Member Info for f15jcm

Has anyone contacted management for an explanation of the discrepancy between the trading statement and interim results?

NAV is down so not that positive although more is now listed/cash so more easily valued.

Why still no AGM?

PS: You can buy through Interactive Investor

All retail shareholders would need to do is vote against anything they didn't want. Collectively , they hold an overwhelming majority.

It's a joke now. The local market is clearly a massive issue to trading but the reporting has now descended into farce

Who knows. Whatever the reasons are, there is absolutely no excuse for not providing an explanation. As is normally the case, yet another HMI RNS provides more questions than answers

do you go from having sold (invoiced & delivered) 27,000t in the h1 trading update to only having sold 7,280t in the h1 results? there is not even a half ****d explanation given. i'm beginning to agree with some others in that brian is bent. he needs to be disqualified as a director as he clearly isn't fit to run a corner shop let alone a publicly listed company

Why hasn't there been one or even one scheduled?

Swingy, can you think of any other reason for Brian not being paid than the company running out of cash?

'it may be part of the 70k expected to be invoiced and delivered this year.'

So you think they might be double counting and you're still bullish? Wow

It rather looks like it's vanished given only 3,560 tonnes were invoiced in Q1. Cancelled order?

The asset value is attractive but the only thing that really matters over the next 12m is cash. If they have to raise it will likely be done at a 90% discount so might as well go to zero as far as existing holders are concerned. Times must really be tough for 'Greedy Brian' to be working pro bono.

Because my holding was across 6 accounts.

BE is when sales are equal to fixed costs + variable costs at the breakeven point. Of course variable costs continue to go up when output goes beyond breakeven, but it doesn't matter one bit! Have they not reduced the number of mine staff now processing demands are half what they were last year? The simple fact is he could have said he expects the company to breakeven or even turn a profit based on the 70kt forecast for this year. He didn't and that speaks volumes in my eyes.

Why did Brian give such a lousy answer to the question about breakeven? He basically said it's not possible to calculate breakeven which is completely laughable

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.

I'm pretty sure you can vote for yourself. Have you never heard of a controlling stake?

No, I'm not Cayton. I'm disappointed that the reply to the question about breakeven was a complete cop out.

I think the votes for his re-election were only in the region of 5m? This would mean he didn't vote for himself.

Brian's (non) answer to this question was terrible

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/