BLT - Blis Technologies

[simla]

I'm attracted to Blis because of the very large contribution its products can make to the world - consider the huge suffering from lack of affordable dental care around the world, and the rise of antibiotic resistance, both enormous problems - as well as the big contribution Blis might make to the NZ economy and therefore the lives of our children and grandchildren. Those are matters of enormous importance to me, and it can't be said about very many listed companies. Naturally I'm hoping to make some money too.

[Chippie]

I have just sent my email to Peter Fennessy and Barry Richardson on the NZX delisting.

After reading all the material this evening I am convinced this is not a good option. If we cannot afford to fund $80k for some Governance and regular information then we may as well shut up shop now. I suspect just selling the IP for the company is probably worth more than the current $5m market capitalisation.

I have over 1 million shares in BLT and I for one will be demanding that the “reasonable” company buy back of my shares will not be the current price it will be closer to the average price in 2011. There is no doubt that Edinburugh did a good job of dumping the share price prior to the Preference share conversion.

Bevan Wallace (Unlisted Director) and Anthony Offen (Edinburugh Equity director) can go jump if they expect me to vote for them to be re-elected. I would prefer any of the supporters on this forum to be elected ahead of these guys.
That’s all for today. Tomorrow I will optimistically look for increased revenue and remaining on the NZX

[blissfool]

I tend to agree with Chippee, these guys have historically been terrible communictors being delisted will only make this worse. I also share the same sentiments with Chippee about Edinburugh and can't help wondering if there is already a far bigger play going on in the background, that will allow someone to come in and shaft all the long term loyal share holders and pick the company up for a bargin price.

The company has been thru some tough times but if you look at the revenue numbers the underlying trend is improvement, I think its on its way up.

Can some one explain to me the implications of the minority buy out if bliss is delisted.

[simla]

An old 2001 Law Commision report http://www.lawcom.govt.nz/sites/defa...81_195_R74.pdf

"All North American business corporation statutes confer on minority shareholders who have unsuccessfully opposed specified types of fundamental change to a company’s structure or operations an entitlement to have their shares purchased by the company at an appraised price. The historical justification for appraisal rights seems to have been as a trade-off for abandoning an earlier requirement that unanimity was needed for such changes" "Each side is bound by the decision of the arbitrator."

Section 110 etc of the Companies Act confers this obligation on NZ companies as I understand it. The Law Commission report doesn't exactly state that the process is hugely successful, but I don't know how much the law has changed since that was written. That's hardly surprising as it is difficult to imagine a fair price for Blis - it would depend who was doing the talking!

Also note that that the meeting notice mentions that the company can repurchase by arranging a third party to purchase the shares instead. It also says this is an entitlement for shareholders, but not an obligation. I presume the company is obliged to notify us of this right, but I couldn't find that. It sure is a depressing notice to receive though.

I can't see myself exercising the exit rights though, as that assumes I'll get an even worse price later! It also assumes the company is more likely to fail than succeed. It also assumes the Board cannot act in all shareholders interests. And it assumes legal protection of shareholders is not worth anything. And that the company is not going to make any cash flow any time soon. And that the umpire, who very oddly has neither delined to act nor agreed to act, will have no input to the situation. And that I would feel better selling out at this price than hanging in to the end no matter what. All of which is quite a lot of assumptions. Plus the company has said it will send out updates anyway, and list on Unlisted or elsewhere. Just my views though, each to his own. I can understand others just wanting out. It sure isn't my idea of the ideal situation. I certainly voted against delisting and I am angry that the company even raised it as it clearly changes the rights of shareholders.

I imagine we are all pretty angry about this as we are being asked to vote on pretty big matters without being given any update on whether the company needs capital or not nor how the search is going. In particular, we are told delisting will save money but were given no information on whether that money matters or whether, as the notice says, they just felt it was time to review the matter. Combine that with the events in the conversion and I find it difficult to feel I'm being treated as any sort of equal party in this. However, despite the anger, it does not follow that things will not work out. For that we can only wait and see though.

[Chippie]

I recommend sending your feedback through to the company. I got a response from Barry, and get the feeling that my email was worthwhile.

Part of his response included the following "It is important to note that the Board is seeking the approval of shareholders to consider whether it is appropriate for the Company to delist from the NZX. There are a number of factors which need to be taken into consideration, not the least of these being the ability of the company to maintain trading in shares. Any decision to delist the Company needs careful consideration of these wide ranging issues before making a final decision."

[simla]

Meanwhile the company continues about it's business. This is cute and shows the company is up to something.

[emearg]

Yeah that looks good. Now all they need are products with it in it...

I was in the nuttery that is the New World near Oriental Bay in Welllington yesterday and noted they have all four flavours of the 1 litre K12 icecream. It will sell well there I'm sure. It's price competitive with the other designer 1 litre ice creams.

[brucea]

Hi guys, does anyone know if (or when) the Blis ice cream will become available in Auckland and from what outlets... the risk of a being a JAFFA (what me?) ..it is a bigger market base up here....

[emearg]

Hi guys, does anyone know if (or when) the Blis ice cream will become available in Auckland and from what outlets... the risk of a being a JAFFA (what me?) ..it is a bigger market base up here....

Nope. Email Blis. Tell them to update both their sodding websites too! The Gourmet Icecream site doesn't even mention it! I noted in Thorndon New World a banner over the icecream today showing it off. And their website doesn't mention it? That is poor!

Has anybody seen the new icecream anywhere other than Dunedin & Wellington?

[simla]

Do you mean yoghurt or ice cream, Emearg? The "Bliss" yoghurt is not theirs. I haven't seen a K12 yoghurt myself.

Brucea, the ice cream was taken up by the city stores in Wellington first, so maybe it will be in New World Victoria Park or Queen St first if/when it gets to Auckland?