BLT - Blis Technologies

[simla]

Personally I did what it said on the proxy form: "As a shareholder you may attend the meeting and vote, or you may appoint a proxy to attend the meeting. A proxy need not be a shareholder of the Company. The chairman or any other Director of the Company is willing to act as a proxy. If a shareholder wishes to appoint the chairman or any other Director as proxy, they will vote in favour of all of the other resolutions put to the meeting unless otherwise directed. To do so, please write their name or position clearly in the space marked (eg, "Chair of the meeting").

Too late to post it to Dunedin in the current day and age I would have thought, with less than three business days left for delivery now, so you are left with email : "Please return completed proxy form to: Blis Technologies Limited, 81 Glasgow St, South Dunedin, PO Box 2208, South Dunedin 9044 (Attn: [PB]) or by email to [email] no later than 11:00am on Wednesday 25 July 2018."

By email, I assume that they mean attach a scanned signed pdf copy, although personally I have never done it that way.

But remember, "4.If you return this form without directing the proxy how to vote on any particular matter, the proxy will vote as he or she thinks fit."

[GR8DAY]

Cheers Simla........I guess we can trust these other directors to cast our vote as directed. (all things considered) ???

[simla]

Glad to hear you are voting, Gr8day. However, I have to say that I personally expect to resume non-shareholding regardless of the vote.

Even if Barry's input is able to help strengthen the company's ideas, I still see hard yards ahead now. With the patent situation weakening with each year, I would have very much preferred to see the company taking the very many millions in revenue over the last few years to build a cash war chest, but instead it mostly got spent. A strong company is a liquid company to my mind, and options are fewer when you don't have a load of cash to play with. The last report showed working capital of $1.5m on revenue of $5.3m.

But I never claim to be right, so time will tell what actually happens next.

[pierre]

I checked with Pamela Bedford, whose name appears on the proxy documents, and she confirmed that a properly completd form, scanned and emailed is a perfectly valid way to cast your vote. No matter who you name as your proxy (provided they are at the meeting) your vote will be counted according to the instructions you give by ticking the appropriate boxes.

Hope this helps.

[simla]

Thanks, Pierre. I suggested a scanned pdf, but I presume any format would do, such as jpegs.

A lot of people probably do 'scans' now by simply taking a good photo with their smartphones or whatever, pretty easy. But people would have to remember to send scans of both pages of the proxy whatever way they do it.

And I presume that Pamela would email you back if she could not accept what you sent if you didn't leave it too late.

[pierre]

Thanks, Pierre. I suggested a scanned pdf, but I presume any format would do, such as jpegs.

A lot of people probably do 'scans' now by simply taking a good photo with their smartphones or whatever, pretty easy. But people would have to remember to send scans of both pages of the proxy whatever way they do it.

And I presume that Pamela would email you back if she could not accept what you sent if you didn't leave it too late.

Mine went as a PDF but I imagine any document that is properly completed and sent in a legible and printable format would be accepted. Easy enough to request an email response confirming receipt and acceptability as I did.

[pierre]

I am a member of the NZ Shareholders" Association and received an email today advising they will have representatives at the Shareholders' meeting and that the association can be appointed as proxy.

If you wish to appoint the NZSA (you don't have to be a member) just write in: “New Zealand Shareholders Association, Auckland.

Please note the comments below from their email in connection with the nomination of Barry Richardson:


"Barry Richardson was the CEO of Blis Technologies for 10 years until 2016. NZSA’s policy is that former CEOs should not be appointed to the Board for at least 3 years after they cease office as the CEO. This is to preserve the separation of roles and to ensure the new CEO is not subject to any undue pressure from the former CEO. In addition, during Mr Richardson’s time as CEO, in our view the company failed to perform commercially. We do not believe he can add enough to the board to warrant election.

We will vote undirected proxies AGAINST this resolution. "

This means that if you want to vote in favour of Barry's election you will need to direct your proxy by ticking the appropriate box.

The completed proxy form needs to be emailed or posted to the company by 11.00am Wednesday 25th July 2018.

[GR8DAY]

Thanks for the replies u2. I actually contacted Blis directly and was sent the below reply pretty promptly.
(abridged)

"I can give you Tony Offens address if you are happy to nominate him (he is the chairman).
His name is Antony P Offen
39 Green Street, Mosgiel, 9024.

Please let me know if you have any other questions I can help with.

Kind regards
Julie @ Blis"

[winner69]

I am a member of the NZ Shareholders" Association and received an email today advising they will have representatives at the Shareholders' meeting and that the association can be appointed as proxy.

If you wish to appoint the NZSA (you don't have to be a member) just write in: “New Zealand Shareholders Association, Auckland.

Please note the comments below from their email in connection with the nomination of Barry Richardson:


"Barry Richardson was the CEO of Blis Technologies for 10 years until 2016. NZSA’s policy is that former CEOs should not be appointed to the Board for at least 3 years after they cease office as the CEO. This is to preserve the separation of roles and to ensure the new CEO is not subject to any undue pressure from the former CEO. In addition, during Mr Richardson’s time as CEO, in our view the company failed to perform commercially. We do not believe he can add enough to the board to warrant election.

We will vote undirected proxies AGAINST this resolution. "

This means that if you want to vote in favour of Barry's election you will need to direct your proxy by ticking the appropriate box.

The completed proxy form needs to be emailed or posted to the company by 11.00am Wednesday 25th July 2018.

Somebody agrees with my views ...good people those Shareholders Association guys

But then some of youthis Barry is the bees knees

[simla]

Well, certainly I hope the Shareholders Association is in the habit of providing deeper arguments than the simple statement "in our view the company failed to perform commercially". I do not think they would be impressed if that was the level of arguments the companies presented to them. I'll assume there was more somewhere else.

(a) Wait 3 years? Well, that's a generalised rule but should obviously be compared to how things have gone since, which comparison was not evident in the quoted text here. Further, the company has already forecast that next year's result will be fairly similar to this year's in that there will again not be a profit of note, for three years in a row of the new management that the Shareholders Association said they wished to give room to.

(b) Failed to perform after 10 years. Well, presumably they are pretty unhappy with Xero turning in a loss again after 11 years then, -$27m?

(c) Have they factored in that Blis had to create an oral probiotics market from scratch? With almost no resources? And did it almost world-wide? Do they think it easy to suggest people put germs in their mouth?

(d) I note that Xero increased it's revenue by 37% last year. I pointed out above that Blis increased exports 27 fold over Barry's time, which is 39% compounded over 10 years if you hit your calculators.


All up, I think it would be more meaningful to indicate what you were voting in favour of than simply to veto something without any alternative. If Blis was turning out promising results then I do not imagine that Barry would be standing as he has stated quite clearly that he is concerned. "I am standing for the position of Director because I am deeply concerned about the current share price, the limited working capital available, high overhead costs, the fluctuating sales in many regions, in marked contrast to the European sector. Of concern also is the long-term potential impact on the company after the expiry of the Blis K12 patent in 2 years. " https://www.nzx.com/announcements/320069

When you have someone standing who produced compounding export growth of 39% pa over 10 years, and you compare it to the current state which has actually reduced revenue instead, then I think the Shareholders Association could reasonably make a better case than merely indicating that they are waiting for a better offer. Sorry, not impressed though I'm sure they mean well.

To repeat what I've said before : The only argument I have proposed in this debate is that I believe the company would be stronger with Barry on the Board than without.