BLT - Blis Technologies

[simla]

The notes for the next meeting are out. https://nzx.com/files/attachments/159379.pdf

I shan't have any difficulty voting against delisting. It really is too frustrating that the company itself is looking up and meanwhile the shareholders are having to wade through stuff like this.

[brucea]

Well Emearg I have a cone of yoghurt ice cream every night and I am still svelte and thin although probably classified as a autumn chicken. I still don't know whether the Blis ice cream is available in Auckland. My concern is that the Blis products might become unavailable if the company goes under - now that would be a bummer after taking it all these years.

[emearg]

Delisting to save money makes sense. One question is how are they going to pay people applying for a minority buy out? If they can afford to do, then they should buy out the tiny holders now to reduce costs.

Considering the delisting fee, the one off audit fee, buying out minority holders, the hit in year one will be considerable! Exactly what Blis can't afford I would have thought!

[Chippie]

If they think saving $80p/a to reduce audit and reporting requirements is material then it appears they are not confident of increasing their revenue. I for one prefer that someone keeps them honest.

“Less administrative time dealing with reporting and audit requirements twice yearly ”

To be honest my immediate thought is I wish I did not own so many shares.

[THEONE]

I would like to learn more about the delisting reasons, I can understand trying to save money. But at at time when there already is such a negative perception of the company. Surely 80k is nothing in the scheme of things. Especailly when compared with the status of a being a listed company. If Blis was delisted would we learn more of what is happening?

I cant help but wondering the timing, feels like someone is acting in there own interests trying to pick up shares cheaply somehow. I will vote No unless In am given a very good reason to vote yes.

I would love to learn more about the capital raising and China.

[neopoleII]

delisting is the first step to be rid of all the minor shareholders..... ie all of us... at a very very low cost to the one major shareholder.
the one major shareholder has probably instigated this move and pressured the board.
with no disclosure needs with the delisting, the major shareholder is free to accumulate to the point of reaching mandatory take over percentage without minor shareholders knowing or a rise in share price as the shareholder massively increases his stake.
this is very bad news for all shareholders except the major holder.
there is nothing we can do about it, as the major share holder probably has the numbers to do it.

only pushing the share price up dramatically to say 10cents or more could stop this.
not likely.
in my opinion.... this plan was hatched several years ago with the origin of the pref shares and the divis paid to them.
within one year from this notice all shareholders will be paid out 1 cent per share and the company goes into private hands and THEN ...... you will see blis products advertised properly.
there is still some hope left...... but cant see it myself.

good luck to fellow shareholders.

[emearg]

this is very bad news for all shareholders except the major holder.
there is nothing we can do about it, as the major share holder probably has the numbers to do it.

Page 11:
t is noted that Edinburgh Equity Nominee Limited and its Associates ("Edinburgh") are not 'Members of the Public' for the purposes of voting on Resolution 5. They will not be entitled to vote accordingly.

Page 3:
In order for it to be passed, an ordinary resolution requires the affirmative vote of a simple majority of more than 50% of the votes cast by those entitled to vote and who vote in person or by proxy.


So the majority shareholder doesn't get to vote. That leaves the little people a voice. It is up to us to exercise it...

[emearg]

I would like to learn more about the delisting reasons, I can understand trying to save money. But at at time when there already is such a negative perception of the company. Surely 80k is nothing in the scheme of things. Especailly when compared with the status of a being a listed company. If Blis was delisted would we learn more of what is happening?

I cant help but wondering the timing, feels like someone is acting in there own interests trying to pick up shares cheaply somehow. I will vote No unless In am given a very good reason to vote yes.

I would love to learn more about the capital raising and China.

And much of that 80k is opportunity cost rather than hard cold cash i.e. Barry and co are spending their time doing this stuff when they could be doing something else. If they delist would the bill decrease? Would they reduce their head count? Even by a quarter? I doubt it very much. That head will just do something else. That would be useful but may not affect the bottom line.

[simla]

I don't see how any of us can be expected to judge if that amount of money matters when we haven't been told the state of capital raising, nor been given an update on sales since the previous sales figures were effectively from just four months. And I agree that we're in deep water if that small amount of money is make or break for the company, and that's not really how I read the last report (which NONE of you commented on. Time to do so?) I just feel like someone knows what's really going on here but it's not me. I'll vote against delisting regardless as that argument did not carry any weight that I could detect. Edinburgh may not be voting, but the voting turnout has been so odd that the thing may hinge on whether the second largest shareholder is going to vote in favour, and also on whether the board feel they aren't allowed to vote.

"The non-interested members of the Board recommend that shareholders vote in favour of this resolution." (p11). It would have been awfully nice if they had explained why instead of just rehearsing the for and against arguments and then asserting that that was their judgement.

For those feeling weighed down by yet another impenetrable communication from Blis, be at least cheered that the Blis ad was on the news again tonight.

[neopoleII]

thanks emearg,
i will vote my large holding against delisting