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  1. #11
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    ^ Skid has most of my thoughts here. I'd be viewing this as a speculative 'startup' type bet considering where it appears their business plan is at the moment. From the info sheet it appears AFT was cash +ve (sustainable growth) then did a big drive into Oz which increased rev but at a loss. I think their details around growing their global market are also bit sparse.

    Be interested to see what their GM is (cant find anything in that info sheet), generic drugs are typically low margin plus coupled with the fact they use contract manufacturers (likely Douglas, GMP etc) I cant imagine there is alot of meat left.

    DYOR but I'd ask alot more questions on this one before plunging in.

  2. #12

  3. #13
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    Does any one have any thoughts/comments re the company and the float? Shares will list at NZ$2.80.
    Shepherd

  4. #14
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    http://www.business.govt.nz/disclose...86073257672360

    There is some valuable information on this page, such as previous recent financial statements.

    What is interesting is the loan they have at 13.5% interest rate (why is this so high??)
    Also interesting is how fast australian sales have grown
    Also $1m in dividends were paid in 2015 (I think I saw this), so if they don't pay dividends when they list, this will be a 'automatic' cash flow saving

    Just a few interesting things I have seen... but also interested to know what others think (i've already signed up...)

  5. #15

  6. #16
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    This is an interesting thing I saw in the weekend paper. Of the 14 IPOs listed on the NZX in 2014-2015--only 4 were in the black (??) one was GNE and I think there was at least another high profile listing in the black.
    So smaller start ups didnt fare to well as a whole.

    That high interest loan usually translates to higher risk....so its a punt (funding research)
    Last edited by skid; 08-12-2015 at 03:41 PM.

  7. #17
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    Quote Originally Posted by skid View Post
    This is an interesting thing I saw in the weekend paper. Of the 14 IPOs listed on the NZX in 2014-2015--only 4 were in the black (??) one was GNE and I think there was at least another high profile listing in the black.
    So smaller start ups didnt fare to well as a whole.

    That high interest loan usually translates to higher risk....so its a punt (funding research)
    I think it was because many of them were technology companies... but yes I also found that article interesting

  8. #18
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    Written by Brian Gaynor, director of Milford Asset Management which has some ownership of AFT

  9. #19
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    Quote Originally Posted by GoldenStag View Post
    Written by Brian Gaynor, director of Milford Asset Management which has some ownership of AFT
    The gist was that there were not enough IPOs coming along for the NZX (the success rate was obvious though-which Im sure he would not want to connect the dots if he is involved with the newest offering)---Seems like a good bloke who started it and a good company at present--but whether its suitable for a share listing to fund research is another matter---At least with PEB they had Otago uni to do the research and simply bought the end result (something that share holders often overlook who seem to equate the good product with the management instead of Otagos scientists)---(2 part system 1-scientists come up with the technology---2 management buys and is in charge of promoting and selling it)

  10. #20
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    Quote Originally Posted by GoldenStag View Post
    Written by Brian Gaynor, director of Milford Asset Management which has some ownership of AFT
    The gist was that there were not enough IPOs coming along for the NZX (the success rate was obvious though-which Im sure he would not want to connect the dots if he is involved with the newest offering)---Seems like a good bloke who started it and a good company at present--but whether its suitable for a share listing to fund research is another matter---At least with PEB they had Otago uni to do the research and simply bought the end result (something that share holders often overlook who seem to equate the good product with the management instead of Otagos scientists)---(2 part system 1-scientists come up with the technology---2 management buys and is in charge of promoting and selling it)

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