The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Having been invested since 2017, I've regrettably made the decision to exit for a loss approaching 70%. I was surprised by how easy I found it to offload my 1.3m shares. The Brazil agricultural sector is clearly in a terrible state and the country's base rate is over 13%. The company can't sell the product and I'm not convinced most of the customers are in a position to pay for it. It was clear from Brian's attitude this morning that he's all but thrown in the towel. Him not taking salary suggests cash is becoming an issue. I'm afraid I don't think the company is going to make it. I hope those brave enough to hold on are rewarded.
After the 10% rise this morning its still only at 1x NTAV. I've bought a few
You say that but MAB shares are up 60% YTD and my short is causing me quite a lot of pain! Would you happen to know, if they sell property below book value, are they obliged to carry out a revaluation of similar properties?
There is no institutional short interest on MAB either, though it's worth looking at their debt service covenant, there was absolutely zero wiggle room at 8th April 23. Rates have since gone up and much of their debt is charged at SONIA+
https://www.mbplc.com/investors/securitisation-and-debt-information/key-terms-of-our-securitisation/
I don't get the extend to which MARS has underperformed the likes of MAB which shares much the same customer base and is also struggling with debt, having a going concern warning and a refinancing coming up in Feb24. Maybe a decent pairs trade. I'm short MAB, no position here.
I'm back in. If this is the turning point for UK markets, PMI should very well from here
CER stock has performed well this year, up over 11%. ECK seems to be achieving similar business performance yet the stock is down 12% YTD. Rather frustrating
There is a post on the other board about the working capital position. I suspect the payment received for the 33kt not included as revenue in the FY23 figures, has been classed as a prepayment and netted off the accounts payable balance, which is why the AP balance appears to have reduced considerably. The cash position is the cash position, so whatever accounting treatment that payment received, it doesn't really matter.
I'm more interested 22kt of orders taken but not invoiced last year (172kt less 150kt). That means Harvest expects to receive less than 100kt of invoiceable orders in FY23 (120kt less 22kt). That's rather disappointing given we understood the vast majority if not all customers were placing repeat orders.
I don't think bulls here have been deluded and I don't think performance is much to do with Brian. The market has softened and sales % prices have declined as a result. We've seen the same at Verde. Do you blame the management of copper miners when the copper price falls?
The take away from the interview was that the cash receipts from the 33kt of sales moved into 2023 at the insistence of the auditor, was included on the FY22 balance sheet. The profit of course, was not.
Your post suggests the 200kt sales forecast deliberately mislead the market. You're a complete moron. I'm going to write to management and formally request they dispense with your services, and encourage other shareholders to do the same.