BLT - Blis Technologies

[Wolf]

Have to look a bit deeper.

Sinclair Long term holdings limited has gone into liquidation.

Directors are:
Eion Edgar
Alan James Mckenzie
Hamish Edgar
Raewyn Dallimore

Looks like possibly a family/friend investment vehicle being liquidated and shares distributed to its holders.

Distributing the following BLT shares:

Sir Eion Sinclair Edgar 79,570,895
ES Edgar Trust as to 65,103,460
Consideration: $0.021 per share. (Current market value)

Not entirely sure what's going on, but basically no more shares were purchased just transferred.
Might make them easier to sell? I have no clue.

Sir Eion certainly seems impressive.


https://opencorporates.com/companies/nz/1041704

[Wolf]

Some further thoughts.

Presently I'd fathom a (quick) guess at BE sales revenue being roughly about $7.5m PA if not greater.
Unless Gross margins improve, operating expenses and capex decrease significantly.

From my understanding BLT is connected with Otago University.
Since Sir Eion was chancellor, Sinclairs holding may have come from that connection.

[Harvey Specter]

Sir Eion certainly seems impressive.

Isn't he the guy that explicitly and openly dumped BLT shares on the market to drive the price down so he could convert his preference shares at a much lower price, resulting in much higher dilution for small shareholders?

Predecessor to the FMA did a review but was pretty short as their form didn't allow for the title 'Sir'.

[Apathy]

Isn't he the guy that explicitly and openly dumped BLT shares on the market to drive the price down so he could convert his preference shares at a much lower price, resulting in much higher dilution for small shareholders?

Predecessor to the FMA did a review but was pretty short as their form didn't allow for the title 'Sir'.

Correct and even more correct!

[drcjp]

Isn't he the guy that explicitly and openly dumped BLT shares on the market to drive the price down so he could convert his preference shares at a much lower price, resulting in much higher dilution for small shareholders?

Predecessor to the FMA did a review but was pretty short as their form didn't allow for the title 'Sir'.

Indeed. I believe it was a"straightforward arbitrage....."

FYI, BLT is a spinout of Otago University - from the lab of Prof. John Tagg. The stuff really works. A pity that it has, imo, been completely mismanaged over the last 7 years.
Eion Edgar was Otago University Chancellor from late 90s til 2003 and he was also once Chair of the NZX.

[GR8DAY]

"FYI, BLT is a spinout of Otago University - from the lab of Prof. John Tagg. The stuff really works. A pity that it has, imo, been completely mismanaged over the last 7 years."

.....possibly fair comment DRCJP but i sincerely believe that "times are a changing" and the doubling of turnover is the first solid evidence of this change. It appears now that the efficacy of BLIS products is well established (globally) and they seem to finally be concentrating more on marketing/revenue and hopefully profits to reward shareholders. Couldnt be a better time to be buying into this evolving story IMHO.

[Harvey Specter]

Indeed. I believe it was a"straightforward arbitrage....."

Not quite to the level of Sorensens "why does a dog lick its b@lls" comment but still a slap in the face of small shareholders.

[emearg]

I'm looking to buy my yearly fix of K12 and M18 and came across this product:
http://www.amazon.com/PRO-Dental-Pro.../dp/B00ONB9JIG

With 598 reviews the people marketing this product are obviously doing something right.

[skid]

Marketing---(the archilles heal of both BLT and PEB) ironically both connected to Otago uni (they must be a bit unhappy with the way the fruits of their research have been handled(so far)

[kiwidollabill]

So I better weigh in here... To it's credit, the increase in revenue as posted in the last annual report is probably some of the better new which has come out of this wee company. Skid mentioned marketing (or lack thereof) as being an issue with PEB and BLT. Don't know much about BLT in this area but I do know that PEB no longer have any 'marketers' on staff and that the majority of it is done by a Dunedin agency.

Incidentally I remember first year lectures from John Tagg about 'Blis', bit of a showman in his day in the lecture hall.

BLT could be a great little company, but the fact the same management is still there is poor performance by the board. You cant really expect someone with experience running large, operationally/commodity focused dairy companies (as they explicitly were when he was there) to know alot about how to take some valuable IP and transform that into consumer focused products in the nutritionals (for lack of a better word). They've just hired someone ex SFF (byproducts, not meat, i.e. no FMCG experience) to lead them into Asia and I see they are hiring for a product/business development manager too.