AGM
Time 12:30
Date Tuesday 25/05
Time 12:30
Venue AGM - 111 Cashel St; - L4 - Ōtautahi room - BNZ Christchurch Partners Centre
Printable View
AGM
Time 12:30
Date Tuesday 25/05
Time 12:30
Venue AGM - 111 Cashel St; - L4 - Ōtautahi room - BNZ Christchurch Partners Centre
.75 today, well done
next price .85 ath !!
The illiquid barn dance of PAZ trades inches up to .80 again, GLTAH. Keep creeping higher please
Visited Rolleston site this morning with a couple of friends who are also shareholders.
We were gobsmacked.
Going to be fantastic .
Annual Report is out:
https://www.usx.co.nz/uploads/paperc...pdf?1619035569
Annual Meeting notice
NOTICE OF ANNUAL SHAREHOLDER’S MEETING (usx.co.nz)
Couple of photos via Percy and another ST member:
Attachment 12450
Attachment 12451
2nd photo.......
Went past there myself the other day and had to stop and check it out, agree looking very impressive.
Results continue to impress, enjoying the ride.
Will try and get up for the AGM Percy and look forward to that presentation and discussion, you may have to tell them to book a bigger room for this meeting if the increased interest on this site is a gauge of possible attendance.
Thanks Percy, S Bob & Minimoke, who is sadly missed from the site and always welcome back :-)
WOW, .80 GONE, .85 GONE ,next stop $1-00 !!! , well done holders.
It is clear from reading the Chairman's comments in the Annual Report that delays with shipping and increased freight costs are causing significant issues. While sales growth was great in 2020 (+24%) gross margins stayed at a healthy 44% (-2%), NPBT up 30% and EPS up 35%, the Chairman states that Q1 in the current year has been challenging with lower sales than Q1 2020, extra freight costs being absorbed and delays in deliveries being experienced.
The 2 new dry freezers were planned to be operational in Q4 2020 & Q1 2021 but are delayed into Q2 + Q3 this year.
So there are some reasonably strong headwinds at the moment, at a time of significant construction of new production facilities.
I think it now looks like a very good idea to have sought a cash injection from CIBUS to fund the construction and near term growth as they did awhile back.
On the positive side we have a strong balance sheet, good cashflow and a strong demand for our products. But we may need to have some patience with this one, something I'm totally content with.
All seems to be going well that the Company management can control and issues causing concerns are out of their controls and being felt by almost every export/import business in NZ and around the World.
I do note that the Chairman and associated entities reduced their holdings by 2 million shares during the year, but all other Directors neither reduced nor increased their holdings.
A happy & patient holder :-)
All time high of 90c today on a fairly strong 100k shares traded. Not too shabby !
25 days ago the share price was 75 cents,and closed at 95 cents on Friday.A 20 cent or 26.66% increase..Incredible and on good volume.
So with 24 days to go to the agm,??
..
Now a big question for those who hold PAZ and SFF.
Which one will hit $2.00 first.?...lol
.95's GONE .99 next stop, go you good thing !!
Buyer at $1.00............Whoopee.!
Wow, didn't think it would get to $1.0 prior to NZX listing!! There will be a few corks flying tonight.
Thanks once again to Percy for bringing this to our attention at re 13c.
Count me in on that too.Thank you Percy. I have followed this thread for a couple of years now. Started buying just over a year ago and now my second biggest holding at an average price of 43cts. Holding for the long term and wouldn't be surprised to see this circa $5 within 10 years.
I don´t think we can ignore the fact that PAZ now has a European investment fund as a relatively large SH and I think it is only reasonable to assume they will want PAZ listed on a bigger platform, when the time is right, so they can more accurately account for and alter (increase/decrease) their holding in the future.
https://www.chemistwarehouse.co.nz/s...ine/4467/aiora Some extra good deals for a limited time. I loaded up. Some reckon blackcurrants are a super food, PAZ has its own blackcurrant product which I reckon works very well. https://www.nzherald.co.nz/nz/blackc...QZFKBYMACNXOE/
I think its clear there's huge growth coming in the years ahead so no surprise to see the share price reflecting that. I'm looking forward to hearing more about their pet food plans. Demand for all things companion animals and everything required to treat them as a valuable member of the family has absolutely exploded due to Covid. The price of popular breed pure bred puppies has tripled or even quadrupled and in some cases even more from that I have observed and that's by no means a phenomenon exclusive to N.Z., its world-wide ! Seeing as they have a whole new factory and multiple dryers coming that are dedicated to pet food it would be nice to know a lot more about their plans. Specifically, what is it that's going to be unique about their pet food that sets it apart from other products in the market already ? Hopefully some info will be forthcoming at the annual meeting. I won't be attending but am looking forward to Percy's report and anyone else who chimes in too.
Disappointing that PAZ couldnt hold $1-00 !
Percy and friends attending the annual meeting tomorrow. Lots of questions about their pet food plans please.
https://www.usx.co.nz/uploads/paperc...pdf?1619035702
https://www.virtualmeeting.co.nz/agm/paz21/register
Note start time is 12.30 pm.tomorrow.
Wow what a stunning day Christchurch , see you all at 12.30 .
Cheers
S/L
We all will be there...!!!
.......................
Good on Oliver Maunder for trying to drag them up to NZX disclosure standards...keep it up mate, nice work !
Oliver continues as a tenacious Terrier nipping at their heels on governance stuff...fabulous !
Sounds like something of a challenging year ahead but a very promising future !
Agree and success has brought with it a more engaged shareholder base and greater focus on the Board, which is positive. Still a way to go before ready for NZX or ASX listing.
Any word on them dropping the minimum holding?
That NZSA fellow was any embarrassment. Confrontational, argumentative and clearly grandstanding. Not a single contribution he made to the meeting couldn't have been raised offline. Thankfully others in the room asked much more enlightened and insightful questions. Long term hold for sure.
A very positive meeting.
Good to run into so many sharetraders.
A great deal of work ahead getting the new Rolleston factories up and running, with building them,importing equipment arriving, and having the overseas technicians to install and get the equipment operational.
When PAZ is ready they will seek listing, on most probably the ASX or NZX, and at that time will have a constitution that will suit either exchange.At present time they are moving in that direction.
Long term holders have been well served by the directors ,and I think newcomer NSA's Oliver Mander may have got ahead of himself.Pity .
I spoke to Cibus Funds appointed director, Damon Petrie ,after the meeting.Told me he had spoken to PAZ's two largest customers.The" intellectual "for the ingredients they buy from PAZ belongs to PAZ.So they are completely reliant on PAZ.He was really pleased the equipment coming from China is only costing 30% of what it would cost elsewhere.Like a true money man he said it would give a lot better return on capital.!!!.Well I guess he is right,buying $20mil of equipment for $6 mil is pretty goodsort of saving..A welcome addition to the board.
Pet food.Freeze drying retains all the goodness that is normally lost through cooking and processing,so pets will be well served.
I disagree, he asked good questions on governance that needed asking and was respectful in doing so. Good to have NZSA there. AGMs shouldn't be cosy gatherings of the converted :)
Bright future indeed for PAZ but it wouldn't take much for a couple of wheels to fall off. Some hard strategic decisions down the track eg specialised ingredient supplier v's branded consumer play? Petfood v's human? Can they do it all? List or not? We need sharp engaged and open directors.
I watched the whole meeting, and was very impressed with the management who seems to have the companies progress well in hand, notwithstanding the obstacles thrown at them during the year. An impressive operation! Well done!!
Petty I disagree , he asked the questions in a respectful manner. If he didn't get the answer he required he followed up.You can't say he was grandstanding when he was just doing his job ( as much as you might dislike that )
He is representing the NZSA so presumably has to ask the questions forwarded to him by members of the association.
It sounds like dialogue was entered into before the meeting, but he still needed to cover some things off.
He had a point if the ultimate goal is NZX/ASX listing why not make it fully compliant now ?
The Chairman and the legal rep were able to answer the questions in any case so we can be assured in the interim everything complies
and its just another step to get to the end goal.
Nice to meet a few S/T members there .
Percy good to see you , see you at next years AGM ( all the best with your upcoming endeavours)
Thanks once again to Percy for bringing this great investment to our attention.
We are all in the Percy Appreciation Zone .
Cheers
S/L
Oliver's young and enthusiastic enough to bring some fresh energy to the role of CEO at NZSA. I think he did a good job. Most companies need assertive shareholder engagement.
On the other hand as Percy has noted those there have plenty of skin in the game.
And if had not been for the board's and the ceo's bloody mindedness the company would have failed with the ChCh earthquakes.Full stop.End of story.
Most board members would have slowly resigned,for the easy way out.
Not PAZ board.Stuck to their vision, and supported the business through all the lean years,and when PAZ needed money to expand fronted up,when very few shareholders did.[Yes that is when I fronted up].
I think if Oliver had been a long term shareholder,and had known the company's history he would have concentrated on thanking the board.A great success story.
I would doubt NSA would represent more than 1% of the shares on issue.The owners of the other 99% are over joyed with the success the company has achieved at the board's direction.
And as we know the real fun will happen in a year or two's time.
Cibus Fund capital ,and their Damon Petrie becoming a PAZ director, are the catalyst for PAZ starting to hit top gear.
ps.A few years ago PAZ's market cap was $14mil while Sea Dragon's was $52mil,or $59mil.Offcourse Sea Dragon were listed and were going to this that and the other thing.
Today PAZ's market cap is $241mil while Sea Dragon's is $12.75 mil.....
Let's see what happens over the next 4 years.
I spoke to The Chairman after the meeting and he told me,he thought it was just a mater of advising Unlisted.
Should you run into any issues email margaret@waitakibio.co.nz and she should sort it out for you.
Attachment 12544Attachment 12545
Latest pictures, courtesy of Percy & MM.
Minimoke we have to thank for sending me the photos,and Sideshow Bob for posting them..
No shown are the huge power transformers at the gate.The freeze driers use a huge amount of power.The power company is, or has laid bigger capacity power cables along the road.
Hey team obviously agree with Percy comments. Some other questions I have that someone maybe be able to provide insight into.
a) Lots of discussion about progress towards increasing production but not alot of chat about how they are going to get this sold. Seems to me that the play is build it and they will come. Aside from metrics showing the market size is growing what else exists to show that their customers are going to buy more?
b) I didn't think Cibus did a good job of indicating the value they are bringing. They gap between market price at the time and what they sold to Cibus for was around 30c if I recall (I haven't fact checked this but its closish). It didn't seem obvious to me that Cibus showed how they brought 30c worth of value to PAZ over other sources of capital that could have been accessed alot cheaper including from current shareholders. I kind of expected Cibus to say they had a network of sales channels in Europe or Asia that they could open up or something equally valuable but I thought they were pretty silent on the value they could bring. Anyone got thoughts on this?
If you listened in you would have heard when A2 got a mention there was general laughter at the AGM. In terms of the demand I spoke to the chairman after the meeting and asked this . He said they have a massive amount of demand they cannot supply . Also they are not a one trick Pony IE it's not all infant milk powder going predominantly to China...they have a multitude of products into different markets. That product range will increase as they get the new dryers etc setup.
I agree with your point re Cibus , I think it will be a wait and see .
However as Percy has pointed out ,the board have a lot of skin in the game so if it's good for that amount of shares , it's got to be good for my small parcel.
AGM Recording:
PharmaZen AGM (vimeo.com)
Hi all...thought I'd respond to some of the comments made on here. First off, I want to make clear that there was a discussion between myself and PAZ execs prior to the meeting - there were no surprises. We assess ALL companies against the same set of standards; it wouldn't be right of me to ignore some holes in disclosure solely because they have been performing well. No one would thank me if I ignored it, patted the directors on the back and said it didn't matter and then PAZ ran into issues.
I've attached a link to the report we produced for PAZ. It's a one off - normally, only members get to see it. We produce these for every NZX-listed company and the 7-8 USX ones we are covering this year. You may not agree with every statement, but at least you know why we are saying what we do. The positions we adopt are backed by evidence-based research or international bodies.
NZSA did take a 'gentle approach' in terms of supporting the two new directors - there was no description of their capabilities (ie, biography) provided in the Notice of Meeting, and we worked with the company to get some information published so that we could support those resolutions. If it was FBU, HGH or any other NZX company, I suspect most shareholders would take a pretty dim view of not having any information about what they were supposed to be voting on.
I raised questions around a few additional issues, however, associated with due diligence (meaning that one shareholder has a LOT more information than anyone else) and the potential workload of the new director. I was not the only one to ask 'difficult' questions, with one shareholder asking about the redemption terms associated with the newly issued preference shares.
I also asked some further questions about the company's new constitution, as I signalled I would prior to the meeting.
All the issues are relevant. NZSA cannot support any arrangement that disenfranchises shareholders - the new PAZ one does this by not allowing shareholders to vote on Board appointments. The company answered this very well, and I understand the context, but no matter how positive the intent the fact remains that shareholders can only elect 5/7 Board members. While director workload is not an issue when things are "sunshine and roses", it does become an issue when the proverbial hits the spinning thing. Just ask some directors how they felt between March - June last year. Had a biography of Damon Petrie been provided as part of the NoM, there would have been no need to ask that question. Again, Damon was transparent in his answer.
For what its worth, I agree that the Board and Exec have done a good job in tough times - percy, I'm limited in what I can say about performance, in case NZSA is seen to be 'endorsing' the company and runs foul of financial advice regulations. In any case, there were plenty of other people saying that. And, petty, if I wanted to 'grandstand', I didn't pick the forum well - asking questions when there are 40-odd happy, content and committed shareholders in the room is hardly a way for me to get positive exposure. I don't consciously seek to 'grandstand' or seek exposure for the sake of it; I'm simply transparent as to issues, as indeed I have to be. Had I asked those same questions where investor sentiment is a little less favourable, you would probably have been cheering from the sidelines - but that is a very 'ambulance' at the bottom of the cliff' approach. I'd rather highlight issues before they become a problem, especially when the company has a great future in front of it.
Importantly, PAZ have taken the concerns raised seriously - they were willing to engage and have committed to improve disclosure standards ahead of the next ASM. From a shareholder perspective, I think that shows the calibre of your Board and management team; that they can take on board constructive comment and focus on continuous improvement of standards.
From an NZSA perspective, I always welcome feedback. Drop me a line (either via sharetrader or at ceo@nzshareholders.co.nz) if there's any comment you wish to make. While I'm making changes in how we engage and what we do, the core principles I've inherited from my predecessors, in terms of improving the lot of retail shareholders, remain as strong as ever.
Happy investing everybody.
Thanks for your constructive response Oliver.
Thanks Oliver, these are the sort of questions that should be raised at an AGM. Too many shareholders just go for the sausage rolls.
Yes thank you Oliver,for taking the time to share your in depth work.
A pretty amazing company,adapting to becoming a much bigger company.
The due diligence Cibus did on PAZ ,like NZSA's highlighted areas PAZ need to develop:,systems and people to take the business forward.Mike Gallagher and Damon Petrie will add a lot to an already very capable board.
Yes rights issues are best for all shareholders,and I think PAZ did want to go that way,however after the fiasco of their last capital raise it was not an option.
Rather than having a supplier, NZ / Chinese Fund as an investor I think Cibus is a great choice.
We must also remember negotiations with Cibus started very early last year ,when PAZ's share price was [from memory] well under 50 cents.
Perhaps at this year's as there were a lot of people there.
However I know the three people who came from Nelson and Wellington have solid holldings.
As per an earlier post I figure the shareholders who were there hold over 50% of the total shares on issue.
Had the UK based director Dr.Wayne Burt been able to travel that would have taken the number up to over 60%.
Must admit I did enjoy the tucka.lol.
Yes next time.Should be interesting with hopefully both new factories up and running.
Yes I realised you are the former 'sylvester cat'.
The number of Sharetrader posters holding PAZ is getting up.Possibly now holding between 7mil and 10 mil shares.
ps.Pleasing to know NZSA are following some Unlisted companies.
Awesome annual meeting and what an exciting future this company has. Talk about strong growth ahead !!
Thanks for posting the recording of the link Sideshow Bob. A great watch with tough, high growth (and the accompanying challenges) but exciting few years ahead.
I think Oliver's questions were fair and well handled by the Co.
All good and no doubt PAZ will be listing on a bigger bourse in a few years time, hopefully the NZX.
In today's Queens Birthday Honours,it is pleasing to see a founder and former Chairman of PAZ. Dr.Maxwell Gilbert Shepherd JP, awarded a Companions of Order [CNZM] for services to biotechnology and business.
Long term shareholders of PAZ, will be well aware if it had not been for his [and Craig McIntosh's] vision, and sheer bloody mindedness,financial support,and clear direction, PAZ would have failed years ago.
A true gentleman.
Thank you for that post Percy. And congratulations too Dr Shepherd!!
PAZ down below .90 now I guess that the S P will have to wait until next years results , circa .86, hope it does not fall too much more.
I had to stop for a slow moving train a couple of days ago.
Seemed quiet a long train.Counted 25 containers.Then I thought of PAZ.and the 50 forty foot containers of equipment they have coming.!!!!
So building two new factories and getting them up and running will mean they have their work cut out for the next 12 to 18 months.
In the meantime Port Hills Road factory will be running at full capacity trying to catch up with demand.
Next update is due in about 6 weeks, their interim result.
I still do not think the real fun will start until August 2022 interim,where I think they will give some rather exciting projections, which will make buying today at under 90 cents a gift..
ps.We life in interesting times.
Big race between PAZ and SFF to get to S2 per share.First of all they have to get back to $1.
Today PAZ are 86 cents while SFF are 85 cents.
I am guessing PAZ will be the winner.[maybe that is because I hold a lot more PAZ].lol.
Had a good listen to a replay of the annual meeting today. Craig talked about revenue doubling by FY24 and margins improving. 50 containers of equipment due in the next 3-4 months, (as of late May) but real problems with freight logistics. I guess we'll get an update on how they're getting on with those challenges early next month with the half year report.
Has anybody done a drive by of the PAZ Christchurch building sites lately, be great to know how they are coming along?!
Got this from local observer/spy Percy 10 days ago. I'm sure he doesn't mind me sharing it here:
" I went out and checked the progress on PAZ's Rolleston factory. Foundations are complete, roof is on, interior framework on office in progress and the power transofrers in place at the gate.Power company are laying bigger cables from their substation for PAZ & other users. Power co pays for transformers etc. PAZ pay to connect to factory. Base metal has been laid around the factory and street access. Couple of new tanks out the back likely for use in the extraction plant. Hard to say how far away they are from having it in operation but pleasing seeing it happen"
Half year result announcement last year was 6 August so they may be reporting again quite soon.
Buy one Aiora product get one free - coupon code is aiora50
https://manage.kmail-lists.com/subsc...VLbU&r=CKd7AGz
I loaded up. I especially find the bone and joint tablets helpful and the blackcurrant ones good for my eyes and blood pressure. 5 star rating from me.
While stocks last or until 31 August.
https://www.usx.co.nz/uploads/paperc...pdf?1628191018
Short term pain for long term gain.
Not unexpected.
On the face of it, quite a disappointing result. Unfortunately no financials to go along with it.
While understand the production issues and greater costs, decrease of sales by circa 10% is probably my biggest concern.
I understand what you're saying BUT are the lower sales numbers really a big concern when the largest freeze dryer had to be shut down for 4 months due to installation of a new one ?
Sadly I think this worsening performance is largely due to COVID related issues, i.e. closed border (no technicians allowed in) & shipping cost increases. The latter sadly not going anywhere anytime soon.
Great to see that they expect the Nuttall Drive factory to be completed this month
Welcome back couta1 :-)
Looks like a few smaller holders haven't liked it, and shaken a few loose - traded down to 75c today, but only about 154k through.
PAZ trades on a fairly high multiple, and even today has a market cap of almost $200m. While holders have to believe the story and future prospects, anytime when revenue goes backwards is a problem to me - regardless of the reason and especially when they say demand isn't the issue. In my mind, simply have to find a way to service those customers before they go elsewhere. Without knowing all the details and signifcantly affecting production/sales, having a machine out of action for 4 months sounds like a bit of a **** up.
The freeze-dryer issue is unfortunate, without enginneering support - and an clearly unforeseen risk of not buying out of NZ.
Anyway, sound bullish for the 2nd HY so have to trust this.
Yes, welcome back Couta. Might get your wish on a few cheapies.....