripping shares into the system. When the seller pauses, the shareprice creeps back up, so defo oversold.

In some ways it’s good that we lose weak holders with too much skin in the game. Also, I’m sure we have a few new retail holders to diversify the shareholder base.

It boils down to whether you see PHC as a good company with a future or a dud. For me it’s a great company with a hell of a future. I’m a LT buy and hold person so this is the Black Friday sales for me ( although I don’t want too many more).

Agreed and we haven’t even started selling PHC949 for nematode control. This product is much anticipated. The weekly chart RSI is hugely oversold. Can’t go on forever; nothing wrong with the company.

Autumn statement on 22 Nov. Pundits saying ISA limit will be raised to £25k with the extra £5k having to be invested in London listed companies. British market could use a boost.