BLT - Blis Technologies

[pierre]

"For the appointment of a proxy to be valid, the form must be lodged at Blis Technologies Limited, 81 Glasgow Street, South Dunedin, PO Box 2208, South Dunedin 9044 (Attn: Pamela Bedford) or sent by email to pamela.bedford@blis.co.nz no later than 48 hours before the start of the meeting (that is, by 11:00am on Wednesday 25 July 2018). Postal voting is not permitted. "

This seemed less clear to me. You can or cannot post the proxy form after filling it in? Or you have to scan it and email it?

Simla, I think it means that you can vote by either attending the meeting.or appointing a proxy. You cannot simply send a postal vote.
The bigger question is - should shareholders support the election of Barry Richardson to the Board?

The results of the past two years have been particularly disappointing. Still no profit , though the directors have had their hands out for higher fees. I had high expectations of the new CEO but all that has happened is more higher paid staff (the Fonterra effect) and nothing for shareholders.
What has happened about the China market opportunities - there has been a deathly silence for the past 2 years.
Marketing is still an issue and the new boss was supposed to be a marketing man.

I emailed Brian Watson about my personal highly successful results (endorsed by my periodontist) after using BLIS Toothguard following oral surgery and never had the courtesy of a reply.

That's not the only reason of course, but I will be voting for Barry as a director to return his strong institutional knowledge to the company in the hope and expectation that we might finally get the business into profit.
I doubt he can do any worse than the current lot and expect him to do much better.

[winner69]

If the current Board don’t want this Barry guy it’ll be a mess if he’s elected ...won’t it?

Sounds like you guys want some of the current board to go anyway

One holy mess coming up whatever

[Leftfield]

If the current Board don’t want this Barry guy it’ll be a mess if he’s elected ...won’t it?
Sounds like you guys want some of the current board to go anyway
One holy mess coming up whatever

Share price has fallen due to this uncertainty. It will be interesting to learn what Richardson is offering;

1.) Has Richardson passed his 'use-by date' and should new young management be allowed more time to succeed?
2.) What is Richardson's alternative strategy?

This infighting is not a good sign for holders, and clearly we need more info' if our vote is to add value to the company.

(Disc - small 'free' holding for sentimental, rather than logical reasons)

[simla]

One holy mess coming up whatever

Not necessarily. It is as old as history for human beings to cut themselves off from differing points of view. And yet often enough happy compromises are possible once the two sides get a chance to discuss their respective points of view. It's the old saying, two heads are better than one.

[THEONE]

As per the nzx

This enables me to support, and when required, to challenge the Board and management on the strategic direction and therefore help to guide the Company to a successful strategy.

It shouldn't be a mess, the key words support and guide...

It is one voice against many on the board, so all Barry can do is help..

I think one of the main things depressing the share price is the lack of capital and the likelyhood of a capital raising.

This needs to be sorted. Barry raised funds before when they were in a very dire situation..

He also got the majority of the existing customers..

I cant really find any new customers in last 2 years?

Under new leadership share price went from around 5 cents to 1.3 cents..

Interesting times...

[bullfrog]

I think the communication from Blis over the last 2 years is abysmal. It’s all about putting yourself out there, building the brand with shareholders to inspire confidence, and with customers for sales. It’s just not happening atm. If the current regime doesn’t want Barry, tell us why, and what their strategy is to grow the company. The silence is killing me. Give us a reason to vote for the status quo.

[suse]

I think the communication from Blis over the last 2 years is abysmal. It’s all about putting yourself out there, building the brand with shareholders to inspire confidence, and with customers for sales. It’s just not happening atm. If the current regime doesn’t want Barry, tell us why, and what their strategy is to grow the company. The silence is killing me. Give us a reason to vote for the status quo.

Amen to that. Maybe I will go to Dunedin for my birthday this year and attend the AGM! We were sooooooo close to achieving break even and then what. The share price keeps going lower, and the excuses keep coming. I'm guessing Barry still has millions of shares that he wants to make some money from hence he wants back in. I've already sold down half my shares at a loss, not so keen to take the hit on the rest as I am still a believer in the product.

[GR8DAY]

Amen to that. Maybe I will go to Dunedin for my birthday this year and attend the AGM! We were sooooooo close to achieving break even and then what. The share price keeps going lower, and the excuses keep coming. I'm guessing Barry still has millions of shares that he wants to make some money from hence he wants back in. I've already sold down half my shares at a loss, not so keen to take the hit on the rest as I am still a believer in the product.

Hope you do SUSE..........anyone else planning on going?? I would myself but Im way up north. This languishing Share Price has gone on for too long now........only positive is the opportunity to keep topping up while we wait for some clear direction as to what the future holds.....I certainly wouldnt be selling at these levels. Until that happens though it's all a bit of a punt. I say "Bring Back Barry".

[winner69]

Barry might have a decent stake(?) but his track record is pretty abysmal while in charge

Why go back to that

His ‘institutional knowledge’ is about as valuable as the share price ...not much

[simla]

Well, Winner. This is my answer to that question. But each shareholder will have their own opinions. This is merely recounting the journey I was on and I do not claim that others see it the same way.

August 2015, Barry's resignation announced. I do not recall Barry's name appearing at the bottom of any company communications after that. (share price: 2.7c)

I'm pretty sure he wouldn't be going if he wasn't confident things were looking pretty good now. His dedication to duty has surely been more than exemplary.

Barry has done a fantastic job, in my opinion. The company was somewhat lost when he arrived, but now has multiple international markets, considerable global brand awareness, excellent scientific prowess, and is probably now on a sustainable basis for cash as well, and quite a diverse income base to work with now, has multiple business partners who seem keen, there seems to be a solid staff now, and the company is hopefully about to look at profit.

It is sad that he didn't get the boom times as a reward while in office, but it seems pretty likely he will see those soon enough from the sidelines anyway. Multiple setbacks around 2011/2012 were not the company's fault, but cost the company maybe 3 years in recovery mode, and I was always keenly aware that that would impact on the working life of all staff at Blis. Three years is quite an extra cost in anyone's working life. Indeed, in my own investing life too!

Nine years is a long time to stay in a job, and we are very lucky he did. I have no difficulty at all expressing considerable gratitude for his time in office and admiration for what he has achieved. He has done NZ a huge favour in bringing this company to fruition. He has done so very quietly compared to other CEOs in NZ, but his achievements seem considerable to me.

Wow.

February 2016, already I am starting to feel a bit lost but not worried about it yet: (Share price 2.6c)

A welcome update confirming an excellent revenue year.

"Blis Technologies Limited affirms expectations for revenue for the full year to increase by over 100% to in excess of $5.3 million but rather than a small surplus, a small deficit is now anticipated in earnings before interest expense tax depreciation and amortisation. Although the provision for the replacement of stock into Europe proved sufficient, the company incurred greater than budgeted operating expenses." https://www.nzx.com/companies/BLT/announcements/278476

So, here's where it gets interesting maybe? No declared profit this year, but they already updated on that. But if growth continues as it has for the last few years, then the next year's result could be pretty cheerful.

But we can't project solid growth just because of past growth. So none the wiser!

Failing any other news, we have the half year report in May, the AGM maybe a couple of months later, and then the November report. Or maybe they will be making interesting product announcements sometime too?

An interesting year coming up for Blis-watching by the looks.

April 2016, "The company expects to achieve trading revenues in excess of $8m for the 2017 financial year and record a net profit after tax." (3.3c) https://www.nzx.com/companies/BLT/announcements/280869

May 2016, 2016 Annual report. "There were also ongoing increased costs required to meet the Company’s growth targets as noted under challenges above and in ensuring that the Company is resourced to meet its strategic objectives. This has involved outsourcing of specialised personnel capabilities until these resources can be internalised, including appointments for Quality Control Manager, Chief Financial Officer, and Brand and Marketing Manager." (3.1c)

July 2016

So my constant caution is now from a shareholder point of view. I'd be very surprised if the company itself hit the rocks from here on in. But we shareholders are not the company. We also have our own interests to look to. For that, we need all the news we can get. Such is always the lot of shareholders. This entire site is about people scouring the news for more meaning about every company.

So maybe that explains the divergence between some of us on the topic of caution? I agree with you that things are looking up for the company. But I am more cautious about whether we shareholders are going to enjoy the ride in the shorter term future. The more news the better. For me, anyway. Which is why I am constantly harping on about news presently.

July 2016 "Blis Technologies Limited announces an updated guidance that the company expects to achieve FY2017 trading revenues in excess of $8 million and Net Profit Before Tax in excess of $0.7 million.". (share price 5.9c shortly thereafter) https://www.nzx.com/announcements/286392

January 2017 (5c)

" I can't see any way of forming any clear opinion on the outlook from current news and have changed my own position from "optimistic" to "simply don't know". The company said it was "upbeat" last year https://www.nzx.com/companies/BLT/announcements/282826"

May 2017 "It is important to note that management and the board have undertaken a review of within market demand internationally. This review is providing us with confidence that there remains strong evidence of continued growth." https://www.nzx.com/announcements/301839

May 2017, I am already not confident and say that I have sold down some BLT.

Yes, I sold enough to show a small (tiny!) cash profit so that I could stop being so concerned about the future outcome.

July 2017 (3.5c)

Simla - so it really is divorce time?

Don't know. But the conviction in my heart is cooling. Perhaps they will announce some great news in a bit and the romance will be back on. But the company is dancing to a very different beat now, and it just isn't the sort of company now that I would have invested in from scratch. I just don't know. I know I'm cooling though. I only invest when I get where the management is going, and personally I don't seem to get where the new management is going. Just my own view, as always.

October 2017 (3.3c through all of August before this announcement, which was followed by sales in the market of about 3% of the company in just a few days - which did not improve the shareprice!)

Hmm ....revenues down 46% for first half

But be ok for full year they say ..but not much improvement over prior year

All honky dory ...no worries"

October 2017, I cease being a shareholder after maybe 18 months of posting about my doubts.(2.2c)

In my case, as I've said before, I just don't understand what plan the new management are following. I dare say there is one, but I just don't seem to be able to hear it. No point in investing in something you don't understand.

May 2018, 2018 Annual report "Trading revenue for the full year decreased by 19% ($1,251k) compared with the previous financial year " (1.7c)


And now July 2018 (1.3c)

Barry might have a decent stake(?) but his track record is pretty abysmal while in charge

Why go back to that

His ‘institutional knowledge’ is about as valuable as the share price ...not much

So, I cannot tell you what others would say to that question, and neither am I now a shareholder with a vote on this resolution. But that's where I've come from anyway.

Obviously I feel the company would be stronger with Barry on the board than without.