Simple is usually correct.
Thanks for your post.
AA Money's gain.PAZ's loss.
Printable View
I see in todays Business News that there is a proposed law that would regulate the $1 bil export Natural Health Products , would this catch any of PAZ's products?
I doubt it.
From PAZ's 2018 annual report.;
• GMP (Good Manufacturing Practice) certification – Approved to manufacture an
“Active Pharmaceutical Ingredient” under a “Licence to Manufacture Medicines”
authorised by Medsafe (New Zealand Medicines and Medical Devices
Safety Authority.
• Licensed to produce consumer ready products including softgel and hard–shell
capsules.
• Issued US patent for “High Osteocalcin Microcrystalline Hydroxyapatite for
Calcium Supplement”.
38 cents. Damn that's depressing.
Yes it is disappointing, but given that the company is very poor with SH communications, it's maybe not very surprising. Despite the USX having very lax requirements for SH comms, companies like PAZ could show a little more regard for those of us that are not insiders and rely on their market announcements for keeping ourselves informed.
I suppose the next announcement will be the annual results in the next couple of weeks sometime. I'm expecting the result to be unfavourable and will be more interested in a detailed progress update
While not wanting to give an advice, I agree and certainly wouldn't consider selling any of these at the moment. We've had serious delays in factory construction and no doubt serious overruns in costs in getting new capacity up and running, mostly due to COVID related delays and cost increases. But the new production facilities and freeze dryers will have some serious grunt when they're all in full operation. That can not happen soon enough.
Yes that buyer at 48 got hit too quickly.
Last Saturday I sent their sales manager an email asking about subscription freight charges etc.
Thought she would reply on Monday,.Received a reply straight away.Did my order and received it on Tuesday morning.Great service,great product.
Thanks guys. Yes, Percy has also encouraged me to "hang in there" and I will, but I am unlikely to ever be able to add to my holding, for financial reasons, so I do sometimes wonder just how worthwhile holding on to 1000 shares really is.
From their presentation/release end of December, it seemed that most of the capital expenditure was done, with lesser amounts for 2023.
Really now it is about waiting for the 22 result. Last year was 8th of April, so guess we can expect any day now. I too have no expectations of a great result, but progress is the key and timeline for better/brighter times now that Covid is in the rear mirror, at least currently.
I agree with you Iceman re announcements etc, and the paucity of disclosure/updates with many of the USX companies. There is some time/cost with this, but hope companies can aspire to best practice, especially the larger entities.
Last year we got the annual report on 29 April. I think we deserve to see it pronto to try and see where this company is at.
Bit of a concern how slow they have been with the update. Makes me rather concerned that it will not be that great…. Happy to be proven wrong.
Annual report has been held up as PAZ have a new auditor.
Looks like next week.
AGM on 26th 12.30 pm.Te Pae.
I see that Greg was Chairman of AA Money but got made Acting CEO in December 2022. Possible he had to free up some time by axing his PAZ directorship to handle the role. But as Baa Baa says - just say so!
Disc: just watching w/ interest from the sidelines.
Or maybe, he or someone he loves, is really unwell? Or maybe he is going through a marriage breakup? Or maybe he is struggling with his mental health?
Why do we automatically assume he is lying when he says "for personal reasons?"
Clearly none of you paid attention to the recent discussion in the ATM thread. Nor learned any lessons from that particular situation.
Do better people!
"for personal reasons" is generally a euphemism for: he resigned abruptly/we got rid of his sorry arse/there is more to the story than we want you to know/etc.
But sometimes it is for genuine personal reasons but experience teaches that more often than not, it is something else.
That is why when this explanation is given, there is often speculation about what the real reason is. The effective immediately is normally a red flag.
Possibly a conflict with the board that was irrevocable? Hard to say.
I do realise that. But given the discussion on the ATM thread, and the regret people expressed for having harshly judged Jayne at the time she resigned "for personal reasons" - I would have thought this announcement would have met with less judgment and a little more trust.
Why do we automatically assume he is lying when he says "for personal reasons?"
Clearly none of you paid attention to the recent discussion in the ATM thread. Nor learned any lessons from that particular situation.
Do better people!
Annual report should be out next week.
The AGM has been moved to;
AGM date Friday 19th June
Monday the 19th.
Sorry I put Friday.
Have had a first skim read of the report. It is great to finally see the 2 freeze dryers commissioned, doubling the freezing capacity, which should see a significant revenue and EBIDTA increase in FY23. It is also a positive that they have sold the first factory at Rolleston to invest further in plant & equipment of the 2nd factory.
But of great concern with this business like so many businesses in NZ at the moment is how the growth is being held back by lack of reliable staff, both in own operation and also for our suppliers simply being able to supply our raw materials.
They talk about a partners new boat being delayed until 2024 causing further supply issues. I'd be interested in more detail on this so if someone can please ask at the AGM (I'm overseas and won't be able to attend) I'd very much appreciate it.
We are still heading in the right direction, albeit at a slow pace. From what can be seen from this report though, I'm relatively satisfied and content for this to remain a large part of my long term portfolio. But it will require an enormous amount of patience.
I would like to see comments from the CEO in the Annual Reports in the future.
Page 58 of last year's agm presentation.
https://usx.co.nz/uploads/paperclip/...pdf?1653863354
If you had just received bad news related to your own health, or that if a close family member, do you not think it would instantly become your priority? Do you really think you would be in the right space to carry out a role like this, in that situation? It doesn’t even have to be a health issue. It could be a marriage breakup or any number of other scenarios. “Effective immediately” implies an emergency type situation to me, nothing else.
Yes balance sheet is stretched but a good result in a tough year. Staffing issues won't be resolved easily, this is a challenge across much of the developed world, demographics of an aging population.
Most worrying to me is the lack of open communication to shareholders we've been seeing in the last year and second, I'm always wary of companies that focus so much on the engineering side - lots of photos showing off their new stainless steel and physical buildings but relatively little talk about the market and customers -what they do, are they growing or not, who their consumers are etc.
The problem is that with the lack of communication, then it leaves a vacuum and leads to speculation (as evidenced by a few posts here and elsewhere). It has been frustrating the lateness of the report but while delays happen, it does no harm to update the USX with a timeline.
The companies focus has been inwards on plant and processes and not outwards at the market - and also they are an ingredient B2B business, so a little more difficult to talk about customers/markets. That is where the branded business comes, and ability to move up the value chain.
Having an initial read, I was pleasantly surprised with the result and a number of things in the report. The impact of Covid has been ongoing with their factory development, and disappointing the slow progress.
Some of the points I took out of it:
- New Dryers and energy hub only became operational in December - ie the last month of their FY. So the benefits of this has not flowed into the FY22 result.
- Demand is 'extremely strong' and 'beyond supply'. That bodes very well when they can execute.
- Cash is extremely tight, and living off the overdraft. But proceeds from sale of plant will come in after end of FY.
- Staffing is a huge handbrake (like everywhere). However in recent times I've anecdotally heard from a number of places that their labour issues while not resolved have eased in recent times.
- Change in revenue policy - which makes sense. Already $400k in the jar for next year.
- No update on their branded initiatives.
- If I had a serious holding, I'd be heading to the AGM.
I noted that while some on the offer, none have traded since the result. But how do you value them??
So to me, reasonable result, but progress on their plan is delayed. I still see plenty of potential, and that new capacity is needed but still badly need to get some 'runs on the board'.
Back in the bottom drawer they go.
Thanks to Percy for posting the link to last years AGM presentation,
https://usx.co.nz/uploads/paperclip/...pdf?1653863354
The company identified the need to invest in automation to reduce manual handling, reliance on labor and reduce wage costs. The company is still citing challenges with labor. Either very little automation has been put in or the issues around labor are so chronic that its negated any gains from automation. The recent report only seemed to mention capacity increase - nothing on automation gains so picking little has been implemented.
I am just reviewing the Annual Accounts for PAZ and am quite concerned at their debt levels.
I also note that finance costs (Note 3c) states that net finance costs are $520,679. But a further dig reveals this gem: "Interest costs that are directly attributable to the acquisition of property, plant and
equipment have been capitalised at an average interest rate of 4.2% (2021: 3.3%)".
I guess the auditors allow this but this looks like creative accounting to me. (Can some bean counter explain the rationale of this?)
Capitalised interest is $721,826, so the total interest bill comes to a rather large $1,201,752 which does take the gloss off the result somwhat.
I understand operational cash flows are strong but I feel the company could be in trouble if interest rates continue to climb, sales diminish somewhat.
Happy to be proven wrong.
On the debt side:
Bank Overdraft $5,132,170 ($920,048)
Current Borrowings $3,174,014 ($2,298,960)
Non-Current Borrowings $21,145,790 ($17,283,122)
That's total debt of $29,451,974
If I may, I will just qualify my previous post by saying its not all doom and gloom.
Sales were up nicely, gross margin was up and an operating profit is achieved. If they can scale this up then there is huge potential....
Add to that, there is a sale of an asset listed in current assets and that will reduce debt by $8,543,276. So the debt not as acute but still very high.
Thanks Blackcap for unravelling the (creative accounting) report. They are not that straightforward to interpret. So thats quite some debt, money that's been spent on equipment and facility that is yet to brought into operation and generating cash Going to take sometime to trade out of that!!
I see it has finally traded over the last few days - the first time since the Annual Report release. A flurry of smaller trades at 35c, and still more on the offer at this level.
AGM on the 19th - who is going??
I had a chat to the CFO at PAZ and he clarified the Capitalised interest piece. Apparently it is a requirement under NZ IAS 23, where it says: An entity shall capitalise borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset.
What that has done is artificially inflate profit by $700k and.
To the credit of the company, the CFO did concede this and also he himself was a bit miffed at the standard and to how it applies. It really makes no sense. It also means, further down the track is will come off the P and L at some stage.
I also talked to him about the high levels of debt. He said it was a strategy decision, and debt was obviously required to complete what they wanted to complete. High risk possibly but high reward if it succeeds.
Thanks blackcap for talking to the CFO and sharing the info
AGM Mon 12-00 in CH-CH but a virtual link is available, a good headsup should be given.
Interesting....high levels of debt as a strategy....would love to know more about the nuts and bolts of that!! Of course they need to finish what has been started so that revenue can be generated. It sounds to me like they over capitilized and that sort of thing is reckless
So what's the big "if" around it succeeding. Surely there was a good business case for doing has been done
All sounds a bit loose to me
Evidently quite a number of upper level and key appointment staff have left over the past few months. In the last AGM there was mention of an employee share scheme to retain staff...so what's happened.
I suspect not all is well on on this ship
Hybrid Annual Meeting
This is a reminder that the Annual Meeting of PharmaZen Limited will be held at the Te Pae Christchurch Convention Centre, 188 Oxford Terrace in the Bealey 3 Room and online at www.virtualmeeting.co.nz/paz23 at 12:30pm (New Zealand time) on Monday, June 19, 2023.
If attending online, Shareholders will be able to hear and view the meeting, vote on resolutions and ask questions. If you will attend the Annual Meeting online, you will require your CSN/Holder Number for verification purposes.
More information regarding online attendance at the meeting (including how to vote and ask questions virtually during the meeting) is available in the Virtual Annual Meeting Online Guide available here.
Shareholders who wish to participate in the online Annual Meeting are recommended to log-in to the online portal at least 15 minutes prior to the scheduled start time for the meeting.
Watching the presentation, but I have to say, I am not feeling the love for this company anymore. I am not hearing any real passion from the speakers, and have heard nothing to give me confidence that we will see any major progress anytime soon.
I am concerned about the comments re staffing issues. I get that some of the staff who left very shortly after starting, may simply have been ticking boxes for WINZ, as implied, BUT what exactly is the company doing to attract people and motivate them to want to work there? Are they paying employees appropriately? Are they taking advantage of apprenticeship schemes etc? It just makes me wonder what the real issues are.
I may of course, be misunderstanding/misinterpreting - but my gut feeling is that my investment in PAZ is pretty much a "bottom drawer" write off now (only a very small holding which I brought at close to $1).
Sorry Percy :(
I was only half watching due to work commitments, but did they not say they are fully staffed as of April/may? Hopefully they are on top of this issue now. Certainly seems to have caused some problems though, lots of new gear with noone to run it for a few months.
Thanks justakiwi for that p. Knew something I meant to do today and only remembered when out with Speedy after he nagged me for a walk.
So it wasn’t an exciting great rave sort of meeting then (in your eyes anyway)
Suppose some will be super excited about what was said and the future.
Bottom drawer eh …hope it turns out OK eventually.
Yeah he did say that, and commented that he thought they are now probably over staffed. It did seem to me though, that he was presenting the "lazy, unwilling to work" narrative, rather than looking at why they are not attracting the type of employee they want. Maybe some staff were leaving due to the pressure of having to constantly work extra hours because they were understaffed? I know what that is like. Who knows.
Either way, my overall feeling is one of disappointment. I no longer feel a connection to the company.
Had a meeting, so missed the meeting.
Look forward to further reports/comments.
The factory tour was incredible.
I do not know,sorry.
AGM Presentation now posted on Unlisted
pharmazen (usx.co.nz)
OK, I was clearly off base with my previous comments so my apologies to anyone who was offended by my post. My situation is vastly different from everyone else's - my comments were based on my own scenario, as I only have 1000 shares.
Just ignore me.
I attended yesterday's AGM and also went on the factory tour.
I was very disappointed that their first quarter was very poor.I had expected great trading with the new two huge freeze dryers now operating.
I was also expecting discussions on the change of auditor,the debt level ,and the very slow progress on the equipment installations .Thought there would be some angry shareholders.
Yet all resolutions were passed without any decent.
I was lucky to be seated next to PAZ largest shareholder,and former long term Chaiman,Max Shepherd.He is very excited that the Rolleston build is taking place,and the extremely bright future PAZ has.
Although I found hearing the speakers at the meeting hard,it was a very different matter at Rolleston.
MD Craig McIntosh answered all questions.If he was unsure of the facts he asked the two very capable staff who then answered.
The factory is not like buying a new engine for your car and fitting it.It is very complex.Chemicals at -40 degrees, then heat generated.The Stainless Steel equipment is huge.Huge freeze dryers,huge stainless steel tanks and mixing bowls.Huge stainless steel pipes everywhere.At lot of welding required.
Getting the power from the transformer to their switch board cost $110,000 and wiring the building approx $250,000.
When PAZ first installed a freeze dryer at Port Hills Road ,30 Chinese technicians came here and installed it.
Covid put paid to them coming back,therefore PAZ have had to do the work themselves.
The heat recovery plant is also big and complex.
I know the shareholders who went on the factory tour were impressed and excited at what they saw.
Couldn't make the meeting but just had a read through the preso deck.
Echo Percy's comments - very disappointing to hear of a poor FH23. I had also expected some good flow-through from new freeze-dryers, but staffing has seemed to be a handbrake.
Having visited the Port Hills plant previously, from a layman's perspective it is some achievement what they've done, especially with Covid/lack of expertise from overseas in installing and commissioning equipment. They now have that capability in-house, but expect has taken longer, cost more than what was originally foreseen. There is little doubt that technically PAZ can produce these products.
Good they have their Chinese listing/approval for pet treats - which will be a key aspect for the new plant. My concern is that they are a little late to the party. My understanding is a bit of the gloss is coming off that Chinese business, and established brands are having to work harder to maintain sales - plus already lots of new entrants. It has attracted alot of investment in NZ already in recent years, and the market is maturing. The boom times or easy wins seem to have gone? Economic conditions and drop in consumer spending meaning less on treats?? Don't know. I would see treats as more discretionary, vs food as a 'need to have'.
The last couple of slides touch on the crux for me (page 31) - tolling compared to own ingredients is a 1 to 7 multiplier. Ingredient to consumer 1 to 4 multiplier. ie the closer you get to the consumer, the more the margin.
I would expect much of the capacity would be for tolling initially (??). Nothing wrong with that as it provides a return - but not what it was invested for.
The key is to move up the value chain and get close to the consumer. Ingredients are a big step for this, but PAZ's own brand is the key. This is a long, difficult journey which takes time, (alot of) money and expertise. But to me the jury is still out whether they can execute on this. Alot of PAZ's stuff is specialised, but freeze-drying is pretty common and not proprietary - expect PAZ have some advantages with capital & running costs of freeze-dryers.
I've mentioned it before, but the big value is in the brand. Why did PE pay $1.5b for Ziwi? Go Healthy to Nestle for $375m? Wasn't for bricks and mortar. The prize is getting closer to the consumer.
AiOra is relaunched, but doesn't seem to have been an initial success. DOT gone nowhere and logged into their website just now and there isn't a website.
Can PAZ do this? Don't know but sincerely hope so. Time will tell. I just hope they have further updates to the USX through the year to keep SH's updated.
Back to the bottom drawer again......
Someone didn't like the AGM update - latest trade through at $0.30.
I would have been more impressed if the new factory was operational, yes Percy it was big and lots of expensive stainless steel, electrics and plumbing etc. But still along way from making product/money. And yes good open discussion, but unfortunately didn’t fill me with any more confidence.
Disappointing period the last couple of years has been, they have lost their way with this development at Rolleston.I’m not against the growth, they just have not managed the growth well or in a sustainable manner.
I would guess the past 6-12months they have been heavily constrained by lack of working capital / cashflow. They have been bridging the property sale for most of that period. This would have impacted work at Rolleston and maybe production as well.
They purchased 2ha at Rolleston, “Price was to good” - but really half that would have been enough.
They have started building the second building at Rolleston, yet the first is not operational, “we do not have a set plan for the second building - fluid” . All during high and uncertain building costs.
Selling of the first building is the correct measure to help the balance sheet, but this has been delayed and they were “surprised by council request for development contribution”
The next couple of years are going to be make or break really, continued organic growth will require more skill than they have demonstrated over the past couple of years. 2023 off to a bad start. Probably I would like to see a capital raise reduce debt and get both the Rolleston buildings completed, and see where it takes us, if that demand is really there.
The brand - been well discussed, but was hopeful when that was launched a few years ago But…..
Like most shareholders, my shares will be in the bottom draw for a while.
What about all the automation talked about in the previous AGMs presentation? Wasn't this supposed to reduce work load and make the work environment better and more attractive to be in.
Thanks Rocky145 for a well considered post
Wish you posted more often.Your posts are always right on the money.
In PAZ's defence Covid, logistics and their Kril customer's new ship build being behind schedule were beyond their control.
Port Hills Road appears to be now fully operational,and will be very profitable from now on.
All of us want to see the first factory at Rolleston in production as soon as possible.
Port Hills Road and Rolleston One fully operational should see healthy profits.
Then may be the time to develop Rolleston Two and look to list on either ASX or NZX,
Big sell off today with 270,000 shares crossing at 20 cents. Buy side of the order book looking a bit thin so will be interesting to see where the share price settles at. Some larger long term holders appear to be spooked!
Back to where I bought my last shares right on 4 years ago, if it goes too much lower I will double my 250 k holding !
A trade last week back up at 25c, but someone wanted out first thing this morning with 130k through at $0.20.....
How much will current shareholders be diluted I wonder?
[Even after the Tawhiri 1 sale and lease back we still have a book value in excess of $20m in land and buildings. Until interest rates reduce, it’s not a great time for selling property, so we are not considering a sale of any further land and building to fund expansion at this stage. However, we maintain dialogue with Cibus regarding getting any additional funding from them. They have their share options, however price performance isn’t where they would want to exercise those options. We also regularly talk with strategic partners that might be worthwhile bringing in however we have as much debt as we would like to carry, so the future direction is more likely to be from equity introduction or sale and lease back rather than debt.
Half year results to June 2023 down to an underlying EBITDA level have been released:
30 September 2005 (usx.co.nz)
The struggles continue!
Would be good to understand the unadjusted EBITDA or even the actual NPAT.
PAZ not a very ‘lucky’ company are they
Always dogged by bad fortune
Hope they not one of these forever unlucky outfits
20 cents on the bid, 25 on the offer. Ridiculous spread. That's a very long way down from recent times, the hype valuation has all but been crushed, although it should have been obvious that it was massively over extended on all metrics.
PAZ will imo do very well in the long run, but do we all have the long runway to realise that? Best thing this company could do imo is list on the NZX and let the market liquidity decide.
Languishing on the USX with its illiquidity could bring this down under the 0.10's as all the hyped punters exit. You'd have to ask yourself who is priming the ask, they're either happy to take a loss and get out, or are still taking profit after having got in earlier.
A half year result!! Excuse formatting as copy and paste.....
https://www.usx.co.nz/uploads/paperclip/documents/2894/original/PharmaZen_1H_2023_results_release_final.pdf?169198 9940
Continuing strong demand but staffing issues generate a disappointing result Christchurch biotechnology company PharmaZen (USX.PAZ) today reports a disappointing result forthe six months to 30 June 2023.
As flagged at the Annual Shareholder Meeting the company faced significant staffing issues in the first quarter which resulted in an extremely poor first three months of the year, despite the continuing strong demand and additional installed capacity. These challenges resulted in some significant changes in structure and approach to recruitment and by the end of March the number of process workers had increased by 50% to be in line with required levels.
May and June both operated at just under 90% dryer utilisation enabling the company to post a halfyear $410k underlying EBITDA2 on sales of $10.3m. This was down on the prior year underlying EBITDAof $1.8m on sales of $12.8m.The additional capacity and an improvement in supply for the extraction business will see the trendshown in May and June continue and, despite the poor start to the year, the company expects the fullyear result to be at least in line with 2022.
Given the poor first half, and the significant upturn which commenced in May, the company is looking to post an update with unaudited third quarter results in the fourth week of October. PharmaZen Chair Ken Fergus said: “The first quarter was clearly not the way we wanted to start the year and created several challenges for us. The changes implemented have been successful with the speed of the correction being extremely pleasing.
Changes in management, structure and a total of18 new staff is no small achievement.”“The labour market is easing and the changes we have made internally are all looking like long-term solutions. What is particularly pleasing is the continued growth in demand. The additional freeze dryers in place are all but fully committed through till the end of the year”.
The continued growth in demand is making the commissioning of Tawhiri critical as it is clear we will be going into next year needing further capacity. Tawhiri is running late as a result of cash constraints from the first half performance but has been further set back by damage to the third freeze dryer delivered in the last week of July. The 35mt unit came off its transportation rack in transit and effectively rolled around in the hold causing irreparable damage.
This will need replacing and we are looking at options for how we can commission the other units and install the third unit at a later date. The original plan required all three to be in place to complete the plant room and building structure.
Outlook
The increase in capacity the company has put in place and the continuing strong demand we are seeing from our customers puts the company in a great position to achieve increased sales and profitability in the second half and into next financial year and beyond. The company is confident the utilisation issues are resolved, and the focus returns to increasing capacity.
Ken Fergus commented that “Our traditional challenge has always been increasing capacity to meet demand and that remains the case. Interest for pet product since obtaining the China license has been extremely encouraging and we will be working hard to make sure we can service what will be an exceptional opportunity”.
https://www.usx.co.nz/uploads/paperc...pdf?1693261525
We have some important news to share regarding changes to our board of directors.Damon Petrie has tendered his resignation from the board.
The Board thanks Damon for his contribution to the governance of PharmaZen Limited and wishes him all the best for the future.
I am pleased to announce the appointment of Vincent Pooch to our board of directors,effective 1 September 2023. Vincent is a very experienced director and the board is lookingforward to the contribution that Vincent will be able to make.For a more detailed overview of Vincent's qualifications and background, you can find hisbio attached to this announcement.
Vincent is a Professional Director and Consultant based in Christchurch. Qualified as aMechanical Engineer and Chartered Accountant, he founded his consulting practice in1992 after working in finance and banking.In the decades since then, he has worked with a diverse customer base spanning cementmanufacturing, quarrying, logistics and primary industries both in NZ and internationally.
He has significant and diverse board experience including at Port Otago, DynesTransport, Smith Cranes and manufacturer Patchell Industries.Vincent is a Chartered Fellow of the Institute of Directors in New Zealand and served ontheir National Council.He brings a strong financial focus, along with a particular interest in risk management,strategy and leadership development.
I am very disappointed to see Cibus's Damon Petrie resign.
Raises a very large question mark about Cibus's intentions.
Yes.
Citibank is Director Wayne Burt's.
Dalamore Trust is Chairman Ken Fergus.
Nimrod Trust is CEO Craig McIntosh family.
Total Number of Shares:254493482 Extensive Shareholding:Yes
Shareholders in Allocation:
Allocation 1:35092204 shares (13.79%)
M G Shepherd & L A Shepherd & Downie Stewart Trustee Limited (Maxwell Gilbert & Laraine Alice Shepherd Family)
43 Ridgecrest, Wanaka, Wanaka, 9305 , New Zealand
Allocation 2:35000000 shares (13.75%)
Cibus Oscar Limited
12 Phillimore Walk, London, W8 7RX , United Kingdom
Allocation 3:20536000 shares (8.07%)
Nimrod Trust
Unit 4, 414 Curraghs Road, Rd 6, West Melton, 7676 , New Zealand
Allocation 4:14500000 shares (5.70%)
BNP PARIBAS NOMINEES (NZ) LIMITED
Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland, 1010 , New Zealand
Allocation 5:14500000 shares (5.70%)
CITIBANK NOMINEES NEW ZEALAND LTD
6 Queens Avenue,, Villa Shambhala,, Vaucluse Nsw, 2030 , Australia
Allocation 6:11557312 shares (4.54%)
LEE PATERSON FAMILY TRUST COMPANY LIMITED
Van Aart Sycamore Lawyers, Level 1, 205 Princes Street, Dunedin, 9016 , New Zealand
Allocation 7:9010020 shares (3.54%)
Lee Joanne PATERSON
197 Mcgrath Road, Rd1 Waikouaiti 9471 , New Zealand
Peter Austin GOWING
157 Plantation Road, Wanaka , New Zealand
Richard Grant PATERSON
10 Upland Street, Dunedin 9010 , New Zealand
Allocation 8:8727602 shares (3.43%)
Leveraged Equities Finance Limited
157 Lambton Quay, Level 21, Wellington, 6140 , New Zealand
Allocation 9:8000000 shares (3.14%)
DALMORE TRUSTEES LIMITED
30 Kinleys Lane, Saint Albans, Christchurch, 8014 , New Zealand
Allocation 10:7480000 shares (2.94%)
Craig Lachlan MCINTOSH
4/414 Curraghs Road, West Melton, Christchurch, 7676 , New Zealand
Can't see you in the top 10 shareholders Percy?? :p
Yep, ForBar's
https://app.companiesoffice.govt.nz/...8533/directors
Yes, this is concerning news and begs the question if this is the commencement of their withdrawal.
I've been away from the forum for a number of weeks and have gone back to the posts after the AGM to refresh. Sideshow Bob and Rocky45 summed up PAZ situation very well I believe. We have heard much about the impacts of Covid in stalling progress....time that excuse stopped being used. We heard over staff situations now understaffed - what is it that makes it so hard to retain staff at this company? The new capacity projects seem to be a disaster with new ones bolting ahead before others are complete and making money, that smarts of overly ambitious intentions, poor capex expenditure and projects management.
They are prepared to sell further land and buildings if the conditions are better, so how about further investment from CIBUS, surely they wouldn't want to stall progress but perhaps they've completely lost their appetite given poor use of funds to date?
It was reported that the Tawhiri site couldn't be completed due to performance on the first half of the year- I would suggest cash constraints must have been tight well before this.
I would have thought that the new driers could have been commissioned in stages at the new site, first one (or 2) go in, start generating revenue. Seems the set up they've purchased needed to have the 3rd drier in place before the go button on the other
2 could be pressed. I get the sense the drier damaged in transit is serving as a convenient excuse for further delays.
I don't like the contradiction in the reports, don't feel like we are getting a straight story
Lost confidence in PAZ, like others will be parking these shares in the bottom drawer and keeping fingers crossed for a longer term recovery
Given the poor first half, and the significant upturn which commenced in May, the company is looking
to post an update with unaudited third quarter results in the fourth week of October.
That should give us confidence PAZ are back on track.
This is positive to hear from the “coalface”. PAZ has really let down the shareholders in the last couple of years with its lacklustre performance, continuous excuses and lack of shareholder communications. It’s great to hear we may get an update in October. Hopefully this will be the start of them upping their game with real information sharing.
Nice! :cool:
https://prod-trade.usx.co.nz/api/file/653040d24ac115c57999c2a0.pdf
Shareholder Update – 19 October 2023
PharmaZen confirms record sales quarter of $8.3m and Underlying EBITDA1 of $1.85m for Q3As indicated at the release of our half-year result, we are pleased to be able to report on significantly improved third quarter sales and Underlying EBITDA results.
The improvements seen in Q2, (after a very poor first quarter due to challenges addressed at half year), continued into a very pleasing Q3 - resulting in sales of $8.3m and $1.85m of Underlying EBITDA for the quarter.
The record Q3 sales result improves the year-to-date sales and Underlying EBITDA from the half-year result of $10.3m and $410k to $18.6m and $2.26m respectively.
The Company is tracking well to produce another very positive result for Q4 - albeit with the December shorter month and year-end cut-off challenges.
Demand continues to be very strong for the company’s products and now that the staffing and operational issues the company experienced in Q1 are resolved we are looking forward to ongoing growth and reaping the benefit of the increased capacity we have put in place.
We will continue to update the shareholders on the Company’s progress and expect to provide another update in early December.
Good to see a positive announcement and the commitment to provide another one in December. I would however have liked to see a comment on how the replacement for the freezer dryer is going and the effect it has on Tawhiri.